Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 302,709,295 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Central Index Key | 0001297996 | |
Current Fiscal Year End Date | --12-31 | |
Digital Realty Trust, L.P. | ||
Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2023 | |
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 | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Central Index Key | 0001494877 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | DLR | |
Security Exchange Name | NYSE | |
Series J Cumulative Redeemable Preferred Stock | ||
Entity Information | ||
Title of 12(b) Security | Series J Cumulative Redeemable Preferred Stock | |
Trading Symbol | DLR Pr J | |
Security Exchange Name | NYSE | |
Series K Cumulative Redeemable Preferred Stock | ||
Entity Information | ||
Title of 12(b) Security | Series K Cumulative Redeemable Preferred Stock | |
Trading Symbol | DLR Pr K | |
Security Exchange Name | NYSE | |
Series L Cumulative Redeemable Preferred Units | ||
Entity Information | ||
Title of 12(b) Security | Series L Cumulative Redeemable Preferred Stock | |
Trading Symbol | DLR Pr L | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments in real estate: | ||
Investments in properties, net | $ 24,178,182 | $ 23,774,662 |
Investments in unconsolidated entities | 2,040,452 | 1,991,426 |
Net investments in real estate | 26,218,634 | 25,766,088 |
Operating lease right-of-use assets, net | 1,291,233 | 1,351,329 |
Cash and cash equivalents | 124,519 | 141,773 |
Accounts and other receivables, net | 1,158,383 | 969,292 |
Deferred rent, net | 598,796 | 601,590 |
Goodwill | 9,148,603 | 9,208,497 |
Customer relationship value, deferred leasing costs and intangibles, net | 2,825,596 | 3,092,627 |
Assets held for sale | 608,892 | |
Other assets | 414,078 | 353,802 |
Total assets | 42,388,734 | 41,484,998 |
LIABILITIES AND EQUITY | ||
Global revolving credit facilities, net | 2,242,258 | 2,150,451 |
Unsecured term loans, net | 1,548,780 | 797,449 |
Unsecured senior notes, net of discount | 13,383,819 | 13,120,033 |
Secured and other debt, including premiums | 554,594 | 528,870 |
Operating lease liabilities | 1,420,239 | 1,471,044 |
Accounts payable and other accrued liabilities | 2,214,820 | 1,868,885 |
Deferred tax liabilities, net | 1,128,961 | 1,192,752 |
Accrued dividends and distributions | 363,716 | |
Security deposits and prepaid rents | 417,693 | 369,654 |
Obligations associated with assets held for sale | 4,990 | |
Total liabilities | 22,916,154 | 21,862,854 |
Redeemable noncontrolling interests | 1,367,422 | 1,514,679 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred Stock: $0.01 par value per share, 110,000 shares authorized; $755,000 liquidation preference ($25.00 per share), 30,200 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 731,690 | 731,690 |
Common Stock: $0.01 par value per share, 392,000 shares authorized; 299,240 and 291,148 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 2,967 | 2,887 |
Partners' capital: | ||
Additional paid-in capital | 22,882,200 | 22,142,868 |
Accumulated dividends in excess of earnings | (5,253,917) | (4,698,313) |
Accumulated other comprehensive loss | (741,484) | (595,798) |
Total stockholders' equity | 17,621,456 | 17,583,334 |
Noncontrolling interests | 483,702 | 524,131 |
Total equity | 18,105,158 | 18,107,465 |
Total liabilities and equity | 42,388,734 | 41,484,998 |
Digital Realty Trust, L.P. | ||
Investments in real estate: | ||
Investments in properties, net | 24,178,182 | 23,774,662 |
Investments in unconsolidated entities | 2,040,452 | 1,991,426 |
Net investments in real estate | 26,218,634 | 25,766,088 |
Operating lease right-of-use assets, net | 1,291,233 | 1,351,329 |
Cash and cash equivalents | 124,519 | 141,773 |
Accounts and other receivables, net | 1,158,383 | 969,292 |
Deferred rent, net | 598,796 | 601,590 |
Goodwill | 9,148,603 | 9,208,497 |
Customer relationship value, deferred leasing costs and intangibles, net | 2,825,596 | 3,092,627 |
Assets held for sale | 608,892 | |
Other assets | 414,078 | 353,802 |
Total assets | 42,388,734 | 41,484,998 |
LIABILITIES AND EQUITY | ||
Global revolving credit facilities, net | 2,242,258 | 2,150,451 |
Unsecured term loans, net | 1,548,780 | 797,449 |
Unsecured senior notes, net of discount | 13,383,819 | 13,120,033 |
Secured and other debt, including premiums | 554,594 | 528,870 |
Operating lease liabilities | 1,420,239 | 1,471,044 |
Accounts payable and other accrued liabilities | 2,214,820 | 1,868,885 |
Deferred tax liabilities, net | 1,128,961 | 1,192,752 |
Accrued dividends and distributions | 363,716 | |
Security deposits and prepaid rents | 417,693 | 369,654 |
Obligations associated with assets held for sale | 4,990 | |
Total liabilities | 22,916,154 | 21,862,854 |
Redeemable noncontrolling interests | 1,367,422 | 1,514,679 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred Stock: $0.01 par value per share, 110,000 shares authorized; $755,000 liquidation preference ($25.00 per share), 30,200 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 731,690 | 731,690 |
Partners' capital: | ||
Common units, 299,240 and 291,148 units issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 17,631,250 | 17,447,442 |
Limited Partners, 6,483 and 6,289 units issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 457,107 | 436,942 |
Accumulated other comprehensive loss | (762,492) | (613,423) |
Total partners' capital | 18,057,555 | 18,002,651 |
Noncontrolling interests in consolidated entities | 47,603 | 104,814 |
Total capital | 18,105,158 | 18,107,465 |
Total liabilities and equity | $ 42,388,734 | $ 41,484,998 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share/unit) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (shares) | 110,000 | 110,000 |
Liquidation preference | $ 755,000 | $ 755,000 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Preferred stock, issued (shares) | 30,200 | 30,200 |
Preferred stock, outstanding (shares) | 30,200 | 30,200 |
Common stock, par value (in dollars per share/unit) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 392,000 | 392,000 |
Common stock, shares, issued (shares) | 299,240 | 291,148 |
Common stock, shares, outstanding (shares) | 299,240 | 291,148 |
Digital Realty Trust, L.P. | ||
Liquidation preference | $ 755,000 | $ 755,000 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Preferred units, issued (units) | 30,200 | 30,200 |
Preferred units, outstanding (units) | 30,200 | 30,200 |
Common units, issued (units) | 299,240 | 291,148 |
Common units, outstanding (units) | 299,240 | 291,148 |
Limited Partners' units, issued (units) | 6,483 | 6,289 |
Limited Partners' units outstanding (units) | 6,483 | 6,289 |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Revenues: | ||||
Operating Revenues | $ 1,366,267 | $ 1,139,322 | $ 2,704,990 | $ 2,266,644 |
Operating Expenses: | ||||
Rental property operating and maintenance | 599,696 | 421,502 | 1,170,921 | 857,095 |
Property taxes and insurance | 51,103 | 51,049 | 95,882 | 101,273 |
Depreciation and amortization | 432,573 | 376,967 | 853,771 | 759,099 |
General and administrative | 109,616 | 105,776 | 221,536 | 204,289 |
Transactions and integration | 17,764 | 13,586 | 30,031 | 25,554 |
Other | 655 | 70 | 655 | 7,727 |
Total operating expenses | 1,211,407 | 968,950 | 2,372,796 | 1,955,037 |
Operating income | 154,860 | 170,372 | 332,194 | 311,607 |
Other Income (Expenses): | ||||
Equity in earnings (loss) of unconsolidated entities | 5,059 | (34,088) | 19,956 | 26,870 |
Gain on disposition of properties, net | 89,946 | 89,946 | 2,770 | |
Other (expenses) income, net | (6,930) | 13,008 | (6,650) | 16,059 |
Interest expense | (111,116) | (69,023) | (213,336) | (135,748) |
Loss from early extinguishment of debt | (51,135) | |||
Income tax expense | (16,173) | (16,406) | (37,627) | (29,650) |
Net income | 115,646 | 63,863 | 184,483 | 140,773 |
Net loss (income) attributable to noncontrolling interests | 2,538 | (436) | 2,427 | (4,065) |
Net income attributable to Digital Realty Trust, Inc. | 118,184 | 63,427 | 186,910 | 136,708 |
Preferred stock dividends | (10,181) | (10,181) | (20,362) | (20,362) |
Net income available to common stockholders | $ 108,003 | $ 53,246 | $ 166,548 | $ 116,346 |
Net income per share available to common stockholders: | ||||
Basic | $ 0.37 | $ 0.19 | $ 0.57 | $ 0.41 |
Diluted | $ 0.37 | $ 0.19 | $ 0.57 | $ 0.41 |
Weighted average common shares outstanding: | ||||
Basic | 295,390 | 284,694 | 293,316 | 284,610 |
Diluted | 306,819 | 285,110 | 304,452 | 284,980 |
Digital Realty Trust, L.P. | ||||
Operating Revenues: | ||||
Operating Revenues | $ 1,366,267 | $ 1,139,322 | $ 2,704,990 | $ 2,266,644 |
Operating Expenses: | ||||
Rental property operating and maintenance | 599,696 | 421,502 | 1,170,921 | 857,095 |
Property taxes and insurance | 51,103 | 51,049 | 95,882 | 101,273 |
Depreciation and amortization | 432,573 | 376,967 | 853,771 | 759,099 |
General and administrative | 109,616 | 105,776 | 221,536 | 204,289 |
Transactions and integration | 17,764 | 13,586 | 30,031 | 25,554 |
Other | 655 | 70 | 655 | 7,727 |
Total operating expenses | 1,211,407 | 968,950 | 2,372,796 | 1,955,037 |
Operating income | 154,860 | 170,372 | 332,194 | 311,607 |
Other Income (Expenses): | ||||
Equity in earnings (loss) of unconsolidated entities | 5,059 | (34,088) | 19,956 | 26,870 |
Gain on disposition of properties, net | 89,946 | 89,946 | 2,770 | |
Other (expenses) income, net | (6,930) | 13,008 | (6,650) | 16,059 |
Interest expense | (111,116) | (69,023) | (213,336) | (135,748) |
Loss from early extinguishment of debt | (51,135) | |||
Income tax expense | (16,173) | (16,406) | (37,627) | (29,650) |
Net income | 115,646 | 63,863 | 184,483 | 140,773 |
Net loss (income) attributable to noncontrolling interests | 5,038 | 1,064 | 6,427 | (965) |
Net income attributable to Digital Realty Trust, Inc. | 120,684 | 64,927 | 190,910 | 139,808 |
Preferred stock dividends | (10,181) | (10,181) | (20,362) | (20,362) |
Net income available to common stockholders | $ 110,503 | $ 54,746 | $ 170,548 | $ 119,446 |
Net income per share available to common stockholders: | ||||
Basic | $ 0.37 | $ 0.19 | $ 0.57 | $ 0.41 |
Diluted | $ 0.37 | $ 0.19 | $ 0.57 | $ 0.41 |
Weighted average common shares outstanding: | ||||
Basic | 301,593 | 290,528 | 299,452 | 290,346 |
Diluted | 313,022 | 290,944 | 310,588 | 290,716 |
Rental and other services | ||||
Operating Revenues: | ||||
Operating Revenues | $ 1,350,427 | $ 1,131,537 | $ 2,680,395 | $ 2,253,087 |
Rental and other services | Digital Realty Trust, L.P. | ||||
Operating Revenues: | ||||
Operating Revenues | 1,350,427 | 1,131,537 | 2,680,395 | 2,253,087 |
Fee income and other | ||||
Operating Revenues: | ||||
Operating Revenues | 15,840 | 7,785 | 24,595 | 13,557 |
Fee income and other | Digital Realty Trust, L.P. | ||||
Operating Revenues: | ||||
Operating Revenues | $ 15,840 | $ 7,785 | $ 24,595 | $ 13,557 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 115,646 | $ 63,863 | $ 184,483 | $ 140,773 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (176,291) | (293,913) | (288,367) | (307,790) |
Increase (decrease) in fair value of derivatives | 12,578 | 356 | 13,150 | (988) |
Reclassification to interest expense from derivatives | (7,495) | 41 | (14,038) | (62) |
Other comprehensive loss | (171,208) | (293,516) | (289,255) | (308,840) |
Comprehensive loss | (55,562) | (229,653) | (104,772) | (168,067) |
Comprehensive loss attributable to noncontrolling interests | 82,872 | 6,362 | 144,959 | 3,093 |
Comprehensive income (loss) attributable to Digital Realty Trust, Inc. | 27,310 | (223,291) | 40,187 | (164,974) |
Digital Realty Trust, L.P. | ||||
Net income | 115,646 | 63,863 | 184,483 | 140,773 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (176,291) | (293,913) | (288,367) | (307,790) |
Increase (decrease) in fair value of derivatives | 12,578 | 356 | 13,150 | (988) |
Reclassification to interest expense from derivatives | (7,495) | 41 | (14,038) | (62) |
Other comprehensive loss | (171,208) | (293,516) | (289,255) | (308,840) |
Comprehensive loss | (55,562) | (229,653) | (104,772) | (168,067) |
Comprehensive loss attributable to noncontrolling interests | 82,282 | 1,064 | 145,576 | (965) |
Comprehensive income (loss) attributable to Digital Realty Trust, Inc. | $ 26,720 | $ (228,589) | $ 40,804 | $ (169,032) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Dividends in Excess of Earnings | Accumulated Other Comprehensive Income (Loss), Net | Total Noncontrolling Interests | Noncontrolling Interests in Consolidated Joint Ventures Digital Realty Trust, L.P. | Redeemable Interests Digital Realty Trust, L.P. | Digital Realty Trust, L.P. | Total |
Beginning balance at Dec. 31, 2021 | $ 46,995 | $ 731,690 | $ 2,824 | $ 21,075,863 | $ (3,631,929) | $ (173,880) | $ 472,219 | $ 18,476,787 | |||
Beginning balance (shares) at Dec. 31, 2021 | 284,415,013 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | 1,459 | (1,459) | |||||||||
Conversion of common units to common stock (shares) | 17,297 | ||||||||||
Shares issued under employee stock purchase plan | 4,969 | $ 4,969 | 4,969 | ||||||||
Shares issued under employee stock purchase plan (shares) | 42,188 | ||||||||||
Amortization of unearned compensation on share-based awards | (40,965) | (40,965) | |||||||||
Amortization of share-based compensation | 40,965 | ||||||||||
Vesting of restricted stock, net (shares) | 259,424 | ||||||||||
Common stock offering costs | (3,813) | (3,813) | |||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting | (7,143) | (7,143) | |||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | (7,143) | ||||||||||
Reclassification of vested share-based awards | (28,277) | 28,277 | |||||||||
Adjustment to redeemable noncontrolling interests | (7,341) | 7,341 | 7,341 | ||||||||
Dividends declared on preferred stock | (20,362) | (20,362) | (20,362) | ||||||||
Dividends and distributions on common stock and common and incentive units | (380) | (696,102) | (15,813) | (711,915) | |||||||
Contributions from (distributions to) noncontrolling interests | 1,703 | 11,527 | $ 11,527 | $ 1,703 | 11,527 | 11,527 | |||||
Net income (loss) | 70 | 136,708 | 3,995 | 965 | 70 | 140,703 | 140,703 | ||||
Other comprehensive income (loss)-fair value of interest rate swaps | (988) | (988) | |||||||||
Other comprehensive income (loss), Parent | (301,681) | (7,159) | (308,840) | (308,840) | |||||||
Ending balance at Jun. 30, 2022 | 41,047 | 731,690 | $ 2,824 | 21,091,364 | (4,211,685) | (475,561) | 491,587 | 17,630,219 | |||
Ending balance (shares) at Jun. 30, 2022 | 284,733,922 | ||||||||||
Beginning balance at Mar. 31, 2022 | 42,734 | 731,690 | $ 2,824 | 21,069,391 | (3,916,854) | (188,844) | 510,499 | 18,208,706 | |||
Beginning balance (shares) at Mar. 31, 2022 | 284,666,082 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | 201 | (201) | |||||||||
Conversion of common units to common stock (shares) | 2,436 | ||||||||||
Amortization of unearned compensation on share-based awards | 22,420 | 22,420 | |||||||||
Amortization of share-based compensation | 22,420 | ||||||||||
Vesting of restricted stock, net (shares) | 65,404 | ||||||||||
Common stock offering costs | (211) | (211) | |||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting | (981) | (981) | |||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | (981) | ||||||||||
Reclassification of vested share-based awards | (1,746) | 1,746 | |||||||||
