Digital Realty Trust (DLR) 10-Q4 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	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
General	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
Investments in Properties	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
Business Combinations	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
Leases	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
Receivables	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
Investments in Unconsolidated Entities	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
Goodwill	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
Acquired Intangible Assets and Liabilities	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
Debt of the Operating Partnership	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
Earnings per Common Share or Unit	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
Equity and Capital	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
Accumulated Other Comprehensive Income (Loss), Net	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
Incentive Plans	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
Derivative Instruments	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
Fair Value of Financial Instruments	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
Commitments and Contingencies	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
Supplemental Cash Flow Information	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
Segment and Geographic Information	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
General (Policies)	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
Investments in Properties (Tables)	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
Receivables (Tables)	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
Investments in Unconsolidated Entities (Tables)	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
Acquired Intangible Assets and Liabilities (Tables)	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
Debt of the Operating Partnership (Tables)	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
Earnings per Common Share or Unit (Tables)	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
Equity and Capital (Tables)	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
Accumulated Other Comprehensive Income (Loss), Net (Tables)	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
Incentive Plans (Tables)	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
Derivative Instruments (Tables)	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
Fair Value of Financial Instruments (Tables)	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
Supplemental Cash Flow Information (Tables)	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
Segment and Geographic Information (Tables)	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
Leases - Narrative (Details) - USD ($) $ in Millions	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
Incentive Plans - Narrative (Details) shares in Millions	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
Segment and Geographic Information (Details) $ in Thousands	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
Pay vs Performance Disclosure - USD ($) $ in Thousands	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
Insider Trading Arrangements	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