Adjustment to redeemable noncontrolling interests | (1,868) | 1,868 | 1,868 | ||||||||
Dividends declared on preferred stock | (10,181) | (10,181) | (10,181) | ||||||||
Dividends and distributions on common stock and common and incentive units | (190) | (348,077) | (8,027) | (356,104) | |||||||
Contributions from (distributions to) noncontrolling interests | (336) | 6,032 | (6,032) | 336 | (6,032) | 6,032 | |||||
Net income (loss) | 35 | 63,427 | 401 | (1,064) | 35 | 63,828 | 63,828 | ||||
Other comprehensive income (loss)-fair value of interest rate swaps | 356 | 356 | |||||||||
Other comprehensive income (loss), Parent | (286,717) | (6,799) | (293,516) | (293,516) | |||||||
Ending balance at Jun. 30, 2022 | 41,047 | 731,690 | $ 2,824 | 21,091,364 | (4,211,685) | (475,561) | 491,587 | 17,630,219 | |||
Ending balance (shares) at Jun. 30, 2022 | 284,733,922 | ||||||||||
Beginning balance at Dec. 31, 2022 | 1,514,679 | 731,690 | $ 2,887 | 22,142,868 | (4,698,313) | (595,798) | 524,131 | 18,107,465 | |||
Beginning balance (shares) at Dec. 31, 2022 | 291,148,222 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | $ 1 | 4,440 | (4,441) | ||||||||
Conversion of common units to common stock (shares) | 61,997 | ||||||||||
Issuance of common stock, net of costs | $ 78 | 742,147 | 742,225 | ||||||||
Issuance of common stock, net of costs (shares) | 7,820,778 | ||||||||||
Amortization of unearned compensation on share-based awards | 35,555 | 35,555 | |||||||||
Amortization of share-based compensation | 35,555 | ||||||||||
Vesting of restricted stock, net (shares) | 155,488 | ||||||||||
Units issued in connection with employee stock purchase plan | (3,574) | ||||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting | $ 1 | (3,574) | (3,573) | ||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares) | 53,881 | ||||||||||
Reclassification of vested share-based awards | (36,077) | 36,077 | |||||||||
Adjustment to redeemable noncontrolling interests | 2,122 | (2,122) | (2,122) | ||||||||
Dividends declared on preferred stock | (20,362) | (20,362) | (20,362) | ||||||||
Dividends and distributions on common stock and common and incentive units | (380) | (722,152) | (15,381) | (737,533) | |||||||
Contributions from (distributions to) noncontrolling interests | 129 | 4,505 | 4,505 | 129 | 4,505 | 4,505 | |||||
Deconsolidation of noncontrolling interest in consolidated entities | (65,358) | (65,358) | (65,358) | (65,358) | |||||||
Net income (loss) | (6,729) | 186,910 | 4,302 | 392 | (6,729) | 191,212 | 191,212 | ||||
Other comprehensive income (loss)-fair value of interest rate swaps | 13,150 | 13,150 | |||||||||
Other comprehensive income (loss), Parent | (142,399) | (1,037) | (145,686) | (133) | 3,250 | (142,399) | (146,856) | (146,856) | |||
Ending balance at Jun. 30, 2023 | 1,367,422 | 731,690 | $ 2,967 | 22,882,200 | (5,253,917) | (741,484) | 483,702 | 18,105,158 | |||
Ending balance (shares) at Jun. 30, 2023 | 299,240,366 | ||||||||||
Beginning balance at Mar. 31, 2023 | 1,448,772 | 731,690 | $ 2,888 | 22,126,379 | (4,995,982) | (652,486) | 492,185 | 17,704,674 | |||
Beginning balance (shares) at Mar. 31, 2023 | 291,298,610 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | $ 1 | 3,966 | (3,967) | ||||||||
Conversion of common units to common stock (shares) | 55,796 | ||||||||||
Issuance of common stock, net of costs | $ 78 | 742,588 | 742,666 | ||||||||
Issuance of common stock, net of costs (shares) | 7,820,778 | ||||||||||
Amortization of unearned compensation on share-based awards | 18,053 | 18,053 | |||||||||
Amortization of share-based compensation | 18,053 | ||||||||||
Vesting of restricted stock, net (shares) | 65,182 | ||||||||||
Units issued in connection with employee stock purchase plan | (1,961) | ||||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting | (1,961) | (1,961) | |||||||||
Reclassification of vested share-based awards | (2,521) | 2,521 | |||||||||
Adjustment to redeemable noncontrolling interests | 2,428 | (2,428) | (2,428) | ||||||||
Dividends declared on preferred stock | (10,181) | (10,181) | (10,181) | ||||||||
Dividends and distributions on common stock and common and incentive units | (190) | (365,938) | (7,706) | (373,644) | |||||||
Contributions from (distributions to) noncontrolling interests | 47 | (47) | (47) | 47 | |||||||
Net income (loss) | (4,441) | 118,184 | 1,903 | (539) | (4,441) | 120,087 | 120,087 | ||||
Other comprehensive income (loss)-fair value of interest rate swaps | 12,578 | 12,578 | |||||||||
Other comprehensive income (loss), Parent | (79,147) | (1,876) | (88,998) | (1,187) | $ 847 | $ (79,147) | $ (92,061) | (92,061) | |||
Ending balance at Jun. 30, 2023 | $ 1,367,422 | $ 731,690 | $ 2,967 | $ 22,882,200 | $ (5,253,917) | $ (741,484) | $ 483,702 | $ 18,105,158 | |||
Ending balance (shares) at Jun. 30, 2023 | 299,240,366 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CAPITAL - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance (units) | 291,148,000 | |||
Contributions from (distributions to) noncontrolling interests | $ 47 | $ 6,032 | $ 4,505 | $ 11,527 |
Units issued in connection with employee stock purchase plan | 4,969 | |||
Adjustment to redeemable noncontrolling interests | (2,428) | 1,868 | (2,122) | 7,341 |
Cumulative effect adjustment from adoption of new accounting standard | 18,105,158 | 17,630,219 | 18,105,158 | 17,630,219 |
Deconsolidation of noncontrolling interest in consolidated entities | (65,358) | |||
Net income (loss) | 120,087 | 63,828 | 191,212 | 140,703 |
Other comprehensive income (loss)-fair value of interest rate swaps | 12,578 | 356 | 13,150 | (988) |
Other comprehensive income-reclassification of accumulated other comprehensive income to interest expense | (7,495) | 41 | (14,038) | (62) |
Other comprehensive income (loss), Parent | $ (92,061) | (293,516) | $ (146,856) | (308,840) |
Ending balance (units) | 299,240,000 | 299,240,000 | ||
Digital Realty Trust, L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | $ 17,704,674 | 18,208,706 | $ 18,107,465 | 18,476,787 |
Contributions from (distributions to) noncontrolling interests | (47) | (6,032) | 4,505 | 11,527 |
Units issued in connection with employee stock purchase plan | (1,961) | (3,574) | ||
Units issued in connection with employee stock purchase plan | 4,969 | |||
Net unit settlement to satisfy tax withholding upon vesting | (981) | (7,143) | ||
Amortization of share-based compensation | 18,053 | 22,420 | 35,555 | 40,965 |
Issuance of common units, net of costs | 742,666 | 742,226 | ||
Payment of common unit offering costs and other | (211) | (3,813) | ||
Adjustment to redeemable partnership units | (2,428) | 1,868 | 2,122 | 7,341 |
Distributions | (383,825) | (366,285) | (757,895) | (732,277) |
Deconsolidation of noncontrolling interest in consolidated entities | (65,358) | |||
Net income (loss) | 120,087 | 63,828 | 191,212 | 140,703 |
Other comprehensive income (loss)-fair value of interest rate swaps | 12,578 | 356 | 13,150 | (988) |
Other comprehensive income-reclassification of accumulated other comprehensive income to interest expense | (7,495) | 41 | (14,038) | (62) |
Other comprehensive income (loss), Parent | (92,061) | (293,516) | (146,856) | (308,840) |
Ending balance | 18,105,158 | 17,630,219 | 18,105,158 | 17,630,219 |
Redeemable Interests | Digital Realty Trust, L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | 1,448,772 | 42,734 | 1,514,679 | 46,995 |
Contributions from (distributions to) noncontrolling interests | 336 | 129 | 1,703 | |
Adjustment to redeemable partnership units | 2,428 | (1,868) | (2,122) | (7,341) |
Distributions | (190) | (190) | (380) | (380) |
Net income (loss) | (4,441) | 35 | (6,729) | 70 |
Other comprehensive income (loss), Parent | (79,147) | (142,399) | ||
Ending balance | 1,367,422 | 41,047 | 1,367,422 | 41,047 |
Accumulated Other Comprehensive Income (Loss), Net | Digital Realty Trust, L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | (671,460) | (196,769) | (613,423) | (181,445) |
Other comprehensive income (loss), Parent | (91,032) | (293,516) | (149,069) | (308,840) |
Ending balance | (762,492) | (490,285) | (762,492) | (490,285) |
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | 47,342 | 66,470 | 104,814 | 46,882 |
Contributions from (distributions to) noncontrolling interests | (47) | (6,032) | 4,505 | 11,527 |
Deconsolidation of noncontrolling interest in consolidated entities | (65,358) | |||
Net income (loss) | (539) | (1,064) | 392 | 965 |
Other comprehensive income (loss), Parent | 847 | 3,250 | ||
Ending balance | 47,603 | 59,374 | 47,603 | 59,374 |
General Partner | Preferred Units | Digital Realty Trust, L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | $ 731,690 | $ 731,690 | $ 731,690 | $ 731,690 |
Beginning balance (units) | 30,200,000 | 30,200,000 | 30,200,000 | 30,200,000 |
Distributions | $ (10,181) | $ (20,362) | ||
Net income (loss) | 10,181 | 20,362 | ||
Ending balance | $ 731,690 | $ 731,690 | $ 731,690 | $ 731,690 |
Ending balance (units) | 30,200,000 | 30,200,000 | 30,200,000 | 30,200,000 |
General Partner | Common Units | Digital Realty Trust, L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | $ 17,133,285 | $ 17,155,361 | $ 17,447,442 | $ 17,446,758 |
Beginning balance (units) | 291,298,610 | 284,666,082 | 291,148,222 | 284,415,013 |
Conversion of limited partner common units to general partner common units | $ 3,967 | $ 201 | $ 4,441 | $ 1,459 |
Conversion of limited partner common units to general partner common units (units) | 55,796 | 2,436 | 61,997 | 17,297 |
Units issued in connection with employee stock purchase plan | $ (1,961) | $ (3,574) | ||
Units issued in connection with employee stock purchase plan (in units) | 53,881 | |||
Units issued in connection with employee stock purchase plan | $ 4,969 | |||
Units issued in connection with employee stock purchase plan (units) | 42,188 | |||
Net unit settlement to satisfy tax withholding upon vesting | $ (981) | $ (7,143) | ||
Amortization of share-based compensation | $ 18,053 | $ 22,420 | $ 35,555 | $ 40,965 |
Vesting of restricted common units, net (units) | 65,182 | 65,404 | 155,488 | 259,424 |
Issuance of common units, net of costs | $ 742,666 | $ 742,226 | ||
Issuance of common units, net of costs (units) | 7,820,778 | 7,820,778 | ||
Payment of common unit offering costs and other | $ (211) | $ (3,813) | ||
Reclassification of vested share-based awards | $ (2,521) | (1,746) | $ (36,077) | 28,277 |
Adjustment to redeemable partnership units | (2,428) | 1,868 | 2,122 | 7,341 |
Distributions | (365,938) | (358,258) | (722,152) | (716,464) |
Net income (loss) | 108,003 | 63,427 | 166,548 | 136,708 |
Other comprehensive income (loss), Parent | (1,876) | (1,037) | ||
Ending balance | $ 17,631,250 | $ 16,882,503 | $ 17,631,250 | $ 16,882,503 |
Ending balance (units) | 299,240,366 | 284,733,922 | 299,240,366 | 284,733,922 |
Limited Partners | Common Units | Digital Realty Trust, L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Beginning balance | $ 463,817 | $ 451,954 | $ 436,942 | $ 432,902 |
Beginning balance (units) | 6,462,157 | 6,290,465 | 6,288,669 | 5,931,771 |
Conversion of limited partner common units to general partner common units | $ (3,967) | $ (201) | $ (4,441) | $ (1,459) |
Conversion of limited partner common units to general partner common units (units) | (55,796) | (2,436) | (61,997) | (17,297) |
Issuance of limited partner common units, net (in units) | 76,703 | 256,392 | 385,004 | |
Issuance of common units, net of costs (units) | 11,449 | |||
Reclassification of vested share-based awards | $ 2,521 | $ 1,746 | $ 36,077 | $ (28,277) |
Distributions | (7,706) | (8,027) | (15,381) | (15,813) |
Net income (loss) | 2,442 | 1,465 | 3,910 | 3,030 |
Ending balance | $ 457,107 | $ 446,937 | $ 457,107 | $ 446,937 |
Ending balance (units) | 6,483,064 | 6,299,478 | 6,483,064 | 6,299,478 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 184,483 | $ 140,773 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of properties, net | (89,946) | (2,770) |
Equity in earnings of unconsolidated entities | (19,956) | (26,870) |
Distributions from unconsolidated entities | 39,838 | 22,972 |
Depreciation and amortization | 853,771 | 759,099 |
Amortization of share-based compensation | 35,555 | 40,965 |
Loss from early extinguishment of debt | 51,135 | |
Straight-lined rents and amortization of above and below market leases | (5,465) | (16,885) |
Amortization of deferred financing costs and debt discount / premium | 12,750 | 9,359 |
Other items, net | (3,458) | 17,024 |
Changes in assets and liabilities: | ||
Increase in accounts receivable and other assets | (261,048) | (248,310) |
Decrease in accounts payable and other liabilities | 67,590 | 37,086 |
Net cash provided by operating activities | 814,114 | 783,578 |
Cash flows from investing activities: | ||
Improvements to investments in real estate | (1,368,660) | (1,067,027) |
Cash paid for business combination / asset acquisitions, net of cash acquired | (58,186) | (97,205) |
Proceeds from unconsolidated entities, net | 3,812 | |
Proceeds from (investment in) unconsolidated entities, net | (199,945) | |
Proceeds from sale of real estate | 150,771 | |
Other investing activities, net | (6,743) | (63,655) |
Net cash used in investing activities | (1,279,006) | (1,427,832) |
Cash flows from financing activities: | ||
Net proceeds from credit facilities | 67,046 | 1,077,719 |
Borrowings on secured / unsecured debt | 806,185 | 1,125,451 |
Repayments on secured / unsecured debt | (3,081) | (450,737) |
Premium paid for early extinguishment of debt | (49,662) | |
Capital contributions from noncontrolling interests, net | 4,634 | 17,977 |
Proceeds from issuance of common stock, net | 742,225 | |
Payments of dividends and distributions | (1,121,991) | (1,071,386) |
Other financing activities, net | (10,686) | (16,271) |
Net cash provided by financing activities | 484,332 | 633,091 |
Net (decrease) increase in cash, cash equivalents and restricted cash | 19,440 | (11,163) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (35,489) | (31,101) |
Cash, cash equivalents and restricted cash at beginning of period | 150,696 | 151,485 |
Cash, cash equivalents and restricted cash at end of period | 134,647 | 109,221 |
Digital Realty Trust, L.P. | ||
Cash flows from operating activities: | ||
Net income | 184,483 | 140,773 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of properties, net | (89,946) | (2,770) |
Equity in earnings of unconsolidated entities | (19,956) | (26,870) |
Distributions from unconsolidated entities | 39,838 | 22,972 |
Depreciation and amortization | 853,771 | 759,099 |
Amortization of share-based compensation | 35,555 | 40,965 |
Loss from early extinguishment of debt | 51,135 | |
Straight-lined rents and amortization of above and below market leases | (5,465) | (16,885) |
Amortization of deferred financing costs and debt discount / premium | 12,750 | 9,359 |
Other items, net | (3,458) | 17,024 |
Changes in assets and liabilities: | ||
Increase in accounts receivable and other assets | (261,048) | (248,310) |
Decrease in accounts payable and other liabilities | 67,590 | 37,086 |
Net cash provided by operating activities | 814,114 | 783,578 |
Cash flows from investing activities: | ||
Improvements to investments in real estate | (1,368,660) | (1,067,027) |
Cash paid for business combination / asset acquisitions, net of cash acquired | (58,186) | (97,205) |
Proceeds from unconsolidated entities, net | 3,812 | |
Proceeds from (investment in) unconsolidated entities, net | (199,945) | |
Proceeds from sale of real estate | 150,771 | |
Other investing activities, net | (6,743) | (63,655) |
Net cash used in investing activities | (1,279,006) | (1,427,832) |
Cash flows from financing activities: | ||
Net proceeds from credit facilities | 67,046 | 1,077,719 |
Borrowings on secured / unsecured debt | 806,185 | 1,125,451 |
Repayments on secured / unsecured debt | (3,081) | (450,737) |
Premium paid for early extinguishment of debt | (49,662) | |
Capital contributions from noncontrolling interests, net | 4,634 | 17,977 |
General partner contributions | 742,225 | |
Payments of dividends and distributions | (1,121,991) | (1,071,386) |
Other financing activities, net | (10,686) | (16,271) |
Net cash provided by financing activities | 484,332 | 633,091 |
Net (decrease) increase in cash, cash equivalents and restricted cash | 19,440 | (11,163) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (35,489) | (31,101) |
Cash, cash equivalents and restricted cash at beginning of period | 150,696 | 151,485 |
Cash, cash equivalents and restricted cash at end of period | $ 134,647 | $ 109,221 |
General
General | 6 Months Ended |
Jun. 30, 2023 | |
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 | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 As of December 31, 2022 Land $ 1,121,188 $ 1,061,408 Acquired ground lease 6,312 6,006 Buildings and improvements 25,150,315 24,287,103 Tenant improvements 809,954 781,540 27,087,769 26,136,057 Accumulated depreciation and amortization (7,739,462) (7,268,981) Investments in operating properties, net 19,348,307 18,867,076 Construction in progress and space held for development 4,635,939 4,789,134 Land held for future development 193,936 118,452 Investments in properties, net $ 24,178,182 $ 23,774,662 Asset Dispositions On May 15, 2023, the Company closed on the sale of its 100% interest in a non-core data center property located in Dallas, Texas for gross proceeds of approximately $151 million resulting in a net gain on sale of approximately $90 million. The assets and liabilities sold were not representative of a significant component of our portfolio nor did the sale represent a significant shift in our strategy. On July 17, 2023, we formed a joint venture with GI Partners, and GI Partners acquired a 65% interest in two stabilized hyperscale data center buildings in the Chicago metro area that we contributed. We received approximately interest in the joint venture. We have also granted GI Partners an option to purchase an interest in the third facility on the same hyperscale data center campus in Chicago. We will continue to manage the day-to-day operations of the assets. The carrying value of the On July 27, 2023, we formed a joint venture with TPG Real Estate, and TPG Real Estate acquired an 80% interest in three stabilized hyperscale data center buildings in Northern Virginia that we contributed. We received approximately $1.3 billion of gross proceeds from the contribution of our data centers to the joint venture and the associated financing, and maintained a 20% interest in the joint venture. We will continue to manage the day‐to‐day operations of the assets. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations | |
Business Combinations | 3. Business Combinations On August 1, 2022, we completed the acquisition of a 61.1% indirect controlling interest in Teraco, a leading carrier-neutral data center and interconnection services provider in South Africa (the “Teraco Acquisition”). The total purchase price was $1.7 billion cash, funded by our global revolving credit facility and partial settlement of our forward equity sale agreements described under Note 11. “Equity and Capital—Forward Equity Sale.” Teraco controls (and consolidates) the Teraco Connect Trust (the “Trust”) that was created as part of the Broad Based Black Economic Empowerment Program in South Africa. The Trust owns a 12% interest in Teraco’s primary operating company, however, because Teraco (and the Company) controls the Trust, the Trust is consolidated by Teraco (and the Company). If the Trust was not consolidated by Teraco, the Company’s ownership interest in Teraco would be approximately 55%. Goodwill Redeemable Noncontrolling Interest (“Redeemable NCI”) — Since the Rollover Shareholders can redeem the put right at their discretion and such redemption, which could be in cash, is outside the Company’s control, the Company recorded the noncontrolling interest as Redeemable NCI and classified it in temporary equity within its condensed consolidated balance sheets. The Redeemable NCI was initially recorded at its acquisition-date fair value and will be adjusted each reporting period for income (or loss) attributable to the noncontrolling interest (a $4.5 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | 4. Leases Lessor Accounting We generate most of our revenue by leasing operating properties to customers under operating lease agreements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, some of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk. Lessee Accounting We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of June 30, 2023, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of June 30, 2023, the termination dates of these ground leases generally range from 2027 to 2108. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2023 to 2041. 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 $38.3 million and $35.6 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $76.7 million and $73.0 million for the six months ended June 30, 2023 and 2022, respectively. |
Receivables
Receivables | 6 Months Ended |
Jun. 30, 2023 | |
Receivables | |
Receivables | 5. Receivables Accounts and Other Receivables, Net Accounts and Other Receivables, net - is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts (net of an allowance for estimated uncollectible amounts) are shown in the subsequent table as Accounts receivable – trade, net. Other receivables shown separately from Accounts receivable – trade, net consist primarily of amounts that have not yet been billed to customers, such as for utility reimbursements and installation fees. Balance as of Balance as of (Amounts in thousands): June 30, 2023 December 31, 2022 Accounts receivable – trade $ 672,355 $ 551,393 Allowance for doubtful accounts (42,624) (33,048) Accounts receivable – trade, net 629,731 518,345 Accounts receivable – customer recoveries 224,642 170,012 Value-added tax receivables 175,531 167,459 Accounts receivable – installation fees 60,060 60,663 Other receivables 68,419 52,813 Accounts and other receivables, net $ 1,158,383 $ 969,292 Deferred Rent Receivables Deferred rent receivables represent rental income that has been recognized as revenue under ASC 842, but which is not yet due from customers under their existing rental agreements. The Company recognizes an allowance against deferred rent receivables to the extent it becomes no longer probable that a customer or group of customers will be able to make substantially all of their required cash rental payments over the entirety of their respective lease terms. As of June 30, 2023, allowance for deferred rent receivables increased primarily due to a customer bankruptcy. Balance as of Balance as of (Amounts in thousands): June 30, 2023 December 31, 2022 Deferred rent receivables $ 637,745 $ 612,439 Allowance for deferred rent receivables (38,949) (10,849) Deferred rent receivables, net $ 598,796 $ 601,590 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2023 | |
Investments in Unconsolidated Entities. | |
Investments in Unconsolidated Entities | 6. Investments in Unconsolidated Entities A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands): Year Metropolitan Balance as of Balance as of Entity Entity Formed Area of Properties % Ownership June 30, 2023 December 31, 2022 Digital Core REIT (DCRU) 2021 U.S. / Toronto / Frankfurt 36 % $ 318,734 $ 328,584 Ownership interest in DCRU operating properties 2021 U.S. / Toronto / Frankfurt Various 134,316 136,431 Ascenty 2019 Brazil / Chile / Mexico 51 % 676,866 606,141 Mapletree 2019 Northern Virginia 20 % 153,579 160,200 Mitsubishi (1) Various Osaka / Tokyo 50 % 398,468 453,420 Lumen 2012 Hong Kong 50 % 68,979 68,821 Other Various U.S. / India / Nigeria Various 289,510 237,829 Total $ 2,040,452 $ 1,991,426 (1) During the six months ended June 30, 2023, we derecognized all assets, liabilities and 50% noncontrolling interests related to a joint venture that was previously consolidated and recognized an equity method investment of approximately $61.9 million based on the value of our 50% noncontrolling interest in the joint venture. We had concluded that we would consolidate the joint venture during the development phase of the buildings because we had the power to direct activities that most significantly impacted the joint venture’s economic performance, however, upon the building’s completion and commencing the operational phase, we no longer have the power to direct the activities that most significantly impact the joint venture’s economic performance and deconsolidated the joint venture and recognized the investment under the equity method as we still retained significant influence. DCREIT As of June 30, 2023, the Company held 36% of the outstanding DCRU units and separately owned a 10% direct retained interest in the underlying North American operating properties and a 75% direct retained interest in the underlying German operating property. The Company’s 36% interest in DCRU consisted of 399 million units and 396 million units as of June 30, 2023 and December 31, 2022, respectively. Based on the closing price per unit of $0.475 and $0.55 as of June 30, 2023 and December 31, 2022, respectively, the fair value of the units the Company owned in DCRU was approximately $190 million and $218 million as of June 30, 2023 and December 31, 2022, respectively. These values do not include the value of the Company’s 10% interest in the North American operating properties and 75% interest in the German operating property of DCRU, because the associated ownership interests are not publicly traded. The Company accounts for its investment in DCREIT as an equity method investment (and not at fair value) based on the significant influence it is able to exert on DCREIT. The Company determined that the decline in fair value of the investment in DCRU as compared to the Company’s book basis as of June 30, 2023 was temporary in nature. Pursuant to contractual agreements with DCRU and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCRU or in cash. The Company earned fees pursuant to these contractual agreements of approximately $2.5 million and $2.8 million for the three months ended June 30, 2023 and 2022, respectively, and $4.8 million and $5.1 million for the six months ended June 30, 2023 and 2022, respectively, which is recorded as fee income and other on the condensed consolidated income statement. Ascenty Debt – |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill. | |
Goodwill | 7. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at June 30, 2023 as compared to December 31, 2022 were primarily driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies. |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Acquired Intangible Assets and Liabilities | |
Acquired Intangible Assets and Liabilities | 8. Acquired Intangible Assets and Liabilities The following table summarizes our acquired intangible assets and liabilities: Balance as of June 30, 2023 December 31, 2022 (Amounts in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationship value $ 3,187,468 $ (954,011) $ 2,233,457 $ 3,327,765 $ (888,105) $ 2,439,660 Acquired in-place lease value 1,272,138 (995,881) 276,257 1,369,526 (1,041,631) 327,895 Other 102,330 (30,804) 71,526 94,829 (26,788) 68,041 Acquired above-market leases 218,430 (211,753) 6,677 264,071 $ (253,693) 10,378 Acquired below-market leases (326,333) 247,724 (78,609) (344,256) 255,821 (88,435) Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $66.1 million and $57.3 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $134.6 million and $118.9 million for the six months ended June 30, 2023 and 2022, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.7 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $3.5 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2023 is as follows: (Amounts in thousands) Customer relationship value Acquired in-place lease value Other (1) Acquired above-market leases Acquired below-market leases 2023 $ 95,961 $ 28,919 $ 2,276 $ 1,437 $ (5,155) 2024 191,342 54,205 4,552 2,203 (9,577) 2025 190,799 51,707 4,511 1,452 (9,387) 2026 190,159 49,769 4,307 684 (8,626) 2027 189,767 40,048 4,292 214 (8,012) Thereafter 1,375,429 51,609 3,826 687 (37,852) Total $ 2,233,457 $ 276,257 $ 23,764 $ 6,677 $ (78,609) (1) Excludes power grid rights in the amount of approximately $44.9 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 | 6 Months Ended |
Jun. 30, 2023 | |
Debt of the Operating Partnership | |
Debt of the Operating Partnership | 9. Debt of the Operating Partnership All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”), the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): June 30, 2023 December 31, 2022 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global revolving credit facilities 4.18 % $ 2,257,864 3.04 % $ 2,167,889 Unsecured term loans 4.59 % 1,558,175 2.49 % 802,875 Unsecured senior notes 2.24 % 13,479,366 2.44 % 13,220,961 Secured and other debt 7.72 % 560,795 7.12 % 532,130 Total 2.86 % $ 17,856,200 2.68 % $ 16,723,855 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, along with cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. 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): June 30, 2023 December 31, 2022 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 2,783,488 15.6 % $ 3,855,903 23.1 % British pound sterling (£) 1,968,965 11.0 % 1,929,051 11.5 % Euro ( € 11,302,553 63.3 % 9,325,126 55.8 % Other 1,801,194 10.1 % 1,613,775 9.6 % Total $ 17,856,200 $ 16,723,855 The table below summarizes debt maturities and principal payments as of June 30, 2023 (in thousands): Global Revolving Unsecured Unsecured Secured and Credit Facilities (1)(2) Term Loans (3) Senior Notes Other Debt Total Debt 2023 $ — $ — $ 111,665 $ 113 $ 111,778 2024 — — 972,115 4,558 976,673 2025 — 1,558,175 1,217,205 569 2,775,949 2026 2,257,864 — 1,479,795 96,922 3,834,581 2027 — — 1,167,497 203,385 1,370,882 Thereafter — — 8,531,089 255,248 8,786,337 Subtotal $ 2,257,864 $ 1,558,175 $ 13,479,366 $ 560,795 $ 17,856,200 Unamortized net discounts — — (35,380) — (35,380) Unamortized deferred financing costs (15,606) (9,395) (60,167) (6,201) (91,369) Total $ 2,242,258 $ 1,548,780 $ 13,383,819 $ 554,594 $ 17,729,451 (1) Includes amounts outstanding for the Global Revolving Credit Facilities. (2) The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us. (3) A €375.0 million senior unsecured term loan facility is subject to two maturity extension options of one year each. Our U.S. term loan facility of $740 million is subject to one twelve-month extension, provided that the Operating Partnership must pay a 0.1875% extension fee based on the then-outstanding principal amount of the term loans. 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 June 30, 2023 December 31, 2022 0.600% notes due 2023 CHF 100,000 $ 108,310 Oct 02, 2023 $ 111,665 $ 108,121 2.625% notes due 2024 € 600,000 677,040 Apr 15, 2024 654,540 642,300 2.750% notes due 2024 £ 250,000 324,925 Jul 19, 2024 317,575 302,075 4.250% notes due 2025 £ 400,000 634,480 Jan 17, 2025 508,120 483,320 0.625% notes due 2025 € 650,000 720,980 Jul 15, 2025 709,085 695,825 2.500% notes due 2026 € 1,075,000 1,224,640 Jan 16, 2026 1,172,718 1,150,788 0.200% notes due 2026 CHF 275,000 298,404 Dec 15, 2026 307,077 297,331 1.700% notes due 2027 CHF 150,000 162,465 Mar 30, 2027 167,497 162,181 3.700% notes due 2027 (1) $ 1,000,000 1,000,000 Aug 15, 2027 1,000,000 1,000,000 5.550% notes due 2028 (1) $ 900,000 900,000 Jan 15, 2028 900,000 900,000 1.125% notes due 2028 € 500,000 548,550 Apr 09, 2028 545,450 535,250 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 301,494 291,925 3.600% notes due 2029 $ 900,000 900,000 Jul 01, 2029 900,000 900,000 3.300% notes due 2029 £ 350,000 454,895 Jul 19, 2029 444,605 422,905 1.500% notes due 2030 € 750,000 831,900 Mar 15, 2030 818,175 802,875 3.750% notes due 2030 £ 550,000 719,825 Oct 17, 2030 698,665 664,565 1.250% notes due 2031 € 500,000 560,950 Feb 01, 2031 545,450 535,250 0.625% notes due 2031 € 1,000,000 1,220,700 Jul 15, 2031 1,090,900 1,070,500 1.000% notes due 2032 € 750,000 874,500 Jan 15, 2032 818,175 802,875 1.375% notes due 2032 € 750,000 849,375 Jul 18, 2032 818,175 802,875 $ 13,479,366 $ 13,220,961 Unamortized discounts, net of premiums (35,380) (37,280) Deferred financing costs, net (60,167) (63,648) Total unsecured senior notes, net of discount and deferred financing costs $ 13,383,819 $ 13,120,033 (1) Subject to cross-currency swaps. 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 June 30, 2023, 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 six months ended June 30, 2022 : $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022. USD Term Loan Agreement On October 25, 2022, the Company, the Operating Partnership, and certain of the Operating Partnership’s subsidiaries entered into an escrow agreement (the “Escrow Agreement”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”), certain lenders (the “Lenders”), and Arnold & Porter Kaye Scholer LLP, as escrow agent (the “Escrow Agent”), pursuant to which the Operating Partnership, the Company, the Administrative Agent and the Lenders delivered executed signature pages to a new term loan agreement among the Operating Partnership, the Company, the Lenders and the Administrative Agent (the “Term Loan Agreement”) to be held in escrow by the Escrow Agent and released by the Escrow Agent upon satisfaction of the terms described in the Escrow Agreement. On January 9, 2023, the terms and conditions of the Escrow Agreement were satisfied, and, on such date, the Term Loan Agreement was deemed executed and became effective. The Term Loan Agreement provides for a $740 million senior unsecured term loan facility (the “Term Loan Facility”). The Term Loan Facility provides for borrowings in U.S. dollars. The Term Loan Facility will mature on March 31, 2025, subject to one twelve-month extension option at the Operating Partnership’s option; provided, that the Operating Partnership must pay a 0.1875% extension fee based on the then-outstanding principal amount of the term loans under the Term Loan Facility. |
Earnings per Common Share or Un
Earnings per Common Share or Unit | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per Common Share or Unit | |
Earnings per Common Share or Unit | 10. Earnings per Common Share or Unit The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts): Digital Realty Trust, Inc. Earnings per Common Share Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income available to common stockholders $ 108,003 $ 53,246 $ 166,548 $ 116,346 Plus: Loss attributable to redeemable noncontrolling interest (1) (4,499) — (6,819) — Net income available to common stockholders - diluted EPS 112,502 53,246 173,367 116,346 Denominator: Weighted average shares outstanding—basic 295,390 284,694 293,316 284,610 Potentially dilutive common shares: Unvested incentive units 46 178 51 183 Unvested restricted stock 6 49 6 62 Forward equity offering 60 — 169 — Market performance-based awards 102 189 51 125 Redeemable noncontrolling interest shares (1) 11,215 — 10,859 — Weighted average shares outstanding—diluted 306,819 285,110 304,452 284,980 Income per share: Basic $ 0.37 $ 0.19 $ 0.57 $ 0.41 Diluted $ 0.37 $ 0.19 $ 0.57 $ 0.41 Digital Realty Trust, L.P. Earnings per Unit Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income available to common unitholders $ 110,503 $ 54,746 $ 170,548 $ 119,446 Plus: Loss attributable to redeemable noncontrolling interest (1) (4,499) — (6,819) — Net income available to common unitholders - diluted EPS 115,002 54,746 177,367 119,446 Denominator: Weighted average units outstanding—basic 301,593 290,528 299,452 290,346 Potentially dilutive common units: Unvested incentive units 46 178 51 183 Unvested restricted units 6 49 6 62 Forward equity offering 60 — 169 — Market performance-based awards 102 189 51 125 Redeemable noncontrolling interest shares (1) 11,215 — 10,859 — Weighted average units outstanding—diluted 313,022 290,944 310,588 290,716 Income per unit: Basic $ 0.37 $ 0.19 $ 0.57 $ 0.41 Diluted $ 0.37 $ 0.19 $ 0.57 $ 0.41 (1) Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in Digital Realty Trust, Inc. shares, in cash, or a combination of cash and shares. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by Digital Realty Trust, Inc.’s average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026. The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Shares subject to Forward Equity Offering — 6,250 — 6,250 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 6,202 5,834 6,136 5,735 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,896 1,536 2,013 1,494 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,994 1,615 2,116 1,571 Potentially dilutive Series L Cumulative Redeemable Preferred Stock 3,271 2,649 3,471 2,577 Total 13,363 17,884 13,736 17,627 |
Equity and Capital
Equity and Capital | 6 Months Ended |
Jun. 30, 2023 | |
Equity and Capital | |
Equity and Capital | 11. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P. are parties to an ATM Equity Offering SM SM We account for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. As of June 30, 2023, 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. The shares issuable upon settlement of our forward sale agreement is reflected in our diluted earnings per share using the treasury stock method. 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 June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Number of Percentage of Number of Percentage of units total units total Digital Realty Trust, Inc. 299,240 97.9 % 291,148 97.9 % Noncontrolling interests consist of: Common units held by third parties 4,343 1.4 % 4,375 1.5 % Incentive units held by employees and directors (see Note 13. "Incentive Plan") 2,140 0.7 % 1,914 0.6 % 305,723 100.0 % 297,437 100.0 % 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 $707.0 million and $591.2 million based on the closing market price of Digital Realty Trust, Inc. common stock on June 30, 2023 and December 31, 2022, respectively. The following table shows activity for noncontrolling interests in the Operating Partnership for the six months ended June 30, 2023 (in thousands): Common Units Incentive Units Total As of December 31, 2022 4,375 1,914 6,289 Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) (32) (30) (62) Incentive units issued upon achievement of market performance condition — 128 128 Grant of incentive units to employees and directors — 165 165 Cancellation / forfeitures of incentive units held by employees and directors — (37) (37) As of June 30, 2023 4,343 2,140 6,483 (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 six months ended June 30, 2023 (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 February 22, 2023 March 31, 2023 $ 2,625 $ 3,071 $ 4,485 $ 356,214 May 24, 2023 June 30, 2023 2,625 3,071 4,485 365,937 $ 5,250 $ 6,142 $ 8,970 $ 722,151 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 six months ended June 30, 2023 (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 February 22, 2023 March 31, 2023 $ 2,625 $ 3,071 $ 4,485 $ 364,204 May 24, 2023 June 30, 2023 2,625 3,071 4,485 373,833 $ 5,250 $ 6,142 $ 8,970 $ 738,037 Annual rate of distribution per unit $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net. | |
Accumulated Other Comprehensive Income (Loss), Net | 12. Accumulated Other Comprehensive Income (Loss), Net The accumulated balances for each item within accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P: Digital Realty Trust, Inc. Foreign currency Increase (decrease) in Accumulated other translation fair value of derivatives, comprehensive adjustments net of reclassification income (loss), net Balance as of December 31, 2022 $ (536,019) $ (59,779) $ (595,798) Net current period change (144,823) 12,855 (131,968) Reclassification to interest expense from derivatives — (13,718) (13,718) Balance as of June 30, 2023 $ (680,842) $ (60,642) $ (741,484) Digital Realty Trust, L.P. Foreign currency Increase (decrease) in Accumulated other translation fair value of derivatives, comprehensive adjustments net of reclassification income (loss) Balance as of December 31, 2022 $ (551,013) $ (62,410) $ (613,423) Net current period change (148,181) 13,150 (135,031) Reclassification to interest expense from derivatives — (14,038) (14,038) Balance as of June 30, 2023 $ (699,194) $ (63,298) $ (762,492) |
Incentive Plans
Incentive Plans | 6 Months Ended |
Jun. 30, 2023 | |
Incentive Plans | |
Incentive Plans | 13. Incentive Plans 2014 Incentive Award Plan The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended (the “Incentive Plan”). The major categories of awards that can be issued under the Incentive Plan include: Long-Term Incentive Units (“LTIP Units”) two Service-Based Restricted Stock Units two Performance-Based Awards (“the Performance Awards”): Market-Based Performance Awards. The market performance criterion compares Digital Realty Trust, Inc.’s total shareholder return (“TSR”) relative to the MSCI US REIT Index (“RMS”) over a three-year performance period (“Market Performance Period”), subject to continued service, in order to determine the percentage of the total eligible pool of units that qualifies to be awarded. Following the completion of the Market Performance Period, the awards then have a time-based vesting element pursuant to which 50% of the performance-vested units fully vest in the February immediately following the end of the Market Performance Period and 50% of the performance-vested units fully vest in the subsequent February. Vesting with respect to the market condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS as is shown in the subsequent table (the “RMS Relative Market Performance”). Market 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. 2020 Awards ● In January 2023, the RMS Relative Market Performance fell between the threshold and target levels for the 2020 awards and, accordingly, 72,230 Class D units and 7,083 Restricted Stock Units performance vested and qualified for time-based vesting. ● The Class D units included 5,841 distribution equivalent units that immediately vested on December 31, 2022. ● On February 27, 2023, 50% of the 2020 awards vested and the remaining 50% will vest on February 27, 2024, subject to continued employment through the applicable vesting date. The grant date fair value of the Market-Based Performance Awards was approximately $8.2 million and $12.3 million for the six months ended June 30, 2023 and 2022, 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 April 8, 2023, the Company granted Financial-Based Performance Awards, which vest based on growth in same-store cash net operating income during the three-year period commencing on January 1, 2023. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards was On March 4, 2022, the Company granted Financial-Based Performance Awards, which vest based on the growth in core funds from operation (“Core FFO”) during the three-year period commencing on January 1, 2022. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards was Other Items In addition to the LTIP Units, service-based Restricted Stock Units and Performance Awards described above, one-time grants of time and/or performance-based Class D units and Restricted Stock Units were issued in connection with the Company’s combination with InterXion Holding N.V. These awards vest over a period of two As of June 30, 2023, approximately 4.2 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 June 30, June 30, December 31, compensation Type of incentive award 2023 2022 2023 2022 2023 2022 (in years) Long-term incentive units $ 3.6 $ 6.4 $ — $ — $ 23.2 $ 20.7 2.4 Performance-based awards 1.3 5.6 0.1 0.1 31.2 30.3 2.5 Service-based restricted stock units 8.3 6.8 1.4 1.4 0.4 55.4 2.9 Interxion awards 0.6 1.1 — — 84.0 1.9 0.4 Six Months Ended June 30, 2023 2022 2023 2022 Long-term incentive units $ 6.4 $ 11.6 $ — $ 0.1 Performance-based awards 5.4 10.6 0.1 0.3 Service-based restricted stock units 16.0 12.1 2.5 2.4 Interxion awards 1.3 2.0 — — Activity for LTIP Units and service-based Restricted Stock Units for the six months ended June 30, 2023 is shown below. Weighted-Average Grant Date Fair Unvested LTIP Units Units Value Unvested, beginning of period 279,258 $ 146.37 Granted 165,015 99.54 Vested (152,278) 126.71 Cancelled or expired (38,063) 136.30 Unvested, end of period 253,932 $ 129.23 Weighted-Average Grant Date Fair Unvested Restricted Stock Units Shares Value Unvested, beginning of period 507,837 $ 131.57 Granted 498,648 100.51 Vested (180,853) 121.95 Cancelled or expired (39,154) 116.92 Unvested, end of period 786,478 $ 114.82 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments | |
Derivative Instruments | 14. Derivative Instruments Derivatives Designated as Hedging Instruments Net Investment Hedges In September 2022, we entered into cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. As of June 30, 2023, we had cross-currency interest rate swaps outstanding with notional amounts of $1.55 billion and maturity dates ranging through 2028. The effect of these net investment hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cross-currency interest rate swaps (included component) (1) $ (15,520) $ — $ (1,155) $ — Cross-currency interest rate swaps (excluded component) (2) 23,895 — 14,417 — Total $ 8,375 $ — $ 13,262 $ — Location of Three Months Ended June 30, Six Months Ended June 30, gain or (loss) 2023 2022 2023 2022 Cross-currency interest rate swaps (excluded component) (2) Interest expense $ 5,200 $ — $ 11,194 $ — (1) Included component represents foreign exchange spot rates. (2) Excluded component represents cross-currency basis spread and interest rates. Cash Flow Hedges As of June 30, 2023, we had derivatives designated as cash flow hedges on 50% of the Euro term loan (€750 million notional amount) and 68% of the USD term loan ($740 million notional amount). 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 June 30, 2023, we estimate that an additional $11.7 million will be reclassified as a decrease to interest expense during the twelve months ended June 30, 2023, when the hedged forecasted transactions impact earnings. The effect of these cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest rate swaps $ (3,292) $ — $ (12,374) $ — Location of Three Months Ended June 30, Six Months Ended June 30, gain or (loss) 2023 2022 2023 2022 Interest rate swaps Interest expense $ 2,295 $ — $ 2,844 $ — Fair Value of Derivative Instruments The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Assets (1) Liabilities (2) Assets (1) Liabilities (2) Cross-currency interest rate swaps $ — $ 121,884 $ — $ 108,621 Interest rate swaps 17,311 — 9,036 252 $ 17,311 $ 121,884 $ 9,036 $ 108,873 (1) As presented in our condensed consolidated balance sheets within other assets. (2) As presented in our condensed consolidated balance sheets within accounts payable and other accrued liabilities. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 15. Fair Value of Financial Instruments There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2022 Form 10-K. 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 and unsecured term loans approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2023 and December 31, 2022 as compared to those in effect when the debt was issued or assumed. We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt. The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, unsecured term loans, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands): Categorization As of June 30, 2023 As of December 31, 2022 under the fair value Estimated Fair Estimated Fair hierarchy Value Carrying Value Value Carrying Value Global revolving credit facilities (1) Level 2 $ 2,257,864 $ 2,257,864 $ 2,167,889 $ 2,167,889 Unsecured term loans (1) Level 2 1,558,175 1,558,175 802,875 802,875 Unsecured senior notes (2) Level 2 11,555,749 13,479,366 11,331,989 13,220,961 Secured and other debt (2) Level 2 546,266 560,795 517,226 532,130 $ 15,918,054 $ 17,856,200 $ 14,819,979 $ 16,723,855 (1) The carrying value of our unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings. (2) 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 | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 16. Commitments and Contingencies Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements including ground up construction. From time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At June 30, 2023, we had open commitments, including amounts reimbursable by customers of approximately $47.2 million, related to construction contracts of approximately $2.7 billion. In the ordinary course of our business, we may become subject to various legal proceedings. As of June 30, 2023, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 17. Supplemental Cash Flow Information Cash, cash equivalents, and restricted cash balances as of June 30, 2023, and December 31, 2022: Balance as of (Amounts in thousands) June 30, 2023 December 31, 2022 Cash and cash equivalents $ 124,519 $ 141,773 Restricted cash (included in other assets) 10,128 8,923 Total $ 134,647 $ 150,696 We paid $190.9 million and $144.1 million for interest, net of amounts capitalized, for the six months ended June 30, 2023 and 2022, respectively. We paid $22.8 million and $16.4 million for income taxes, net of refunds, for the six months ended June 30, 2023 and 2022, respectively. Accrued construction related costs totaled $653.0 million and $469.6 million as of June 30, 2023 and 2022, respectively. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment and Geographic Information | |
Segment and Geographic Information | 18. Segment and Geographic Information A majority of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. In order to better address the needs of these global customers, the Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations. 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 throughout the global portfolio. In order to best accommodate the needs of global customers (and customers that might one day become global), the Company manages its operations as a single global business – with one operating segment and therefore one reporting segment. Operating Revenues Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2023 2022 2023 2022 Inside the United States $ 704.1 $ 679.6 $ 1,416.5 $ 1,344.8 Outside the United States 662.2 459.7 1,288.5 921.8 Revenue Outside of U.S. % 48.5 % 40.3 % 47.6 % 40.7 % Investments in Properties, net Operating lease right-of-use assets, net As of June 30, As of December 31, As of June 30, As of December 31, (Amounts in millions) 2023 2022 2023 2022 Inside the United States $ 11,299.5 $ 11,517.3 $ 613.4 $ 647.0 Outside the United States 12,878.7 12,257.4 677.8 704.3 Net Assets in Foreign Operations $ 6,491.1 $ 6,330.2 |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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) | 6 Months Ended |
Jun. 30, 2023 | |
Investments in Properties | |
Schedule of Investments in Properties | A summary of our investments in properties is below (in thousands): Property Type As of June 30, 2023 As of December 31, 2022 Land $ 1,121,188 $ 1,061,408 Acquired ground lease 6,312 6,006 Buildings and improvements 25,150,315 24,287,103 Tenant improvements 809,954 781,540 27,087,769 26,136,057 Accumulated depreciation and amortization (7,739,462) (7,268,981) Investments in operating properties, net 19,348,307 18,867,076 Construction in progress and space held for development 4,635,939 4,789,134 Land held for future development 193,936 118,452 Investments in properties, net $ 24,178,182 $ 23,774,662 |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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): June 30, 2023 December 31, 2022 Accounts receivable – trade $ 672,355 $ 551,393 Allowance for doubtful accounts (42,624) (33,048) Accounts receivable – trade, net 629,731 518,345 Accounts receivable – customer recoveries 224,642 170,012 Value-added tax receivables 175,531 167,459 Accounts receivable – installation fees 60,060 60,663 Other receivables 68,419 52,813 Accounts and other receivables, net $ 1,158,383 $ 969,292 |
Schedule of deferred rent receivables | Balance as of Balance as of (Amounts in thousands): June 30, 2023 December 31, 2022 Deferred rent receivables $ 637,745 $ 612,439 Allowance for deferred rent receivables (38,949) (10,849) Deferred rent receivables, net $ 598,796 $ 601,590 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments in Unconsolidated Entities. | |
Summary of Financial Information for Unconsolidated Entities | A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands): Year Metropolitan Balance as of Balance as of Entity Entity Formed Area of Properties % Ownership June 30, 2023 December 31, 2022 Digital Core REIT (DCRU) 2021 U.S. / Toronto / Frankfurt 36 % $ 318,734 $ 328,584 Ownership interest in DCRU operating properties 2021 U.S. / Toronto / Frankfurt Various 134,316 136,431 Ascenty 2019 Brazil / Chile / Mexico 51 % 676,866 606,141 Mapletree 2019 Northern Virginia 20 % 153,579 160,200 Mitsubishi (1) Various Osaka / Tokyo 50 % 398,468 453,420 Lumen 2012 Hong Kong 50 % 68,979 68,821 Other Various U.S. / India / Nigeria Various 289,510 237,829 Total $ 2,040,452 $ 1,991,426 (1) During the six months ended June 30, 2023, we derecognized all assets, liabilities and 50% noncontrolling interests related to a joint venture that was previously consolidated and recognized an equity method investment of approximately $61.9 million based on the value of our 50% noncontrolling interest in the joint venture. We had concluded that we would consolidate the joint venture during the development phase of the buildings because we had the power to direct activities that most significantly impacted the joint venture’s economic performance, however, upon the building’s completion and commencing the operational phase, we no longer have the power to direct the activities that most significantly impact the joint venture’s economic performance and deconsolidated the joint venture and recognized the investment under the equity method as we still retained significant influence. |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Acquired Intangible Assets and Liabilities | |
Summary of Acquired Intangible Assets and Liabilities | Balance as of June 30, 2023 December 31, 2022 (Amounts in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationship value $ 3,187,468 $ (954,011) $ 2,233,457 $ 3,327,765 $ (888,105) $ 2,439,660 Acquired in-place lease value 1,272,138 (995,881) 276,257 1,369,526 (1,041,631) 327,895 Other 102,330 (30,804) 71,526 94,829 (26,788) 68,041 Acquired above-market leases 218,430 (211,753) 6,677 264,071 $ (253,693) 10,378 Acquired below-market leases (326,333) 247,724 (78,609) (344,256) 255,821 (88,435) |
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 2023 $ 95,961 $ 28,919 $ 2,276 $ 1,437 $ (5,155) 2024 191,342 54,205 4,552 2,203 (9,577) 2025 190,799 51,707 4,511 1,452 (9,387) 2026 190,159 49,769 4,307 684 (8,626) 2027 189,767 40,048 4,292 214 (8,012) Thereafter 1,375,429 51,609 3,826 687 (37,852) Total $ 2,233,457 $ 276,257 $ 23,764 $ 6,677 $ (78,609) (1) Excludes power grid rights in the amount of approximately $44.9 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) | 6 Months Ended |
Jun. 30, 2023 | |
Debt of the Operating Partnership | |
Summary of Outstanding Indebtedness of the Operating Partnership | June 30, 2023 December 31, 2022 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global revolving credit facilities 4.18 % $ 2,257,864 3.04 % $ 2,167,889 Unsecured term loans 4.59 % 1,558,175 2.49 % 802,875 Unsecured senior notes 2.24 % 13,479,366 2.44 % 13,220,961 Secured and other debt 7.72 % 560,795 7.12 % 532,130 Total 2.86 % $ 17,856,200 2.68 % $ 16,723,855 |
Schedule of Debt In Functional Currencies | June 30, 2023 December 31, 2022 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 2,783,488 15.6 % $ 3,855,903 23.1 % British pound sterling (£) 1,968,965 11.0 % 1,929,051 11.5 % Euro ( € 11,302,553 63.3 % 9,325,126 55.8 % Other 1,801,194 10.1 % 1,613,775 9.6 % Total $ 17,856,200 $ 16,723,855 |
Schedule of Debt Maturities and Principal Maturities | The table below summarizes debt maturities and principal payments as of June 30, 2023 (in thousands): Global Revolving Unsecured Unsecured Secured and Credit Facilities (1)(2) Term Loans (3) Senior Notes Other Debt Total Debt 2023 $ — $ — $ 111,665 $ 113 $ 111,778 2024 — — 972,115 4,558 976,673 2025 — 1,558,175 1,217,205 569 2,775,949 2026 2,257,864 — 1,479,795 96,922 3,834,581 2027 — — 1,167,497 203,385 1,370,882 Thereafter — — 8,531,089 255,248 8,786,337 Subtotal $ 2,257,864 $ 1,558,175 $ 13,479,366 $ 560,795 $ 17,856,200 Unamortized net discounts — — (35,380) — (35,380) Unamortized deferred financing costs (15,606) (9,395) (60,167) (6,201) (91,369) Total $ 2,242,258 $ 1,548,780 $ 13,383,819 $ 554,594 $ 17,729,451 (1) Includes amounts outstanding for the Global Revolving Credit Facilities. (2) The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us. (3) A €375.0 million senior unsecured term loan facility is subject to two maturity extension options of one year each. Our U.S. term loan facility of $740 million is subject to one twelve-month extension, provided that the Operating Partnership must pay a 0.1875% extension fee based on the then-outstanding principal amount of the term loans. |
Schedule of 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 June 30, 2023 December 31, 2022 0.600% notes due 2023 CHF 100,000 $ 108,310 Oct 02, 2023 $ 111,665 $ 108,121 2.625% notes due 2024 € 600,000 677,040 Apr 15, 2024 654,540 642,300 2.750% notes due 2024 £ 250,000 324,925 Jul 19, 2024 317,575 302,075 4.250% notes due 2025 £ 400,000 634,480 Jan 17, 2025 508,120 483,320 0.625% notes due 2025 € 650,000 720,980 Jul 15, 2025 709,085 695,825 2.500% notes due 2026 € 1,075,000 1,224,640 Jan 16, 2026 1,172,718 1,150,788 0.200% notes due 2026 CHF 275,000 298,404 Dec 15, 2026 307,077 297,331 1.700% notes due 2027 CHF 150,000 162,465 Mar 30, 2027 167,497 162,181 3.700% notes due 2027 (1) $ 1,000,000 1,000,000 Aug 15, 2027 1,000,000 1,000,000 5.550% notes due 2028 (1) $ 900,000 900,000 Jan 15, 2028 900,000 900,000 1.125% notes due 2028 € 500,000 548,550 Apr 09, 2028 545,450 535,250 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 301,494 291,925 3.600% notes due 2029 $ 900,000 900,000 Jul 01, 2029 900,000 900,000 3.300% notes due 2029 £ 350,000 454,895 Jul 19, 2029 444,605 422,905 1.500% notes due 2030 € 750,000 831,900 Mar 15, 2030 818,175 802,875 3.750% notes due 2030 £ 550,000 719,825 Oct 17, 2030 698,665 664,565 1.250% notes due 2031 € 500,000 560,950 Feb 01, 2031 545,450 535,250 0.625% notes due 2031 € 1,000,000 1,220,700 Jul 15, 2031 1,090,900 1,070,500 1.000% notes due 2032 € 750,000 874,500 Jan 15, 2032 818,175 802,875 1.375% notes due 2032 € 750,000 849,375 Jul 18, 2032 818,175 802,875 $ 13,479,366 $ 13,220,961 Unamortized discounts, net of premiums (35,380) (37,280) Deferred financing costs, net (60,167) (63,648) Total unsecured senior notes, net of discount and deferred financing costs $ 13,383,819 $ 13,120,033 (1) Subject to cross-currency swaps. |
Earnings per Common Share or _2
Earnings per Common Share or Unit (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income available to common stockholders $ 108,003 $ 53,246 $ 166,548 $ 116,346 Plus: Loss attributable to redeemable noncontrolling interest (1) (4,499) — (6,819) — Net income available to common stockholders - diluted EPS 112,502 53,246 173,367 116,346 Denominator: Weighted average shares outstanding—basic 295,390 284,694 293,316 284,610 Potentially dilutive common shares: Unvested incentive units 46 178 51 183 Unvested restricted stock 6 49 6 62 Forward equity offering 60 — 169 — Market performance-based awards 102 189 51 125 Redeemable noncontrolling interest shares (1) 11,215 — 10,859 — Weighted average shares outstanding—diluted 306,819 285,110 304,452 284,980 Income per share: Basic $ 0.37 $ 0.19 $ 0.57 $ 0.41 Diluted $ 0.37 $ 0.19 $ 0.57 $ 0.41 Digital Realty Trust, L.P. Earnings per Unit Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income available to common unitholders $ 110,503 $ 54,746 $ 170,548 $ 119,446 Plus: Loss attributable to redeemable noncontrolling interest (1) (4,499) — (6,819) — Net income available to common unitholders - diluted EPS 115,002 54,746 177,367 119,446 Denominator: Weighted average units outstanding—basic 301,593 290,528 299,452 290,346 Potentially dilutive common units: Unvested incentive units 46 178 51 183 Unvested restricted units 6 49 6 62 Forward equity offering 60 — 169 — Market performance-based awards 102 189 51 125 Redeemable noncontrolling interest shares (1) 11,215 — 10,859 — Weighted average units outstanding—diluted 313,022 290,944 310,588 290,716 Income per unit: Basic $ 0.37 $ 0.19 $ 0.57 $ 0.41 Diluted $ 0.37 $ 0.19 $ 0.57 $ 0.41 (1) Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in Digital Realty Trust, Inc. shares, in cash, or a combination of cash and shares. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by Digital Realty Trust, Inc.’s average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026. |
Schedule of Antidilutive Securities Excluded from Calculations | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Shares subject to Forward Equity Offering — 6,250 — 6,250 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 6,202 5,834 6,136 5,735 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,896 1,536 2,013 1,494 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,994 1,615 2,116 1,571 Potentially dilutive Series L Cumulative Redeemable Preferred Stock 3,271 2,649 3,471 2,577 Total 13,363 17,884 13,736 17,627 |
Equity and Capital (Tables)
Equity and Capital (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Class of Stock | |
Ownership Interest In The Operating Partnership | The following table shows the ownership interest in the Operating Partnership as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Number of Percentage of Number of Percentage of units total units total Digital Realty Trust, Inc. 299,240 97.9 % 291,148 97.9 % Noncontrolling interests consist of: Common units held by third parties 4,343 1.4 % 4,375 1.5 % Incentive units held by employees and directors (see Note 13. "Incentive Plan") 2,140 0.7 % 1,914 0.6 % 305,723 100.0 % 297,437 100.0 % |
Summary of Activity for Noncontrolling Interests in the Operating Partnership | The following table shows activity for noncontrolling interests in the Operating Partnership for the six months ended June 30, 2023 (in thousands): Common Units Incentive Units Total As of December 31, 2022 4,375 1,914 6,289 Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) (32) (30) (62) Incentive units issued upon achievement of market performance condition — 128 128 Grant of incentive units to employees and directors — 165 165 Cancellation / forfeitures of incentive units held by employees and directors — (37) (37) As of June 30, 2023 4,343 2,140 6,483 (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 six months ended June 30, 2023 (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 February 22, 2023 March 31, 2023 $ 2,625 $ 3,071 $ 4,485 $ 356,214 May 24, 2023 June 30, 2023 2,625 3,071 4,485 365,937 $ 5,250 $ 6,142 $ 8,970 $ 722,151 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 six months ended June 30, 2023 (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 February 22, 2023 March 31, 2023 $ 2,625 $ 3,071 $ 4,485 $ 364,204 May 24, 2023 June 30, 2023 2,625 3,071 4,485 373,833 $ 5,250 $ 6,142 $ 8,970 $ 738,037 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) | 6 Months Ended |
Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net. | |
Schedule of Accumulated Other Comprehensive Income (Loss), Net | Digital Realty Trust, Inc. Foreign currency Increase (decrease) in Accumulated other translation fair value of derivatives, comprehensive adjustments net of reclassification income (loss), net Balance as of December 31, 2022 $ (536,019) $ (59,779) $ (595,798) Net current period change (144,823) 12,855 (131,968) Reclassification to interest expense from derivatives — (13,718) (13,718) Balance as of June 30, 2023 $ (680,842) $ (60,642) $ (741,484) Digital Realty Trust, L.P. Foreign currency Increase (decrease) in Accumulated other translation fair value of derivatives, comprehensive adjustments net of reclassification income (loss) Balance as of December 31, 2022 $ (551,013) $ (62,410) $ (613,423) Net current period change (148,181) 13,150 (135,031) Reclassification to interest expense from derivatives — (14,038) (14,038) Balance as of June 30, 2023 $ (699,194) $ (63,298) $ (762,492) |
Incentive Plans (Tables)
Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Incentive Plans | |
Market Performance Based Awards | Market 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 June 30, June 30, December 31, compensation Type of incentive award 2023 2022 2023 2022 2023 2022 (in years) Long-term incentive units $ 3.6 $ 6.4 $ — $ — $ 23.2 $ 20.7 2.4 Performance-based awards 1.3 5.6 0.1 0.1 31.2 30.3 2.5 Service-based restricted stock units 8.3 6.8 1.4 1.4 0.4 55.4 2.9 Interxion awards 0.6 1.1 — — 84.0 1.9 0.4 Six Months Ended June 30, 2023 2022 2023 2022 Long-term incentive units $ 6.4 $ 11.6 $ — $ 0.1 Performance-based awards 5.4 10.6 0.1 0.3 Service-based restricted stock units 16.0 12.1 2.5 2.4 Interxion awards 1.3 2.0 — — |
Summary of Long-Term Incentive Unit Activity | Weighted-Average Grant Date Fair Unvested LTIP Units Units Value Unvested, beginning of period 279,258 $ 146.37 Granted 165,015 99.54 Vested (152,278) 126.71 Cancelled or expired (38,063) 136.30 Unvested, end of period 253,932 $ 129.23 |
Summary of Restricted Stock Activity | Weighted-Average Grant Date Fair Unvested Restricted Stock Units Shares Value Unvested, beginning of period 507,837 $ 131.57 Granted 498,648 100.51 Vested (180,853) 121.95 Cancelled or expired (39,154) 116.92 Unvested, end of period 786,478 $ 114.82 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments | |
Schedule of effective portion of gains and losses on derivative instruments | The effect of these net investment hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cross-currency interest rate swaps (included component) (1) $ (15,520) $ — $ (1,155) $ — Cross-currency interest rate swaps (excluded component) (2) 23,895 — 14,417 — Total $ 8,375 $ — $ 13,262 $ — Location of Three Months Ended June 30, Six Months Ended June 30, gain or (loss) 2023 2022 2023 2022 Cross-currency interest rate swaps (excluded component) (2) Interest expense $ 5,200 $ — $ 11,194 $ — (1) Included component represents foreign exchange spot rates. (2) Excluded component represents cross-currency basis spread and interest rates. |
Schedule of fair value of derivative instruments in Balance sheets | The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Assets (1) Liabilities (2) Assets (1) Liabilities (2) Cross-currency interest rate swaps $ — $ 121,884 $ — $ 108,621 Interest rate swaps 17,311 — 9,036 252 $ 17,311 $ 121,884 $ 9,036 $ 108,873 (1) As presented in our condensed consolidated balance sheets within other assets. (2) As presented in our condensed consolidated balance sheets within accounts payable and other accrued liabilities. |
Schedule of effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements | The effect of these cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest rate swaps $ (3,292) $ — $ (12,374) $ — Location of Three Months Ended June 30, Six Months Ended June 30, gain or (loss) 2023 2022 2023 2022 Interest rate swaps Interest expense $ 2,295 $ — $ 2,844 $ — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value of Financial Instruments | |
Estimated Fair Value And Carrying Amounts | Categorization As of June 30, 2023 As of December 31, 2022 under the fair value Estimated Fair Estimated Fair hierarchy Value Carrying Value Value Carrying Value Global revolving credit facilities (1) Level 2 $ 2,257,864 $ 2,257,864 $ 2,167,889 $ 2,167,889 Unsecured term loans (1) Level 2 1,558,175 1,558,175 802,875 802,875 Unsecured senior notes (2) Level 2 11,555,749 13,479,366 11,331,989 13,220,961 Secured and other debt (2) Level 2 546,266 560,795 517,226 532,130 $ 15,918,054 $ 17,856,200 $ 14,819,979 $ 16,723,855 (1) The carrying value of our unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings. (2) 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) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information | |
Schedule of cash, cash equivalents, and restricted cash | Balance as of (Amounts in thousands) June 30, 2023 December 31, 2022 Cash and cash equivalents $ 124,519 $ 141,773 Restricted cash (included in other assets) 10,128 8,923 Total $ 134,647 $ 150,696 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment and Geographic Information | |
Schedule of Investment and operating revenues of geographical areas | Operating Revenues Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2023 2022 2023 2022 Inside the United States $ 704.1 $ 679.6 $ 1,416.5 $ 1,344.8 Outside the United States 662.2 459.7 1,288.5 921.8 Revenue Outside of U.S. % 48.5 % 40.3 % 47.6 % 40.7 % Investments in Properties, net Operating lease right-of-use assets, net As of June 30, As of December 31, As of June 30, As of December 31, (Amounts in millions) 2023 2022 2023 2022 Inside the United States $ 11,299.5 $ 11,517.3 $ 613.4 $ 647.0 Outside the United States 12,878.7 12,257.4 677.8 704.3 Net Assets in Foreign Operations $ 6,491.1 $ 6,330.2 |
Investments in Properties (Deta
Investments in Properties (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments in Properties | ||
Land | $ 1,121,188 | $ 1,061,408 |
Acquired ground lease | 6,312 | 6,006 |
Buildings and improvements | 25,150,315 | 24,287,103 |
Tenant improvements | 809,954 | 781,540 |
Total investments in operating properties | 27,087,769 | 26,136,057 |
Accumulated depreciation and amortization | (7,739,462) | (7,268,981) |
Investments in operating properties, net | 19,348,307 | 18,867,076 |
Construction in progress and space held for development | 4,635,939 | 4,789,134 |
Land held for future development | 193,936 | 118,452 |
Investments in properties, net | $ 24,178,182 | $ 23,774,662 |
Investments in Properties - Ass
Investments in Properties - Asset Dispositions (Details) $ in Thousands | 6 Months Ended | |||
Jul. 27, 2023 USD ($) property | Jul. 17, 2023 USD ($) property | May 15, 2023 USD ($) | Jun. 30, 2023 USD ($) item | |
Number of data centers | item | 2 | |||
Assets held for sale | $ 608,892 | |||
Obligations associated with assets held for sale | $ 4,990 | |||
Non-core Data Center Property Located in Dallas [Member] | ||||
Percentage of interest in property sold | 100% | |||
Proceeds from Sale of Real Estate | $ 151,000 | |||
Gain on sale | $ 90,000 | |||
Joint Venture with GI Partners | Hyperscale data center buildings in Northern Virginia | Subsequent Event | ||||
Proceeds from partnership contribution | $ 743,000 | |||
Percentage of Interest in Partnership | 65% | |||
Number of properties sold | property | 2 | |||
Ownership percentage in joint ventures | 35% | |||
Joint Venture with TPG Real Estate | Hyperscale data center buildings in Northern Virginia | Subsequent Event | ||||
Percentage of interest in property sold | 80% | |||
Number of properties sold | property | 3 | |||
Gross Proceeds | $ 1,300,000 | |||
Ownership percentage in joint ventures | 20% |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 9,148,603 | $ 9,148,603 | $ 9,208,497 | |
Teraco | ||||
Business Acquisition [Line Items] | ||||
Percentage of interest acquired | 61.10% | |||
Total purchase consideration | $ 1,700,000 | |||
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years) | 2 years | 2 years | ||
Right to purchase all or a portion of the Remaining Teraco Interest from the Rollover Shareholders beginning on February 1, 2028 (in years) | 1 year | |||
Net loss associated with properties acquired | $ (4,500) | $ (6,800) | ||
Adjustments made, net income attributable to Digital Realty Trust, Inc. to the extent the redemption value exceeds the fair value | $ 0 | |||
Goodwill | $ 1,600,000 | |||
Teraco | Scenario | ||||
Business Acquisition [Line Items] | ||||
Percentage of interest acquired | 55% | |||
the Trust | ||||
Business Acquisition [Line Items] | ||||
Percentage of interest acquired | 12% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases | ||||
Rent expense | $ 38.3 | $ 35.6 | $ 76.7 | $ 73 |
Receivables - Accounts and Othe
Receivables - Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Receivables | ||
Accounts receivable - trade | $ 672,355 | $ 551,393 |
Allowance for doubtful accounts | (42,624) | (33,048) |
Accounts receivable - trade, net | 629,731 | 518,345 |
Accounts receivable -- customer recoveries | 224,642 | 170,012 |
Value-added tax receivables | 175,531 | 167,459 |
Accounts receivable -- installation fees | 60,060 | 60,663 |
Other receivables | 68,419 | 52,813 |
Accounts and other receivables, net | $ 1,158,383 | $ 969,292 |
Receivables - Deferred rent rec
Receivables - Deferred rent receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Receivables | ||
Deferred rent receivables | $ 637,745 | $ 612,439 |
Allowance for deferred rent receivables | (38,949) | (10,849) |
Deferred rent receivables, net | $ 598,796 | $ 601,590 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $ 2,040,452 | $ 1,991,426 |
Digital Core REIT (DCRU) | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 36% | |
Digital Core REIT (DCRU) | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 36% | |
Investments in unconsolidated joint ventures | $ 318,734 | 328,584 |
Ownership interest in DCRU operating properties | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $ 134,316 | 136,431 |
Ascenty | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 51% | |
Investments in unconsolidated joint ventures | $ 676,866 | 606,141 |
Mapletree | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 20% | |
Investments in unconsolidated joint ventures | $ 153,579 | 160,200 |
Mitsubishi | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 50% | |
Equity method investment | $ 61,900 | |
Mitsubishi | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 50% | |
Investments in unconsolidated joint ventures | $ 398,468 | 453,420 |
Lumen | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 50% | |
Investments in unconsolidated joint ventures | $ 68,979 | 68,821 |
Other | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $ 289,510 | $ 237,829 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) item property $ / shares shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | |
Schedule of Equity Method Investments [Line Items] | |||||
Number Of Data Centers | item | 2 | ||||
Digital Core REIT (DCRU) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 36% | 36% | |||
Number of units owned | shares | 399 | 399 | 396 | ||
Closing price per unit | $ / shares | $ 0.475 | $ 0.475 | $ 0.55 | ||
Fair value of shares | $ 190 | $ 190 | $ 218 | ||
Digital Core REIT (DCRU) | Unconsolidated Joint Ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 36% | 36% | |||
Digital Core REIT (DCRU) | Fee income and other | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Fees earned pursuant to these contractual agreements | $ 2.5 | $ 2.8 | $ 4.8 | $ 5.1 | |
Ascenty | Subsidiary of Operating Partnership subsidiary | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest by noncontrolling interest | 2% | 2% | |||
Noncontrolling interests in consolidated entities | $ 18 | $ 18 | $ 18 | ||
Ascenty | Unconsolidated Joint Ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 51% | 51% | |||
North America | Digital Core REIT (DCRU) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 10% | 10% | |||
Germany | Digital Core REIT (DCRU) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 75% | 75% | |||
Digital Core REIT (DCRU) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number Of Data Centers | property | 11 |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Customer Relationship Value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | $ 3,187,468 | $ 3,327,765 |
Accumulated amortization | (954,011) | (888,105) |
Total | 2,233,457 | 2,439,660 |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 1,272,138 | 1,369,526 |
Accumulated amortization | (995,881) | (1,041,631) |
Total | 276,257 | 327,895 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 102,330 | 94,829 |
Accumulated amortization | (30,804) | (26,788) |
Total | 71,526 | 68,041 |
Acquired above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 218,430 | 264,071 |
Accumulated amortization | (211,753) | (253,693) |
Total | 6,677 | 10,378 |
Below-Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market lease, gross amount | (326,333) | (344,256) |
Below-market lease, accumulated amortization | 247,724 | 255,821 |
Total | $ (78,609) | $ (88,435) |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Customer Relationship Value, Acquired In-Place Lease Value and Other Intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible assets | $ 66.1 | $ 57.3 | $ 134.6 | $ 118.9 |
Rental and other services | Below-Market Leases, Net of Above-Market Leases | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Increase (decrease) in revenue | $ 1.7 | $ 0.3 | $ 3.5 | $ 0.6 |
Acquired Intangible Assets An_5
Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Customer Relationship Value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 | $ 95,961 | |
2024 | 191,342 | |
2025 | 190,799 | |
2026 | 190,159 | |
2027 | 189,767 | |
Thereafter | 1,375,429 | |
Total | 2,233,457 | $ 2,439,660 |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 | 28,919 | |
2024 | 54,205 | |
2025 | 51,707 | |
2026 | 49,769 | |
2027 | 40,048 | |
Thereafter | 51,609 | |
Total | 276,257 | 327,895 |
Other | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 | 2,276 | |
2024 | 4,552 | |
2025 | 4,511 | |
2026 | 4,307 | |
2027 | 4,292 | |
Thereafter | 3,826 | |
Total | 23,764 | |
Power grid rights | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Total | 44,900 | |
Acquired above-market leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 | 1,437 | |
2024 | 2,203 | |
2025 | 1,452 | |
2026 | 684 | |
2027 | 214 | |
Thereafter | 687 | |
Total | 6,677 | $ 10,378 |
Below-Market Leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 | (5,155) | |
2024 | (9,577) | |
2025 | (9,387) | |
2026 | (8,626) | |
2027 | (8,012) | |
Thereafter | (37,852) | |
Total | $ (78,609) |
Debt of the Operating Partner_3
Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.86% | 2.68% |
Amount Outstanding | $ 17,856,200 | $ 16,723,855 |
Global revolving credit facilities | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 4.18% | 3.04% |
Amount Outstanding | $ 2,257,864 | $ 2,167,889 |
Unsecured term loans | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 4.59% | 2.49% |
Amount Outstanding | $ 1,558,175 | $ 802,875 |
Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.24% | 2.44% |
Amount Outstanding | $ 13,479,366 | $ 13,220,961 |
Secured and other debt | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 7.72% | 7.12% |
Amount Outstanding | $ 560,795 | $ 532,130 |
Debt of the Operating Partner_4
Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 17,856,200 | $ 16,723,855 |
% of Total | 2.86% | 2.68% |
U.S. dollar | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 2,783,488 | $ 3,855,903 |
% of Total | 15.60% | 23.10% |
British pound sterling | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 1,968,965 | $ 1,929,051 |
% of Total | 11% | 11.50% |
Euro | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 11,302,553 | $ 9,325,126 |
% of Total | 63.30% | 55.80% |
Other currency | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 1,801,194 | $ 1,613,775 |
% of Total | 10.10% | 9.60% |
Debt of the Operating Partner_5
Debt of the Operating Partnership - Schedule of Debt Maturities And Principal Payments (Details) - Digital Realty Trust, L.P. $ in Thousands, € in Millions | 6 Months Ended | ||
Jun. 30, 2023 USD ($) Option | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Debt Instrument | |||
2023 | $ 111,778 | ||
2024 | 976,673 | ||
2025 | 2,775,949 | ||
2026 | 3,834,581 | ||
2027 | 1,370,882 | ||
Thereafter | 8,786,337 | ||
Subtotal | 17,856,200 | $ 16,723,855 | |
Unamortized net discounts | (35,380) | ||
Unamortized deferred financing costs | (91,369) | ||
Total | 17,729,451 | ||
Global revolving credit facilities | |||
Debt Instrument | |||
2026 | 2,257,864 | ||
Subtotal | 2,257,864 | 2,167,889 | |
Unamortized deferred financing costs | (15,606) | ||
Total | $ 2,242,258 | ||
Number of extension option | Option | 2 | ||
Maturity extension option term | 6 months | ||
Unsecured term loans | |||
Debt Instrument | |||
2025 | $ 1,558,175 | ||
Subtotal | 1,558,175 | 802,875 | |
Unamortized deferred financing costs | (9,395) | ||
Total | $ 1,548,780 | ||
Number of extension option | Option | 2 | ||
Maturity extension option term | 1 year | ||
Debt face amount | € | € 375 | ||
Unsecured senior notes | |||
Debt Instrument | |||
2023 | $ 111,665 | ||
2024 | 972,115 | ||
2025 | 1,217,205 | ||
2026 | 1,479,795 | ||
2027 | 1,167,497 | ||
Thereafter | 8,531,089 | ||
Subtotal | 13,479,366 | 13,220,961 | |
Unamortized net discounts | (35,380) | ||
Unamortized deferred financing costs | (60,167) | (63,648) | |
Total | 13,383,819 | ||
Secured and other debt | |||
Debt Instrument | |||
Subtotal | $ 560,795 | $ 532,130 | |
U.S. Term Loan | |||
Debt Instrument | |||
Number of extension option | Option | 1 | ||
Maturity extension option term | 12 months | ||
Debt face amount | $ 740,000 | ||
Percentage of extension fee | 0.1875% | 0.1875% | |
Secured and Other Debt | |||
Debt Instrument | |||
2023 | $ 113 | ||
2024 | 4,558 | ||
2025 | 569 | ||
2026 | 96,922 | ||
2027 | 203,385 | ||
Thereafter | 255,248 | ||
Subtotal | 560,795 | ||
Unamortized deferred financing costs | (6,201) | ||
Total | $ 554,594 |
Debt of the Operating Partner_6
Debt of the Operating Partnership - Unsecured Senior Notes (Details) - Digital Realty Trust, L.P. € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 CHF (SFr) | Jun. 30, 2023 GBP (£) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 |
Debt of the Operating Partnership [Line Items] | ||||||
Long-term Debt, Gross | $ 17,856,200 | $ 16,723,855 | ||||
Deferred financing costs | (91,369) | |||||
Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Long-term Debt, Gross | 13,479,366 | 13,220,961 | ||||
Unamortized discounts, net of premiums | (35,380) | (37,280) | ||||
Deferred financing costs | (60,167) | (63,648) | ||||
Total unsecured senior notes, net of discount and deferred financing costs | $ 13,383,819 | 13,120,033 | ||||
0.600% notes due 2023 | 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 | $ 111,665 | 108,121 | ||||
2.625% notes due 2024 | 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 | 654,540 | 642,300 | ||||
2.750% notes due 2023 | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Aggregate principal amount | 324,925 | £ 250,000 | ||||
Long-term Debt, Gross | $ 317,575 | 302,075 | ||||
2.750% notes due 2024 | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.75% | 2.75% | 2.75% | 2.75% | ||
4.250% notes due 2025 | 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 | $ 508,120 | 483,320 | ||||
0.625% notes due 2025 | 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 | $ 709,085 | 695,825 | ||||
2.500% notes due 2026 | 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 | $ 1,172,718 | 1,150,788 | ||||
0.200% notes due 2026 | 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 | $ 307,077 | 297,331 | ||||
1.700% notes due 2027 | 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 | $ 167,497 | 162,181 | ||||
3.700% notes due 2027 | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.70% | 3.70% | 3.70% | 3.70% | ||
Aggregate principal amount | $ 1,000,000 | |||||
Long-term Debt, Gross | $ 1,000,000 | 1,000,000 | ||||
5.550% notes due 2028 | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 5.55% | 5.55% | 5.55% | 5.55% | ||
Aggregate principal amount | $ 900,000 | |||||
Long-term Debt, Gross | $ 900,000 | 900,000 | ||||
1.125% notes due 2028 | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.125% | 1.125% | 1.125% | 1.125% | ||
Aggregate principal amount | $ 548,550 | € 500,000 | ||||
Long-term Debt, Gross | $ 545,450 | 535,250 | ||||
4.450% notes due 2028 | 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 | 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 | $ 301,494 | 291,925 | ||||
3.600% notes due 2029 | 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 | ||||
3.300% notes due 2029 | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.30% | 3.30% | 3.30% | 3.30% | ||
Aggregate principal amount | $ 454,895 | £ 350,000 | ||||
Long-term Debt, Gross | $ 444,605 | 422,905 | ||||
1.500% Notes due 2030 | 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 | $ 818,175 | 802,875 | ||||
3.750% notes due 2030 | 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 | $ 698,665 | 664,565 | ||||
1.250% Notes due 2031 | 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 | $ 545,450 | 535,250 | ||||
0.625% notes due 2031 | 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 | $ 1,090,900 | 1,070,500 | ||||
1.000% Notes due 2032 | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1% | 1% | 1% | 1% | ||
Aggregate principal amount | $ 874,500 | € 750,000 | ||||
Long-term Debt, Gross | $ 818,175 | 802,875 | ||||
1.375% notes due 2032 | 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 | $ 818,175 | $ 802,875 | ||||
4.750% notes due 2025 | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 4.75% |
Debt of the Operating Partner_7
Debt of the Operating Partnership - Narrative (Details) - Digital Realty Trust, L.P. $ in Millions | 6 Months Ended | ||
Jan. 09, 2023 USD ($) Option | Jun. 30, 2023 | Jun. 30, 2022 USD ($) | |
Term Loan Facility | |||
Debt Instrument | |||
Aggregate principal amount | $ 740 | ||
Number of extension option | Option | 1 | ||
Maturity extension option term | 12 months | ||
Percentage of extension fee | 0.1875% | ||
Unsecured senior notes | Maximum | |||
Debt Instrument | |||
Leverage ratio | 60% | ||
Secured debt leverage ratio, maximum | 40% | ||
Unsecured senior notes | Minimum | |||
Debt Instrument | |||
Interest coverage ratio | 1.50 | ||
Total unencumbered assets | 150% | ||
Unsecured senior notes | 4.750% notes due 2025 | |||
Debt Instrument | |||
Stated interest rate | 4.75% | ||
Early extinguishment charge | $ 51.1 |
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, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 01, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | |||||
Net income available to common stockholders | $ 108,003 | $ 53,246 | $ 166,548 | $ 116,346 | |
Plus: Loss attributable to redeemable noncontrolling interest | (4,499) | (6,819) | |||
Net income available to common stockholders - diluted EPS | $ 112,502 | $ 53,246 | $ 173,367 | $ 116,346 | |
Denominator: | |||||
Weighted average units outstanding-basic (shares/units) | 295,390 | 284,694 | 293,316 | 284,610 | |
Potentially dilutive common shares/units: | |||||
Unvested incentive units (shares/units) | 46 | 178 | 51 | 183 | |
Unvested restricted stock (shares/units) | 6 | 49 | 6 | 62 | |
Forward equity offering (shares/units) | 60 | 169 | |||
Market performance-based awards (shares/units) | 102 | 189 | 51 | 125 | |
Redeemable noncontrolling interest shares (shares/units) | 11,215 | 10,859 | |||
Weighted average shares/units outstanding-diluted (shares/units) | 306,819 | 285,110 | 304,452 | 284,980 | |
Income Per Share [Abstract] | |||||
Basic | $ 0.37 | $ 0.19 | $ 0.57 | $ 0.41 | |
Diluted | $ 0.37 | $ 0.19 | $ 0.57 | $ 0.41 | |
Teraco | |||||
Income Per Share [Abstract] | |||||
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years) | 2 years | 2 years | |||
Digital Realty Trust, L.P. | |||||
Numerator: | |||||
Net income available to common stockholders | $ 110,503 | $ 54,746 | $ 170,548 | $ 119,446 | |
Plus: Loss attributable to redeemable noncontrolling interest | (4,499) | (6,819) | |||
Net income available to common stockholders - diluted EPS | $ 115,002 | $ 54,746 | $ 177,367 | $ 119,446 | |
Denominator: | |||||
Weighted average units outstanding-basic (shares/units) | 301,593 | 290,528 | 299,452 | 290,346 | |
Potentially dilutive common shares/units: | |||||
Unvested incentive units (shares/units) | 46 | 178 | 51 | 183 | |
Unvested restricted stock (shares/units) | 6 | 49 | 6 | 62 | |
Forward equity offering (shares/units) | 60 | 169 | |||
Market performance-based awards (shares/units) | 102 | 189 | 51 | 125 | |
Redeemable noncontrolling interest shares (shares/units) | 11,215 | 10,859 | |||
Weighted average shares/units outstanding-diluted (shares/units) | 313,022 | 290,944 | 310,588 | 290,716 | |
Income Per Share [Abstract] | |||||
Basic | $ 0.37 | $ 0.19 | $ 0.57 | $ 0.41 | |
Diluted | $ 0.37 | $ 0.19 | $ 0.57 | $ 0.41 |
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 shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 13,363 | 17,884 | 13,736 | 17,627 |
Shares subject to Forward Equity Offering | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 6,250 | 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) | 6,202 | 5,834 | 6,136 | 5,735 |
Series J Cumulative Redeemable Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 1,896 | 1,536 | 2,013 | 1,494 |
Series K Cumulative Redeemable Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 1,994 | 1,615 | 2,116 | 1,571 |
Series L Cumulative Redeemable Preferred Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 3,271 | 2,649 | 3,471 | 2,577 |
Equity and Capital - Equity Dis
Equity and Capital - Equity Distribution Agreement (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | |||
Jul. 26, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Apr. 01, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Forward equity sales agreement deemed to be liabilities | $ 0 | |||
2022 Sales Agreement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Aggregate maximum offering price | $ 1,500 | |||
Net proceeds on public offering | $ 743 | |||
Number of shares entered for agreement | 7.8 | |||
Average price per share | $ 95.96 | |||
Payment of stock issuance costs | $ 7.5 | |||
Aggregate gross sales price unsold | $ 0 | |||
Forward Sale Agreement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock issued in public offering (shares) | 3.5 | |||
Initial forward sale price, per share | $ 97.68 | |||
Amount of shares reserved for future issuance | $ 408.7 | |||
Forward Sale Agreement | Subsequent Event | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Net proceeds on public offering | $ 336 | |||
Common stock issued in public offering (shares) | 3.5 |
Equity and Capital - Noncontrol
Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Class of Stock | ||
Number of units (units) | 299,240 | 291,148 |
Percentage of total | 97.90% | 97.90% |
Common stock conversion ratio | 1 | |
Digital Realty Trust, L.P. | ||
Class of Stock | ||
Redeemable noncontrolling interests - operating partnership | $ 707 | $ 591.2 |
Common units held by third parties | ||
Class of Stock | ||
Common units held by third parties (units) | 4,343 | 4,375 |
Percentage of total | 1.40% | 1.50% |
Incentive units held by employees and directors (see Note 13. Incentive Plan) | ||
Class of Stock | ||
Incentive units held by employees and directors (units) | 2,140 | 1,914 |
Percentage of total | 0.70% | 0.60% |
Noncontrolling Interests in Operating Partnership | ||
Class of Stock | ||
Number of units (units) | 305,723 | 297,437 |
Percentage of total | 100% | 100% |
Equity and Capital - Summary of
Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2023 shares | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 6,289 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (62) |
Incentive units issued upon achievement of market performance condition (units) | 128 |
Grant of incentive units to employees and directors (units) | 165 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | (37) |
Ending balance (units) | 6,483 |
Common Units | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 4,375 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (32) |
Incentive units issued upon achievement of market performance condition (units) | 0 |
Grant of incentive units to employees and directors (units) | 0 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | 0 |
Ending balance (units) | 4,343 |
Incentive Units | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 1,914 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (30) |
Incentive units issued upon achievement of market performance condition (units) | 128 |
Grant of incentive units to employees and directors (units) | 165 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | (37) |
Ending balance (units) | 2,140 |
Equity and Capital - Schedule o
Equity and Capital - Schedule of Dividends and Distributions (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares | |
Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 5,250 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.31250 |
Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 6,142 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.46250 |
Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 8,970 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.30000 |
Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common units | $ 722,151 |
Common stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 4.88000 |
February 22, 2023 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 2,625 |
February 22, 2023 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 3,071 |
February 22, 2023 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 4,485 |
February 22, 2023 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common units | 356,214 |
May 24, 2023 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 2,625 |
May 24, 2023 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 3,071 |
May 24, 2023 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 4,485 |
May 24, 2023 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common units | 365,937 |
Digital Realty Trust, L.P. | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 5,250 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.31250 |
Digital Realty Trust, L.P. | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 6,142 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.46250 |
Digital Realty Trust, L.P. | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 8,970 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.30000 |
Digital Realty Trust, L.P. | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common units | $ 738,037 |
Common stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 4.88000 |
Digital Realty Trust, L.P. | February 22, 2023 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 2,625 |
Digital Realty Trust, L.P. | February 22, 2023 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 3,071 |
Digital Realty Trust, L.P. | February 22, 2023 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 4,485 |
Digital Realty Trust, L.P. | February 22, 2023 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common units | 364,204 |
Digital Realty Trust, L.P. | May 24, 2023 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 2,625 |
Digital Realty Trust, L.P. | May 24, 2023 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 3,071 |
Digital Realty Trust, L.P. | May 24, 2023 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 4,485 |
Digital Realty Trust, L.P. | May 24, 2023 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common units | $ 373,833 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss), Net (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | $ 18,107,465 |
Ending balance | 18,105,158 |
Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (536,019) |
Net current period change | (144,823) |
Ending balance | (680,842) |
Increase (decrease) in fair value of derivatives, net of reclassification | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (59,779) |
Net current period change | 12,855 |
Reclassification to interest expense from derivatives | (13,718) |
Ending balance | (60,642) |
Accumulated Other Comprehensive Income (Loss), Net | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (595,798) |
Net current period change | (131,968) |
Reclassification to interest expense from derivatives | (13,718) |
Ending balance | (741,484) |
Digital Realty Trust, L.P. | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 18,107,465 |
Ending balance | 18,105,158 |
Digital Realty Trust, L.P. | Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (551,013) |
Net current period change | (148,181) |
Ending balance | (699,194) |
Digital Realty Trust, L.P. | Increase (decrease) in fair value of derivatives, net of reclassification | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (62,410) |
Net current period change | 13,150 |
Reclassification to interest expense from derivatives | (14,038) |
Ending balance | (63,298) |
Digital Realty Trust, L.P. | Accumulated Other Comprehensive Income (Loss), Net | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (613,423) |
Net current period change | (135,031) |
Reclassification to interest expense from derivatives | (14,038) |
Ending balance | $ (762,492) |
Incentive Plans - Performance B
Incentive Plans - Performance Based Awards (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Feb. 27, 2024 | Apr. 08, 2023 | Feb. 27, 2023 | Mar. 04, 2022 | Jan. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award requisite service period | 4 years | 4 years | ||||||
Market-based performance awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Fair value of awards | $ 8.2 | $ 12.3 | ||||||
Market-based performance awards | Below Threshold Level | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 0% | |||||||
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% | |||||||
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% | |||||||
Performance Threshold | 0% | 0% | ||||||
Market-based performance awards | High Level | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 100% | |||||||
Performance Threshold | 500% | 500% | ||||||
Market-based performance awards | First Vesting Period | 2020 Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50% | |||||||
Market-based performance awards | Second Vesting Period | 2020 Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50% | |||||||
Class D Units | 2020 Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting of restricted common units, net (units) | 72,230 | |||||||
Restricted Stock Units | 2020 Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting of restricted common units, net (units) | 7,083 | |||||||
Distribution Equivalent Unit | 2020 Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting of restricted common units, net (units) | 5,841 | |||||||
Financial-based performance awards | 2019 Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award requisite service period | 3 years | 3 years | ||||||
Share-based compensation arrangement by share-based payment award, grant date fair value | $ 8.1 | $ 12.3 |
Incentive Plans - Schedule of C
Incentive Plans - Schedule of Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Long-term incentive units | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation, expensed | $ 3.6 | $ 6.4 | $ 6.4 | $ 11.6 | |
Deferred compensation, capitalized | 0.1 | ||||
Unearned Compensation | 23.2 | $ 23.2 | $ 20.7 | ||
Expected period to recognize unearned compensation (in years) | 2 years 4 months 24 days | ||||
Market-based performance awards | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation, expensed | 1.3 | 5.6 | $ 5.4 | 10.6 | |
Deferred compensation, capitalized | 0.1 | 0.1 | 0.1 | 0.3 | |
Unearned Compensation | 31.2 | $ 31.2 | 30.3 | ||
Expected period to recognize unearned compensation (in years) | 2 years 6 months | ||||
Service Based Restricted Stock Units | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation, expensed | 8.3 | 6.8 | $ 16 | 12.1 | |
Deferred compensation, capitalized | 1.4 | 1.4 | 2.5 | 2.4 | |
Unearned Compensation | 0.4 | $ 0.4 | 55.4 | ||
Expected period to recognize unearned compensation (in years) | 2 years 10 months 24 days | ||||
Interxion awards | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation, expensed | 0.6 | $ 1.1 | $ 1.3 | $ 2 | |
Unearned Compensation | $ 84 | $ 84 | $ 1.9 | ||
Expected period to recognize unearned compensation (in years) | 4 months 24 days |
Incentive Plans - Summary of Lo
Incentive Plans - Summary of Long-Term Incentive Units (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Units | |
Granted (shares) | 165,000 |
Long-term incentive units | |
Units | |
Unvested beginning of period (shares) | 279,258 |
Granted (shares) | 165,015 |
Vested (shares) | (152,278) |
Cancelled or expired (shares) | (38,063) |
Unvested end of period (shares) | 253,932 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 146.37 |
Granted (in dollars per share) | $ / shares | 99.54 |
Vested (in dollars per share) | $ / shares | 126.71 |
Cancelled or expired (in dollars per share) | $ / shares | 136.30 |
Unvested, end of period (in dollars per share) | $ / shares | $ 129.23 |
Incentive Plans - Summary of ac
Incentive Plans - Summary of activity for Service-Based Restricted Stock Units (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Units | |
Granted (shares) | 165,000 |
Restricted stock | |
Units | |
Unvested beginning of period (shares) | 507,837 |
Granted (shares) | 498,648 |
Vested (shares) | (180,853) |
Cancelled or expired (shares) | (39,154) |
Unvested end of period (shares) | 786,478 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 131.57 |
Granted (in dollars per share) | $ / shares | 100.51 |
Vested (in dollars per share) | $ / shares | 121.95 |
Cancelled or expired (in dollars per share) | $ / shares | 116.92 |
Unvested, end of period (in dollars per share) | $ / shares | $ 114.82 |
Incentive Plans - Narrative (De
Incentive Plans - Narrative (Details) shares in Millions | 6 Months Ended |
Jun. 30, 2023 shares | |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 2 years |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
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) | 4.2 |
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) - Interest Rate Swap - Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative [Line Items] | ||||
Notional Amount | $ 1,550,000 | $ 1,550,000 | ||
Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Realized loss | $ 2,295 | $ 2,844 | ||
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense. | Interest Expense. | Interest Expense. | Interest Expense. |
Derivative Instruments - Effect
Derivative Instruments - Effect of Investment Hedges (Details) - Interest Rate Swap - Net Investment Hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Derivative [Line Items] | ||
Cross-currency interest rate swaps (included components) | $ (15,520) | $ (1,155) |
Cross-currency interest rate swaps (included component) | 23,895 | 14,417 |
Total | 8,375 | 13,262 |
Cross-currency interest rate swaps (excluded component) | $ 5,200 | $ 11,194 |
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense. | Interest Expense. |
Derivative Instruments - Cash F
Derivative Instruments - Cash Flow Hedges (Details) - Designated as Hedging Instrument $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 | Jun. 30, 2023 USD ($) | Jun. 30, 2022 | Jun. 30, 2023 EUR (€) | |
Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) to be reclassified within twelve months | $ 11,700 | ||||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 1,550,000 | 1,550,000 | |||
Interest Rate Swap | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Unrealized gain (loss) | (3,292) | (12,374) | |||
Realized loss | $ 2,295 | $ 2,844 | |||
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense. | Interest Expense. | Interest Expense. | Interest Expense. | |
Euro term loan | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Percentage of loan held for derivative | 50% | 50% | 50% | ||
Notional Amount | € | € 750 | ||||
USD Term Loan | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Percentage of loan held for derivative | 68% | 68% | 68% | ||
Notional Amount | $ 740,000 | $ 740,000 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Financial Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Assets | $ 17,311 | $ 9,036 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Liabilities | $ 121,884 | $ 108,873 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Cross-currency interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Liabilities | $ 121,884 | $ 108,621 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Assets | $ 17,311 | $ 9,036 |
Liabilities | $ 252 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 15,918,054 | $ 14,819,979 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 17,856,200 | 16,723,855 |
Level 2 | Global revolving credit facilities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 2,257,864 | 2,167,889 |
Level 2 | Global revolving credit facilities | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 2,257,864 | 2,167,889 |
Level 2 | Unsecured term loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 1,558,175 | 802,875 |
Level 2 | Unsecured term loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 1,558,175 | 802,875 |
Level 2 | Unsecured senior notes | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 11,555,749 | 11,331,989 |
Level 2 | Unsecured senior notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 13,479,366 | 13,220,961 |
Level 2 | Secured and Other Debt | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured and other debt | 546,266 | 517,226 |
Level 2 | Secured and Other Debt | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured and other debt | $ 560,795 | $ 532,130 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Commitments and Contingencies. | |
Reimbursable amount of commitments related to construction contracts | $ 47.2 |
Commitments related to construction contracts | $ 2,700 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information | ||||
Cash and cash equivalents | $ 124,519 | $ 141,773 | ||
Restricted cash (included in other assets) | $ 10,128 | $ 8,923 | ||
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | ||
Total | $ 134,647 | $ 109,221 | $ 150,696 | $ 151,485 |
Interest, net of amounts capitalized | 190,900 | 144,100 | ||
Income taxes, net of refunds | 22,800 | 16,400 | ||
Accrued construction related costs | $ 653,000 | $ 469,600 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segment | 1 | ||||
Number of Reportable Segments | segment | 1 | ||||
Operating Revenues | $ 1,366,267 | $ 1,139,322 | $ 2,704,990 | $ 2,266,644 | |
Investments in Properties, net | 26,218,634 | 26,218,634 | $ 25,766,088 | ||
Net Assets in Foreign Operations | 6,491,100 | 6,491,100 | 6,330,200 | ||
Operating lease right-of-use assets, net | 1,291,233 | 1,291,233 | 1,351,329 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 704,100 | 679,600 | 1,416,500 | 1,344,800 | |
Investments in Properties, net | 11,299,500 | 11,299,500 | 11,517,300 | ||
Operating lease right-of-use assets, net | 613,400 | 613,400 | 647,000 | ||
Outside the United States | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 662,200 | $ 459,700 | 1,288,500 | $ 921,800 | |
Investments in Properties, net | 12,878,700 | 12,878,700 | 12,257,400 | ||
Operating lease right-of-use assets, net | $ 677,800 | $ 677,800 | $ 704,300 | ||
Outside the United States | Revenue | Geographic Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Concentration risk | 48.50% | 40.30% | 47.60% | 40.70% |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 118,184 | $ 63,427 | $ 186,910 | $ 136,708 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |