Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 21, 2024 | Jun. 30, 2023 | |
Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 34 | ||
Entity Common Stock, Shares Outstanding | 312,293,563 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001297996 | ||
Current Fiscal Year End Date | --12-31 | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Dallas, Texas | ||
Digital Realty Trust, L.P. | |||
Entity Information | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 PreferredStock | ||
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 PreferredStock | ||
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 PreferredStock | ||
Trading Symbol | DLR Pr L | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in real estate: | ||
Investments in properties, net | $ 24,236,088 | $ 23,774,662 |
Investments in unconsolidated entities | 2,295,889 | 1,991,426 |
Net investments in real estate | 26,531,977 | 25,766,088 |
Operating lease right-of-use assets, net | 1,414,256 | 1,351,329 |
Cash and cash equivalents | 1,625,495 | 141,773 |
Accounts and other receivables, net | 1,278,110 | 969,292 |
Deferred rent, net | 624,427 | 601,590 |
Goodwill | 9,239,871 | 9,208,497 |
Customer relationship value, deferred leasing costs and other intangibles, net | 2,500,237 | 3,092,627 |
Assets held for sale | 478,503 | |
Other assets | 420,382 | 353,802 |
Total assets | 44,113,258 | 41,484,998 |
LIABILITIES AND EQUITY | ||
Global Revolving Credit Facilities, net | 1,812,287 | 2,150,451 |
Unsecured term loans, net | 1,560,305 | 797,449 |
Unsecured senior notes, net of discount | 13,422,342 | 13,120,033 |
Secured and other debt, net of discount | 630,973 | 528,870 |
Operating lease liabilities | 1,542,094 | 1,471,044 |
Accounts payable and other accrued liabilities | 2,168,984 | 1,868,885 |
Deferred tax liabilities, net | 1,151,096 | 1,192,752 |
Accrued dividends and distributions | 387,988 | 363,716 |
Security deposits and prepaid rents | 401,867 | 369,654 |
Obligations associated with assets held for sale | 39,001 | |
Total liabilities | 23,116,937 | 21,862,854 |
Redeemable noncontrolling interests | 1,394,814 | 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 December 31, 2023 and December 31, 2022 | 731,690 | 731,690 |
Common Stock: $0.01 par value per share, 392,000 shares authorized; 311,608 and 291,148 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 3,088 | 2,887 |
Partners' capital: | ||
Additional paid-in capital | 24,396,797 | 22,142,868 |
Accumulated dividends in excess of earnings | (5,262,648) | (4,698,313) |
Accumulated other comprehensive loss, net | (751,393) | (595,798) |
Total stockholders' equity | 19,117,534 | 17,583,334 |
Noncontrolling interests | 483,973 | 524,131 |
Total equity | 19,601,507 | 18,107,465 |
Total liabilities and equity | 44,113,258 | 41,484,998 |
Digital Realty Trust, L.P. | ||
Investments in real estate: | ||
Investments in properties, net | 24,236,088 | 23,774,662 |
Investments in unconsolidated entities | 2,295,889 | 1,991,426 |
Net investments in real estate | 26,531,977 | 25,766,088 |
Operating lease right-of-use assets, net | 1,414,256 | 1,351,329 |
Cash and cash equivalents | 1,625,495 | 141,773 |
Accounts and other receivables, net | 1,278,110 | 969,292 |
Deferred rent, net | 624,427 | 601,590 |
Goodwill | 9,239,871 | 9,208,497 |
Customer relationship value, deferred leasing costs and other intangibles, net | 2,500,237 | 3,092,627 |
Assets held for sale | 478,503 | |
Other assets | 420,382 | 353,802 |
Total assets | 44,113,258 | 41,484,998 |
LIABILITIES AND EQUITY | ||
Global Revolving Credit Facilities, net | 1,812,287 | 2,150,451 |
Unsecured term loans, net | 1,560,305 | 797,449 |
Unsecured senior notes, net of discount | 13,422,342 | 13,120,033 |
Secured and other debt, net of discount | 630,973 | 528,870 |
Operating lease liabilities | 1,542,094 | 1,471,044 |
Accounts payable and other accrued liabilities | 2,168,984 | 1,868,885 |
Deferred tax liabilities, net | 1,151,096 | 1,192,752 |
Accrued dividends and distributions | 387,988 | 363,716 |
Security deposits and prepaid rents | 401,867 | 369,654 |
Obligations associated with assets held for sale | 39,001 | |
Total liabilities | 23,116,937 | 21,862,854 |
Redeemable noncontrolling interests | 1,394,814 | 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 December 31, 2023 and December 31, 2022 | 731,690 | 731,690 |
Partners' capital: | ||
Common units, 302,846 and 291,148 units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 19,137,237 | 17,447,442 |
Limited Partners, 6,479 and 6,289 units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 459,356 | 436,942 |
Accumulated other comprehensive loss, net | (772,668) | (613,423) |
Total partners' capital | 19,555,615 | 18,002,651 |
Noncontrolling interests in consolidated entities | 45,892 | 104,814 |
Total capital | 19,601,507 | 18,107,465 |
Total liabilities and equity | $ 44,113,258 | $ 41,484,998 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 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) | 311,608 | 291,148 |
Common stock, shares, outstanding (shares) | 311,608 | 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) | 311,608 | 291,148 |
Common units, outstanding (units) | 311,608 | 291,148 |
Limited Partners' units, issued (units) | 6,449 | 6,289 |
Limited Partners' units outstanding (units) | 6,449 | 6,289 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Revenues: | |||
Operating Revenues | $ 5,477,061 | $ 4,691,834 | $ 4,427,882 |
Operating Expenses: | |||
Rental property operating and maintenance | 2,381,666 | 1,825,817 | 1,570,506 |
Property taxes and insurance | 216,405 | 191,745 | 207,814 |
Depreciation and amortization | 1,694,859 | 1,577,933 | 1,486,632 |
General and administrative | 449,056 | 422,167 | 400,654 |
Transactions and integration | 84,722 | 68,766 | 47,426 |
Provision for impairment | 118,363 | 3,000 | 18,291 |
Other | 7,529 | 12,438 | 2,550 |
Total operating expenses | 4,952,600 | 4,101,866 | 3,733,873 |
Operating income | 524,461 | 589,968 | 694,009 |
Other Income (Expenses): | |||
Equity in (loss) earnings of unconsolidated entities | (29,791) | (13,497) | 62,283 |
Gain on disposition of properties, net | 900,531 | 176,754 | 1,380,795 |
Other income (expenses), net | 68,431 | 8,917 | (4,358) |
Interest expense | (437,741) | (299,132) | (293,846) |
Loss from early extinguishment of debt | (51,135) | (18,672) | |
Income tax expense | (75,579) | (31,550) | (72,799) |
Net income | 950,312 | 380,325 | 1,747,412 |
Net income attributable to noncontrolling interests | (1,474) | (2,641) | (38,153) |
Net income attributable to Digital Realty Trust, Inc. | 948,838 | 377,684 | 1,709,259 |
Preferred stock dividends | (40,724) | (40,724) | (45,761) |
Gain on redemption of preferred stock | 18,000 | ||
Net income available to common stockholders | $ 908,114 | $ 336,960 | $ 1,681,498 |
Net income per share available to common stockholders: | |||
Basic (in dollars per share) | $ 3.04 | $ 1.18 | $ 5.95 |
Diluted (in dollars per share) | $ 3 | $ 1.11 | $ 5.94 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 298,603 | 286,334 | 282,475 |
Diluted (in shares) | 309,065 | 297,919 | 283,222 |
Digital Realty Trust, L.P. | |||
Operating Revenues: | |||
Operating Revenues | $ 5,477,061 | $ 4,691,834 | $ 4,427,882 |
Operating Expenses: | |||
Rental property operating and maintenance | 2,381,666 | 1,825,817 | 1,570,506 |
Property taxes and insurance | 216,405 | 191,745 | 207,814 |
Depreciation and amortization | 1,694,859 | 1,577,933 | 1,486,632 |
General and administrative | 449,056 | 422,167 | 400,654 |
Transactions and integration | 84,722 | 68,766 | 47,426 |
Provision for impairment | 118,363 | 3,000 | 18,291 |
Other | 7,529 | 12,438 | 2,550 |
Total operating expenses | 4,952,600 | 4,101,866 | 3,733,873 |
Operating income | 524,461 | 589,968 | 694,009 |
Other Income (Expenses): | |||
Equity in (loss) earnings of unconsolidated entities | (29,791) | (13,497) | 62,283 |
Gain on disposition of properties, net | 900,531 | 176,754 | 1,380,795 |
Other income (expenses), net | 68,431 | 8,917 | (4,358) |
Interest expense | (437,741) | (299,132) | (293,846) |
Loss from early extinguishment of debt | (51,135) | (18,672) | |
Income tax expense | (75,579) | (31,550) | (72,799) |
Net income | 950,312 | 380,325 | 1,747,412 |
Net income attributable to noncontrolling interests | 19,236 | 5,459 | 947 |
Net income attributable to Digital Realty Trust, Inc. | 969,548 | 385,784 | 1,748,359 |
Preferred stock dividends | (40,724) | (40,724) | (45,761) |
Gain on redemption of preferred stock | 18,000 | ||
Net income available to common stockholders | $ 928,824 | $ 345,060 | $ 1,720,598 |
Net income per share available to common stockholders: | |||
Basic (in dollars per share) | $ 3.05 | $ 1.18 | $ 5.95 |
Diluted (in dollars per share) | $ 3.01 | $ 1.12 | $ 5.94 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 304,651 | 292,123 | 289,165 |
Diluted (in shares) | 315,113 | 303,708 | 289,912 |
Rental and other services | |||
Operating Revenues: | |||
Operating Revenues | $ 5,430,173 | $ 4,662,683 | $ 4,395,039 |
Rental and other services | Digital Realty Trust, L.P. | |||
Operating Revenues: | |||
Operating Revenues | 5,430,173 | 4,662,683 | 4,395,039 |
Fee income and other | |||
Operating Revenues: | |||
Operating Revenues | 46,888 | 29,151 | 32,843 |
Fee income and other | Digital Realty Trust, L.P. | |||
Operating Revenues: | |||
Operating Revenues | $ 46,888 | $ 29,151 | $ 32,843 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 950,312 | $ 380,325 | $ 1,747,412 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (209,973) | (377,873) | (318,828) |
(Decrease) increase in fair value of derivatives | (21,406) | (93,803) | 1,279 |
Reclassification to interest expense from derivatives | (32,789) | (7,044) | 1,304 |
Other comprehensive loss | (264,168) | (478,720) | (316,245) |
Comprehensive income (loss) | 686,144 | (98,395) | 1,431,167 |
Comprehensive loss attributable to noncontrolling interests | 105,911 | 54,161 | 947 |
Comprehensive income (loss) attributable to Digital Realty Trust, Inc. | 792,055 | (44,234) | 1,432,114 |
Digital Realty Trust, L.P. | |||
Net income | 950,312 | 380,325 | 1,747,412 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (209,973) | (377,873) | (318,828) |
(Decrease) increase in fair value of derivatives | (21,406) | (93,803) | 1,279 |
Reclassification to interest expense from derivatives | (32,789) | (7,044) | 1,304 |
Other comprehensive loss | (264,168) | (478,720) | (316,245) |
Comprehensive income (loss) | 686,144 | (98,395) | 1,431,167 |
Comprehensive loss attributable to noncontrolling interests | 122,972 | 52,202 | 947 |
Comprehensive income (loss) attributable to Digital Realty Trust, Inc. | $ 809,116 | $ (46,193) | $ 1,432,114 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Redeemable Noncontrolling Interests | Preferred Stock Series C Cumulative Redeemable Perpetual Preferred Stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Dividends in Excess of Earnings Series C Cumulative Redeemable Perpetual Preferred Stock | Accumulated Dividends in Excess of Earnings | Accumulated Other Comprehensive Income (Loss), Net | Noncontrolling Interests | Series C Cumulative Redeemable Perpetual Preferred Stock | Total |
Beginning balance at Dec. 31, 2020 | $ 42,011 | $ 950,940 | $ 2,788 | $ 20,626,897 | $ (3,997,938) | $ 135,010 | $ 728,639 | $ 18,446,336 | |||
Beginning balance (shares) at Dec. 31, 2020 | 280,289,726 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | $ 25 | 206,695 | (206,720) | ||||||||
Conversion of common units to common stock (shares) | 2,502,331 | ||||||||||
Vesting of restricted stock, net (shares) | 354,489 | ||||||||||
Issuance of common stock in connection with acquisition | $ 1 | 18,269 | 18,270 | ||||||||
Issuance of common stock in connection with acquisition (shares) | 125,395 | ||||||||||
Issuance of common stock, net of costs | $ 11 | 172,085 | 172,096 | ||||||||
Issuance of common stock, net of costs (shares) | 1,060,943 | ||||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting | $ (1) | (6,838) | (6,839) | ||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares) | 82,129 | ||||||||||
Redemption of preferred stock | $ (219,250) | $ 18,000 | $ (201,250) | ||||||||
Amortization of unearned compensation on share-based awards | 88,414 | 88,414 | |||||||||
Reclassification of vested share-based awards | (23,829) | 23,829 | |||||||||
Adjustment to redeemable noncontrolling interests | 5,830 | (5,830) | (5,830) | ||||||||
Dividends declared on preferred stock | (45,761) | (45,761) | |||||||||
Dividends and distributions on common stock and common and incentive units | (724) | (1,315,489) | (31,567) | (1,347,056) | |||||||
Contribution from (distributions to) noncontrolling interests in consolidated entities | (1,052) | 125,186 | 125,186 | ||||||||
Deconsolidation of noncontrolling interest in consolidated entities | (197,016) | (197,016) | |||||||||
Net income (loss) | 930 | 1,709,259 | 37,223 | 1,746,482 | |||||||
Other comprehensive income (loss) | (308,890) | (7,355) | (316,245) | ||||||||
Ending balance at Dec. 31, 2021 | 46,995 | 731,690 | $ 2,824 | 21,075,863 | (3,631,929) | (173,880) | 472,219 | 18,476,787 | |||
Ending balance (shares) at Dec. 31, 2021 | 284,415,013 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | 2,942 | (2,942) | 0 | ||||||||
Conversion of common units to common stock (shares) | 36,284 | ||||||||||
Vesting of restricted stock, net (shares) | 340,874 | ||||||||||
Partial settlement of forward sale agreements, net of costs | $ 63 | 923,400 | 923,463 | ||||||||
Partial settlement of forward sale agreements, net of costs (shares) | 6,250,000 | ||||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting | 1,496 | 1,496 | |||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares) | 106,051 | ||||||||||
Amortization of unearned compensation on share-based awards | 92,461 | 92,461 | |||||||||
Reclassification of vested share-based awards | (29,864) | 29,864 | |||||||||
Adjustment to redeemable noncontrolling interests | (11,954) | 11,954 | 11,954 | ||||||||
Dividends declared on preferred stock | (40,724) | (40,724) | |||||||||
Dividends and distributions on common stock and common and incentive units | (760) | (1,403,344) | (30,796) | (1,434,140) | |||||||
Redeemable noncontrolling interests associated with acquisition of Teraco | 1,530,090 | ||||||||||
Contribution from (distributions to) noncontrolling interests in consolidated entities | 1,703 | 46,277 | 46,277 | ||||||||
Sale of noncontrolling interest in property to DCRU | (64,616) | (12,275) | (76,891) | ||||||||
Net income (loss) | (4,653) | 377,684 | 7,294 | 384,978 | |||||||
Other comprehensive income (loss) | (46,742) | (421,918) | (10,060) | (431,978) | |||||||
Ending 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 | |||
Ending balance (shares) at Dec. 31, 2022 | 291,148,222 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | $ 2 | 8,232 | (8,234) | 0 | |||||||
Conversion of common units to common stock (shares) | 112,607 | ||||||||||
Vesting of restricted stock, net (shares) | 265,671 | ||||||||||
Issuance of common stock, net of costs | $ 198 | 2,207,061 | 2,207,259 | ||||||||
Issuance of common stock, net of costs (shares) | 19,957,541 | ||||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting | $ 1 | (1,945) | (1,944) | ||||||||
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares) | 123,539 | ||||||||||
Amortization of unearned compensation on share-based awards | 88,518 | 88,518 | |||||||||
Reclassification of vested share-based awards | (41,396) | 41,396 | |||||||||
Adjustment to redeemable noncontrolling interests | 5,354 | (5,354) | (5,354) | ||||||||
Dividends declared on preferred stock | (40,724) | (40,724) | |||||||||
Dividends and distributions on common stock and common and incentive units | (760) | (1,472,449) | (30,983) | (1,503,432) | |||||||
Contribution from (distributions to) noncontrolling interests in consolidated entities | 129 | 4,345 | 4,345 | ||||||||
Deconsolidation of noncontrolling interest in consolidated entities | (65,358) | (65,358) | |||||||||
Net income (loss) | 17,618 | (948,838) | (19,092) | (967,930) | |||||||
Other comprehensive income (loss) | (106,970) | (1,187) | (155,595) | (416) | (157,198) | ||||||
Ending balance at Dec. 31, 2023 | $ 1,394,814 | $ 731,690 | $ 3,088 | $ 24,396,797 | $ (5,262,648) | $ (751,393) | $ 483,973 | $ 19,601,507 | |||
Ending balance (shares) at Dec. 31, 2023 | 311,607,580 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance (units) | 291,148 | ||
Common units issued in connection with acquisition | $ 18,270,000 | ||
Contribution from (distributions to) noncontrolling interests in consolidated entities | $ 4,345,000 | $ 46,277,000 | 125,186,000 |
Partial settlement of forward sale agreements, net of costs | 923,463,000 | ||
Deconsolidation of noncontrolling interest in consolidated entities | (65,358,000) | (197,016,000) | |
Sale of noncontrolling interest in property to DCRU | (76,891,000) | ||
Net income (loss) | (967,930,000) | 384,978,000 | 1,746,482,000 |
Other comprehensive income (loss) | $ (157,198,000) | $ (431,978,000) | (316,245,000) |
Ending balance (units) | 311,608 | 291,148 | |
Series C Cumulative Redeemable Perpetual Preferred Stock | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Redemption of preferred units | (201,250,000) | ||
Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | $ 18,107,465,000 | $ 18,476,787,000 | 18,446,336,000 |
Issuance of common unit, net of offering costs | 2,207,260,000 | 172,096,000 | |
Contributions from noncontrolling interests in consolidated entities | 46,277,000 | ||
Contribution from (distributions to) noncontrolling interests in consolidated entities | 4,345,000 | 125,186,000 | |
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting | (1,945,000) | 8,639,000 | (6,839,000) |
Common units and share-based awards issued in connection with business combinations | 18,270,000 | ||
Net unit settlement to satisfy tax withholding upon vesting | (7,143,000) | ||
Amortization of share-based compensation | 88,518,000 | 92,461,000 | 88,414,000 |
Partial settlement of forward sale agreements, net of costs | 923,463,000 | ||
Adjustment to redeemable partnership units | (5,354,000) | 11,954,000 | |
Distributions | (1,544,156,000) | (1,474,864,000) | (1,392,817,000) |
Deconsolidation of noncontrolling interest in consolidated entities | (65,358,000) | (197,016,000) | |
Sale of noncontrolling interest in property to DCRU | 76,891,000 | ||
Net income (loss) | 967,930,000 | 384,978,000 | 1,746,482,000 |
Other comprehensive income (loss) | (157,198,000) | 431,978,000 | 316,245,000 |
Ending balance | 19,601,507,000 | 18,107,465,000 | 18,476,787,000 |
Digital Realty Trust, L.P. | Series G Cumulative Redeemable Preferred Stock | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Redemption of preferred units | (201,250,000) | ||
Digital Realty Trust, L.P. | Series I Cumulative Redeemable Preferred Stock | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Adjustment to redeemable partnership units | 5,830,000 | ||
Redeemable Interests | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | 1,514,679,000 | 46,995,000 | 42,011,000 |
Contributions from noncontrolling interests in consolidated entities | 1,703,000 | ||
Contribution from (distributions to) noncontrolling interests in consolidated entities | 129,000 | (1,052,000) | |
Redeemable noncontrolling interests associated with acquisition of Teraco | 1,530,090,000 | ||
Adjustment to redeemable partnership units | 5,354,000 | (11,954,000) | |
Distributions | (760,000) | (760,000) | (724,000) |
Net income (loss) | (17,618,000) | (4,653,000) | 930,000 |
Other comprehensive income (loss) | (106,970,000) | 46,742,000 | |
Ending balance | 1,394,814,000 | 1,514,679,000 | 46,995,000 |
Redeemable Interests | Digital Realty Trust, L.P. | Series I Cumulative Redeemable Preferred Stock | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Adjustment to redeemable partnership units | (5,830,000) | ||
Accumulated Other Comprehensive Income (Loss), Net | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | (613,423,000) | (181,445,000) | 134,800,000 |
Other comprehensive income (loss) | (159,245,000) | 431,978,000 | 316,245,000 |
Ending balance | (772,668,000) | (613,423,000) | (181,445,000) |
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | 104,814,000 | 46,882,000 | 119,659,000 |
Contributions from noncontrolling interests in consolidated entities | 46,277,000 | ||
Contribution from (distributions to) noncontrolling interests in consolidated entities | 4,345,000 | 125,186,000 | |
Deconsolidation of noncontrolling interest in consolidated entities | (65,358,000) | (197,016,000) | |
Sale of noncontrolling interest in property to DCRU | 12,275,000 | ||
Net income (loss) | (1,143,000) | (620,000) | (947,000) |
Other comprehensive income (loss) | 3,234,000 | ||
Ending balance | 45,892,000 | 104,814,000 | 46,882,000 |
General Partner | Preferred Units | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | $ 731,690,000 | $ 731,690,000 | $ 950,940,000 |
Beginning balance (units) | 30,200,000 | 30,200,000 | 38,250,000 |
Distributions | $ (40,724,000) | $ (40,724,000) | $ (45,761,000) |
Net income (loss) | 40,724,000 | 40,724,000 | 45,761,000 |
Ending balance | $ 731,690,000 | $ 731,690,000 | $ 731,690,000 |
Ending balance (units) | 30,200,000 | 30,200,000 | 30,200,000 |
General Partner | Preferred Units | Digital Realty Trust, L.P. | Series G Cumulative Redeemable Preferred Stock | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Redemption of preferred units | $ (219,250,000) | ||
Redemption of preferred units (in units) | (8,050,000) | ||
General Partner | Common Units | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | $ 17,447,442,000 | $ 17,446,758,000 | $ 16,631,747,000 |
Beginning balance (units) | 291,148,222 | 284,415,013 | 280,289,726 |
Conversion of limited partner common units to general partner common units | $ 8,234,000 | $ 2,942,000 | $ 206,720,000 |
Conversion of limited partner common units to general partner common units (units) | 112,607 | 36,284 | 2,502,331 |
Vesting of restricted common units, net (units) | 265,671 | 354,489 | |
Issuance of common unit, net of offering costs | $ 2,207,260,000 | $ 172,096,000 | |
Common units issued in connection with acquisition (in units) | 340,874 | ||
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting | $ (1,945,000) | $ 8,639,000 | $ (6,839,000) |
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting (in units) | 123,539 | 106,051 | 82,129 |
Common units and share-based awards issued in connection with business combinations | $ 18,270,000 | ||
Common units and share-based awards issued in connection with Interxion combination (in units) | 125,395 | ||
Issuance of common units, net of offering costs (in units) | 19,957,541 | 1,060,943 | |
Net unit settlement to satisfy tax withholding upon vesting | $ (7,143,000) | ||
Amortization of share-based compensation | $ 88,518,000 | 92,461,000 | $ 88,414,000 |
Partial settlement of forward sale agreements, net of costs | $ 923,463,000 | ||
Partial settlement of forward sale agreements, net of costs (shares) | 6,250,000 | ||
Reclassification of vested share-based awards | (41,396,000) | $ (29,864,000) | (23,829,000) |
Redemption of preferred units | (1,472,449,000) | ||
Adjustment to redeemable partnership units | (5,354,000) | 11,954,000 | |
Distributions | (1,403,344,000) | (1,315,989,000) | |
Sale of noncontrolling interest in property to DCRU | 64,616,000 | ||
Net income (loss) | 908,114,000 | 336,960,000 | 1,663,998,000 |
Other comprehensive income (loss) | (1,187,000) | ||
Ending balance | $ 19,137,237,000 | $ 17,447,442,000 | $ 17,446,758,000 |
Ending balance (units) | 311,607,580 | 291,148,222 | 284,415,013 |
General Partner | Common Units | Digital Realty Trust, L.P. | Series G Cumulative Redeemable Preferred Stock | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Redemption of preferred units | $ 18,000,000 | ||
General Partner | Common Units | Digital Realty Trust, L.P. | Series I Cumulative Redeemable Preferred Stock | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Adjustment to redeemable partnership units | 5,830,000 | ||
Limited Partners | Common Units | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | $ 436,942,000 | $ 432,902,000 | $ 609,190,000 |
Beginning balance (units) | 6,288,669 | 5,931,771 | 8,046,267 |
Conversion of limited partner common units to general partner common units | $ (8,234,000) | $ (2,942,000) | $ (206,720,000) |
Conversion of limited partner common units to general partner common units (units) | (36,284) | (2,502,331) | |
Issuance of limited partner common units, net | $ 272,925 | ||
Issuance of limited partner common units, net (in units) | (112,607) | 393,182 | |
Issuance of common units, net of forfeitures (units) | 387,835 | ||
Reclassification of vested share-based awards | $ 41,396,000 | $ 29,864,000 | $ 23,829,000 |
Distributions | (30,983,000) | (30,796,000) | (31,067,000) |
Net income (loss) | 20,235,000 | 7,914,000 | 37,670,000 |
Ending balance | $ 459,356,000 | $ 436,942,000 | $ 432,902,000 |
Ending balance (units) | 6,448,987 | 6,288,669 | 5,931,771 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 950,312 | $ 380,325 | $ 1,747,412 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on disposition of properties, net | (900,531) | (176,754) | (1,380,795) |
Provision for impairment | 118,363 | 3,000 | 18,291 |
Equity in loss (earnings) of unconsolidated entities | 29,791 | 13,497 | (62,283) |
Distributions from unconsolidated entities | 73,518 | 42,376 | 66,232 |
Depreciation and amortization | 1,694,859 | 1,577,933 | 1,486,632 |
Amortization of share-based compensation | 80,532 | 92,461 | 84,083 |
Loss from early extinguishment of debt | 51,135 | 18,672 | |
Straight-lined rents and amortization of above and below market leases | (50,931) | (64,954) | (30,793) |
Amortization of deferred financing costs and debt discount / premium | 26,834 | 18,848 | 18,694 |
Other operating activities, net | (8,216) | (45,141) | 81,038 |
Changes in assets and liabilities: | |||
Increase in accounts receivable and other assets | (155,317) | (272,452) | (389,116) |
(Decrease) increase in accounts payable and other liabilities | (224,434) | 42,114 | 62,452 |
Net cash provided by operating activities | 1,634,780 | 1,659,388 | 1,702,228 |
Cash flows from investing activities: | |||
Improvements to investments in real estate | (3,525,598) | (2,643,097) | (2,520,772) |
Cash paid for business combination / asset acquisitions, net of cash acquired | (52,297) | (1,930,178) | (192,015) |
Investments in and advances to unconsolidated joint venture | (336,456) | (299,427) | (59,450) |
Return of investment from unconsolidated joint ventures | 241,984 | 3,332 | 62,115 |
Proceeds from sale of assets | 2,619,778 | 271,567 | 1,691,072 |
Other investing activities, net | (62,522) | (101,600) | (42,671) |
Net cash used in investing activities | (1,115,111) | (4,699,403) | (1,061,721) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 2,870,841 | 5,510,267 | 2,521,497 |
Payments on credit facilities | (3,293,644) | (3,820,086) | (2,611,051) |
Borrowings on secured / unsecured debt | 869,132 | 2,791,027 | 1,824,389 |
Repayments on secured / unsecured debt | (111,979) | (1,036,577) | (990,968) |
Premium paid for early extinguishment of debt | (49,662) | (16,482) | |
Capital contributions from noncontrolling interests, net | 4,474 | 44,312 | 124,134 |
Proceeds from issuance of common stock, net | 2,207,259 | 928,432 | 172,096 |
Redemption of preferred stock | (201,250) | ||
Payments of dividends and distributions | (1,520,644) | (1,450,637) | (1,379,198) |
Other financing activities, net | (61,965) | 52,073 | (33,797) |
Net cash provided by (used in) financing activities | 963,474 | 2,969,149 | (590,630) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,483,143 | (70,866) | 49,877 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,631 | 70,077 | (22,044) |
Cash, cash equivalents and restricted cash at beginning of period | 150,696 | 151,485 | 123,652 |
Cash, cash equivalents and restricted cash at end of period | 1,636,470 | 150,696 | 151,485 |
Digital Realty Trust, L.P. | |||
Cash flows from operating activities: | |||
Net income | 950,312 | 380,325 | 1,747,412 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on disposition of properties, net | (900,531) | (176,754) | (1,380,795) |
Provision for impairment | 118,363 | 3,000 | 18,291 |
Equity in loss (earnings) of unconsolidated entities | 29,791 | 13,497 | (62,283) |
Distributions from unconsolidated entities | 73,518 | 42,376 | 66,232 |
Depreciation and amortization | 1,694,859 | 1,577,933 | 1,486,632 |
Amortization of share-based compensation | 80,532 | 92,461 | 84,083 |
Loss from early extinguishment of debt | 51,135 | 18,672 | |
Straight-lined rents and amortization of above and below market leases | (50,931) | (64,954) | (30,793) |
Amortization of deferred financing costs and debt discount / premium | 26,834 | 18,848 | 18,694 |
Other operating activities, net | (8,216) | (45,141) | 81,038 |
Changes in assets and liabilities: | |||
Increase in accounts receivable and other assets | (155,317) | (272,452) | (389,116) |
(Decrease) increase in accounts payable and other liabilities | (224,434) | 42,114 | 62,452 |
Net cash provided by operating activities | 1,634,780 | 1,659,388 | 1,702,228 |
Cash flows from investing activities: | |||
Improvements to investments in real estate | (3,525,598) | (2,643,097) | (2,520,772) |
Cash paid for business combination / asset acquisitions, net of cash acquired | (52,297) | (1,930,178) | (192,015) |
Investments in and advances to unconsolidated joint venture | (336,456) | (299,427) | (59,450) |
Return of investment from unconsolidated joint ventures | 241,984 | 3,332 | 62,115 |
Proceeds from sale of assets | 2,619,778 | 271,567 | 1,691,072 |
Other investing activities, net | (62,522) | (101,600) | (42,671) |
Net cash used in investing activities | (1,115,111) | (4,699,403) | (1,061,721) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 2,870,841 | 5,510,267 | 2,521,497 |
Payments on credit facilities | (3,293,644) | (3,820,086) | (2,611,051) |
Borrowings on secured / unsecured debt | 869,132 | 2,791,027 | 1,824,389 |
Repayments on secured / unsecured debt | (111,979) | (1,036,577) | (990,968) |
Premium paid for early extinguishment of debt | (49,662) | (16,482) | |
Capital contributions from noncontrolling interests, net | 4,474 | 44,312 | 124,134 |
General partner contributions | 2,207,259 | 928,432 | 172,096 |
General partner distributions | (201,250) | ||
Payments of dividends and distributions | (1,520,644) | (1,450,637) | (1,379,198) |
Other financing activities, net | (61,965) | 52,073 | (33,797) |
Net cash provided by (used in) financing activities | 963,474 | 2,969,149 | (590,630) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,483,143 | (70,866) | 49,877 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,631 | 70,077 | (22,044) |
Cash, cash equivalents and restricted cash at beginning of period | 150,696 | 151,485 | 123,652 |
Cash, cash equivalents and restricted cash at end of period | $ 1,636,470 | $ 150,696 | $ 151,485 |
General
General | 12 Months Ended |
Dec. 31, 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 . U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation We consolidate all entities that are wholly owned as well as all partially-owned entities that we control. In addition, we consolidate any variable interest entities (“VIEs”) for which we are the primary beneficiary. We evaluate whether or not an entity is a VIE (and we are the primary beneficiary) through consideration of substantive terms in the arrangement to identify which enterprise has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses/receive benefits from the entity. For entities that do not meet the definition of VIEs, we first consider if we are the general partner or a limited partner (or the equivalent in investments not structured as partnerships). We consolidate entities in which we are the general partner and the limited partners do not have rights that would preclude control. For entities in which we are the general partner, but the limited partners hold substantive participating or kick-out rights that prohibit our ability to control the entity, we apply the equity method of accounting since, as the general partner, we have the ability to exercise significant influence over the operating and financial policies of the entities. For entities in which we are a limited partner, or that are not structured similar to a partnership, we consider factors such as ownership interest, voting control, authority to make decisions and contractual and substantive participating rights of the partners. When factors indicate we have a controlling financial interest in an entity, we consolidate the entity. Foreign Operations and Foreign Currencies. The functional currency of each of our consolidated subsidiaries and unconsolidated entities operating in other countries is the principal currency in which each entity’s assets, liabilities, income and expenses are denominated, which may be different from the local currency of incorporation or the currency with which the entities conduct their operations. The primary functional currencies impacting our business include the Euro, Japanese yen, British pound sterling, Singapore dollar, South African rand and Brazilian real. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate financial statements into U.S. dollars at the time we consolidate these subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Certain balance sheet items, such as equity and capital-related accounts are reflected at historical exchange rates. Income statement accounts are generally translated at the average exchange rates for the reporting periods. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in the functional currency of the entities. When debt is denominated in a currency other than the functional currency of an entity, a gain or loss can result. The associated adjustment is reflected in other (expenses) income, net, in the consolidated income statements, unless it is intercompany debt that is deemed to be long-term in nature or third-party debt that has been designated as a nonderivative net investment hedge – in which case the associated adjustments are reflected as a cumulative translation adjustment as a component of other comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items. Acquisition Accounting . We evaluate whether or not substantially all of the value of acquired assets is concentrated in a single identifiable asset or group of identifiable assets to determine whether a transaction is accounted for as an asset acquisition or a business combination. For asset acquisitions: (1) transaction costs are included in the total costs of the acquisition and are allocated on a pro-rata basis to the carrying value of the assets and liabilities acquired, (2) real estate assets acquired are measured based on their cost or total consideration exchanged with any excess consideration or bargain purchase amount allocated to real estate properties and their associated intangibles such as above and below-market leases, in-place leases, acquired ground leases, and customer relationship value and (3) all other assets and liabilities assumed, including any debt, are recorded at fair value. For business combinations: (1) transaction costs are expensed as incurred, (2) all acquired tangible and identifiable intangible assets are recognized at fair value, (3) the amount of any purchase consideration that exceeds the fair value of the tangible and identifiable intangible assets acquired is recognized as goodwill, and (4) to the extent the purchase consideration is less than the fair value of the tangible and identifiable intangible assets acquired, a gain on bargain purchase is recognized. When we obtain control of an unconsolidated entity that we previously held as an equity method investment and the acquisition qualifies as a business combination, we remeasure our previously held interest in the unconsolidated entity at its acquisition-date fair value, derecognize the book value associated with that interest, and recognize any resulting gain or loss in earnings. We allocate purchase price primarily using Level 2 and Level 3 inputs (further defined in Fair Value Measurements) as follows: Real Estate Lease Intangibles. ● Above and below market leases: We use a discounted cash flow approach to determine the estimated present value of any difference between contractual rents for acquired in-place leases as compared to current market rents. If rents on acquired in-place leases are higher than current market rents, we record an intangible asset for the favorable rents. If rents on acquired in-place leases are lower than current market rents, we record a liability for the unfavorable rents. Favorable rent assets are amortized as a reduction to rental income over the remaining non-cancelable term of the lease. Unfavorable rent liabilities are amortized as an increase to rental income over the initial lease term plus any below-market fixed rate renewal periods. ● In-place lease value: Since the as-if-vacant model is used to determine the value of acquired operating properties, the value of such properties does not include the value associated with having existing tenants who are leasing space in the purchased properties. Having in-place tenants allows buyers to avoid costs associated with leasing the property as well as any rent losses and unreimbursed operating expenses during the lease-up period. An asset for such benefits is recorded separately as in-place lease value. In-place lease value is determined based on estimated carrying costs during hypothetical expected lease-up periods as well as costs to execute similar leases. We determine expected carrying costs and costs to execute similar leases in the same manner as described in the previous discussion of the valuation of operating properties using the as-if-vacant model. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. ● Customer relationship value: In some transactions, customers acquired are expected to generate recurring revenues beyond existing in-place lease terms. We utilize the multi-period excess earnings method to determine customer relationship value, if any. Key factors reflected in this approach include: (1) projected revenue growth from existing customers, (2) historical customer lease renewals and attrition rates, (3) rental renewal probabilities and related market terms, (4) estimated operating costs, and (5) discount rate. Customer relationship value is amortized to expense ratably over the anticipated life of substantially all of the acquired customer relationships that are expected to generate excess earnings. Debt. Noncontrolling interests. Other acquired assets and liabilities. Fair Value Measurements. Fair value is intended to reflect the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date (the exit price). We estimate fair value using available market information and valuation methods we believe to be appropriate for these purposes. Given the significant amount of judgement and subjectivity involved in the determination of fair value, estimated fair value is not necessarily indicative of amounts that would be realized on disposition. There are three levels in the fair value hierarchy under U.S. GAAP, which are: ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the measurement date. ● Level 2 – Inputs that are directly or indirectly observable for the associated asset or liability, but which do not qualify as Level 1 inputs. ● Level 3 – Unobservable inputs for the asset or liability. In instances where inputs from multiple different levels of the fair value hierarchy are used to determine fair value, the lowest level input that is significant is used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to a fair-value measurement requires judgment and considers factors specific to the asset or liability. We utilize fair value measurements on a recurring basis to determine the fair value of: marketable equity securities, share-based compensation awards, derivative instruments, and outstanding debt. Such measurements are also regularly utilized in assessing whether or not impairments may exist on intangible assets (including goodwill). In addition, we utilize fair value measurements on a non-recurring basis to determine the fair value associated with assets held for sale, acquisitions of assets, and acquisitions of businesses. Investments in Unconsolidated Entities. Investments in unconsolidated entities as reflected on the consolidated balance sheets includes all investments accounted for using the equity method. We use the equity method to account for these investments, because we have the ability to exercise significant influence over their operating and financial policies, but do not control them. Equity method investments are initially recognized at our cost. Transaction costs related to the formation of equity method investments are also capitalized. We subsequently adjust these balances to reflect: (1) our proportionate share of net earnings/losses of the entities and accumulated other comprehensive income or loss, (2) distributions received, (3) contributions made, (4) sales and redemptions of our investments, and (5) certain other adjustments, as appropriate. When circumstances indicate there may have been a reduction in the value of an equity method investment, we evaluate whether or not the loss in value is other than temporary. If we determine that a loss in value is other than temporary, we recognize an impairment charge to reflect the equity investment at fair value. With regard to the cash flow classifications of distributions from unconsolidated entities, we have elected the nature of the distribution approach as the information is available to us to determine the nature of the underlying activity that generated the distributions. In accordance with this approach, cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales, debt refinancing or sales and redemptions of our investments are classified as a return of investment (cash inflow from investing activities). The Company has a negligible value of investments accounted for under the cost-method. These investments are included in Other assets on the consolidated balance sheets. Cash and Cash Equivalents. Restricted Cash . Assets Held for Sale. Investments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assts. Depreciable lives of assets are stated below. Investments in Real Estate. Acquired ground leases Terms of the related lease Buildings and improvements 5-39 years Machinery and equipment 7-15 years Furniture and fixtures 3-5 years Leasehold improvements Shorter of the estimated useful lives or the terms of the related leases Tenant improvements Shorter of the estimated useful lives or the terms of the related leases Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. Capitalization of Costs. Development costs Leasing commissions Recoverability of Real Estate Assets. We assess the carrying value of our properties whenever events or circumstances indicate carrying amounts of these assets may not be fully recoverable (“triggering events"). Triggering events typically relate to a change in the expected holding period of a property, an adverse change in expected future cash flows of the property, or a trend of past cash flow losses that is expected to continue in the future. If our assessment of triggering events indicates the carrying value of a property or asset group might not be recoverable, we estimate the future undiscounted net cash flows expected to be generated by the assets and compare that amount to the book value of the assets. If our future undiscounted net cash flow evaluation indicates we are unable to recover the carrying value of a property or asset group, we record an impairment loss to provision for impairment in our consolidated income statements to the extent the carrying value of the property or asset group exceeds fair value. We generally estimate fair value of rental properties using a discounted cash flow analysis that includes projections of future revenues, expenses, and capital improvements that a market participant would use. In certain cases, we may supplement this analysis by obtaining outside broker opinions of value. When determining undiscounted future cash flows, we consider factors such as future operating income trends and prospects as well as the effects of leasing demand, competition and other factors. Goodwill and Other Acquired Intangible Assets. Other acquired intangible assets consist primarily of customer relationship value and in-place lease value. All of our other acquired intangible assets have finite useful lives. If impairment indicators arise with respect to these finite-lived intangible assets, we evaluate for impairment by comparing the carrying amount of the assets to the estimated future undiscounted net cash flows expected to be generated by the assets. If estimated future undiscounted cash flows exceed the carrying value of the assets, we record an impairment charge equal to the amount by which the carrying value exceeds the estimated fair value of the assets. We have no indefinite-lived intangible assets other than goodwill. Share-Based Compensation. Derivative Instruments. Changes in the fair value of derivatives are recognized periodically either in earnings or in other comprehensive income (loss), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in other comprehensive income (loss) would be recognized in earnings. Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis over the term of the hedge. Interest Rate Swaps Interest rate derivatives are presented on a gross basis on the consolidated balance sheets – with interest rate swap assets presented in other assets, and interest rate swap liabilities presented in accounts payable and other accrued liabilities. As of December 31, 2023, there was no impact from netting arrangements, because the Company had no derivatives in liability positions. Net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. Foreign Currency Contracts Hedge of Net Investment in Foreign Operations Cross-Currency Interest Rate Swaps – See Note 17. “Derivative Instruments” for further discussion on the Company’s outstanding derivative instruments. Income Taxes. Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay U.S. federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, it would be subject to U.S. federal and state income taxes (including any applicable alternative minimum tax) on its taxable income. The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s taxable REIT subsidiaries are subject to federal, state, local and foreign income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for the Company and its taxable REIT subsidiaries, including for U.S. federal, state, local and foreign jurisdictions, as applicable. We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). We classify interest and penalties from significant uncertain tax positions as current tax expense in our consolidated income statements. We are open to examination by the major taxing jurisdictions for the tax years that are within the statute of limitations for those jurisdictions. For further discussion related to tax reserves, see Note 13. “Income Taxes”. Transactional-based Taxes. Noncontrolling Interests and Redeemable Noncontrolling Interests. Noncontrolling interests represent the share of consolidated entities owned by third parties. We recognize each noncontrolling holder’s share of the fair value of the respective entity’s net assets as noncontrolling interest on our consolidated balance sheets at the date of formation or acquisition. Noncontrolling interest balances are adjusted for the noncontrolling holder’s share of additional contributions, distributions, and net earnings or losses. Partnership units which are contingently redeemable for cash are classified as redeemable noncontrolling interests and presented in the mezzanine section of the Company’s consolidated balance sheets between total liabilities and stockholder’s equity. Redeemable noncontrolling interests include amounts related to partnership units issued by consolidated subsidiaries of the Company in which redemption for equity is outside the control of the Company. The amounts of consolidated net income attributable to noncontrolling interests and redeemable noncontrolling interests are presented on the Company’s consolidated income statements as income (or loss) attributable to noncontrolling interests. Revenue Recognition. Rental and Other Services Revenue – We generate the majority of our revenue by leasing our properties to customers under operating lease agreements, which are accounted for under Accounting Standards Codification 842, Leases (“ASC 842”). We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine it is probable that substantially all of the lease payments will be collected over the lease term. We commence recognition of revenue from rentals at the date the property is ready for its intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. The excess of rents recognized as revenue over amounts contractually due pursuant to the underlying leases is included in Deferred rent, net on the consolidated balance sheet. Rental payments received in excess of revenue recognized are classified as Accounts payable and other accrued liabilities on the consolidated balance sheet. Unpaid rents that are contractually due are included in Accounts and other receivables, net on the consolidated balance sheet. We estimate the probability of collection of lease payments based on customer creditworthiness, outstanding accounts receivable balances, and historical bad debts – as well as current economic trends. If collection of substantially all lease payments over the lease term is not probable, rental revenue is recognized when payment is received, and we record a reduction to rental revenue equal to the balance of any deferred rent and rent receivable, less the balance of any security deposits or letters of credit. If collection is subsequently determined to be probable, we: (1) resume recognizing rental revenue on a straight-line basis, (2) record incremental revenue such that the cumulative amount recognized is equal to the amount that would have been recorded on a straight-line basis since inception of the lease, and (3) reverse the allowance for bad debt recorded on outstanding receivables. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursable by customers (“tenant recoveries”) as revenue in the period the applicable expenses are incurred – which is generally on a ratable basis through the term of the lease. We account for and present rental revenue and tenant recoveries as a single component under rental and other services as the timing of recognition is the same, the pattern with which we transfer the right of use of the property and related services to the lessee are both on a straight-line basis and our leases qualify as operating leases. Interconnection services include port and cross-connect services generally provided on a month-to-month, one-year or multi-year term. We bill for these services on a monthly basis and recognize the revenue over the period the service is provided. Revenue for cross-connect installations is generally recognized in the period the cross-connect is installed. Interconnection services that are not specific to a particular leased space are accounted for under Topic 606 and have terms that are generally one year or less. Fee Income and Other – We utilize the practical expedient in ASC 842 that allows us to account for lease and non-lease components associated with each lease as a single lease component recorded within rental and other services, instead of accounting for such items separately under Accounting Standards Codification 606, Revenue (“ASC 606”). We recognize revenue for items that do not qualify for revenue recognition under ASC 842 under ASC 606. Revenue recognized as a result of applying ASC 606 was less than 10% of total rental and other services revenue for the years ended December 31, 2023, 2022 and 2021. Transaction and Integration Expense. Transaction expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to business combinations or acquisitions that were not consummated. Integration costs include transition costs associated with organizational restructuring (such as severance and retention payments and recruiting expenses), third-party consulting expenses directly related to the integration of acquired companies (in areas such as cost savings and synergy realization, technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects. Recurring costs are recorded in general and administrative expense. Gains on Disposition of Properties. We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have control of the real estate sold. We recognize losses from the disposition of real estate when known. New Accounting Pronouncements. Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The first practical expedient within the ASU allows companies to elect to not apply certain modification accounting requirements to debt, derivative, and lease contracts affected by reference rate reform if certain criteria are met. The second practical expedient allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to designate the hedging relationship – allowing companies to continue applying hedge accounting to existing cash flow and net investment hedges. The ASU was effective on a prospective basis beginning January 1, 2020 and may be elected over time as reference rate reform activities occur. We will continue to evaluate debt, derivative, and lease contracts that are modified in the future to ensure they are eligible for modification relief and apply the available practical expedients as needed. Also, in December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 Business Combinations Segment Reporting. Income Taxes. We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our Consolidated Financial Statements or do not apply to our operations. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 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 14. “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%. The following table summarizes the amounts recorded at the acquisition date (in thousands): Final Amounts Building and improvements $ 1,376,128 Construction in progress and space held for development 521,153 Operating lease right-of-use assets 2,784 Assumed cash and cash equivalents 5,528 Goodwill 1,625,994 Customer relationship value and other intangibles (weighted-average amortization life of 14 years) 720,126 Debt assumed (355,688) Operating lease liabilities (4,031) Deferred tax liabilities, net (632,841) Redeemable noncontrolling interests (1,530,090) Working capital assets, net 1,112 Total purchase consideration $ 1,730,175 Goodwill The Teraco acquisition was not material and neither the investment in the assets nor the results of operations of the acquisition was significant to the Company’s consolidated financial position or results of operations, and thus pro forma information is not required to be presented. 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 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 (an $18.1 million and $4.8 million net loss for the years ended December 31, 2023 and 2022, respectively). If the contractual redemption value of the Redeemable NCI is greater than its carrying value, an adjustment is made to reflect Redeemable NCI at the higher of its contractual redemption value or its carrying value each reporting period. Changes to the redemption value are recognized immediately in the period the change occurs. If the redemption value of the Redeemable NCI is equal to or less than the fair market value of the Remaining Teraco Interest, the change in the redemption value will be adjusted through Additional Paid in Capital. If the redemption value is greater than the fair market value of the Remaining Teraco Interest, the change in redemption value will be adjusted through Retained Earnings. These adjustments are not reflected on the Company’s income statement, but are instead reflected as adjustments to the net income component of the Company’s earnings per share calculations. When calculating earnings per share attributable to Digital Realty Trust, Inc., the Company adjusts net income attributable to Digital Realty Trust, Inc. to the extent the redemption value exceeds the fair value of the Redeemable NCI on a cumulative basis. For the year ended December 31, 2023 and for the period from August 1, 2022 (date of acquisition) to December 31, 2022, no such adjustment was required. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 4. Leases Lessor Accounting We generate the majority of our revenue by leasing operating properties to customers under operating lease agreements. The manner in which we recognize these transactions in our financial statements is described in Note 2. “Summary of Significant Accounting Policies—Revenue Recognition” to these Consolidated Financial Statements. Our largest customer’s total revenue approximates 10% of our total revenue base. A summary of minimum lease payments due from our customers under operating leases of land, prestabilized development properties, and operating properties with lease periods of greater than one year at December 31, 2023 is shown below. These amounts do not reflect future rental revenues from renewal or replacement of existing leases unless we are reasonably certain we will exercise the option or the lessee has the sole ability to exercise the option. Reimbursements of operating expenses and variable rent increases are excluded from the table below. (Amounts in thousands) Operating leases 2024 $ 2,896,757 2025 2,213,163 2026 1,797,304 2027 1,416,874 2028 1,164,093 Thereafter 3,676,797 Total $ 13,164,988 Lessee Accounting We lease space and equipment at certain of our data centers from third parties under noncancelable lease agreements. Leases for our data centers expire on various dates through 2069. Certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of December 31, 2023, the termination dates of these ground leases ranged from 2024 to 2073. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2024 to 2036. 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 do not contain residual value guarantees and do not 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 consolidated income statements amounted to approximately $153.2 million, $144.0 million and $145.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the weighted average remaining lease term for our operating leases and finance leases was 13 years and 14 years, respectively. We do not include renewal options in the lease term for calculating the lease liability unless we are reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. The weighted average incremental borrowing rate was 3.4% for operating leases and 2.0% for finance leases at December 31, 2023. We assigned a collateralized interest rate to each lease based on the term of the lease and the currency in which the lease is denominated. Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands): Operating Finance lease liabilities lease liabilities (1) 2024 $ 163,799 $ 21,899 2025 167,415 21,925 2026 167,687 21,867 2027 166,075 22,368 2028 158,538 91,771 Thereafter 1,110,512 212,979 Total undiscounted future cash flows 1,934,026 392,809 Less: Imputed interest (391,932) (77,631) Present value of undiscounted future cash flows $ 1,542,094 $ 315,178 (1) Included in accounts payable and other accrued liabilities on the consolidated balance sheet. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Receivables | |
Receivables | 5. Receivables Refer to Note 2 “Summary of Significant Accounting Policies—Revenue Recognition” for discussion of our accounting policies related to accounts receivable, deferred rent and related allowances. 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): December 31, 2023 December 31, 2022 Accounts receivable – trade $ 694,252 $ 551,393 Allowance for doubtful accounts (41,204) (33,048) Accounts receivable – trade, net 653,048 518,345 Accounts receivable – customer recoveries 233,499 170,012 Value-added tax receivables 257,911 167,459 Accounts receivable – installation fees 65,203 60,663 Other receivables 68,449 52,813 Accounts and other receivables, net $ 1,278,110 $ 969,292 Deferred Rent, Net Deferred rent, net represents 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 December 31, 2023, allowance for deferred rent receivables increased primarily due to a customer bankruptcy. Balance as of Balance as of (Amounts in thousands): December 31, 2023 December 31, 2022 Deferred rent receivables $ 657,009 $ 612,439 Allowance for deferred rent receivables (32,582) (10,849) Deferred rent, net $ 624,427 $ 601,590 |
Investments in Properties
Investments in Properties | 12 Months Ended |
Dec. 31, 2023 | |
Investments in Properties | |
Investments in Properties | 6. Investments in Properties A summary of our investments in properties is below (in thousands): Property Type As of December 31, 2023 As of December 31, 2022 Land $ 1,087,278 $ 1,061,408 Acquired ground lease 91 6,006 Buildings and improvements 25,388,788 24,287,103 Tenant improvements 830,211 781,540 27,306,368 26,136,057 Accumulated depreciation and amortization (7,823,685) (7,268,981) Investments in operating properties, net 19,482,683 18,867,076 Construction in progress and space held for development 4,635,215 4,789,134 Land held for future development 118,190 118,452 Investments in properties, net $ 24,236,088 $ 23,774,662 In December 2023, the Company and Blackstone Inc. announced a $7 billion joint venture to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia. The disposition of a portion of our interest in the data center campuses met the criteria under ASC 360 for the assets to qualify as held for sale and contribution. However, the operations are not classified as discontinued operations as a result of our continuing interest in the joint venture. These data center campuses were not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy. We closed the first phase of the transaction in 2024. The Company will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees. The second phase is subject to regulatory approvals and is targeted to close later in the year. As of December 31, 2023, real estate assets, including those mentioned above, that qualified as held for sale had an aggregate carrying value of $478.5 million within total assets and $39.0 million within total liabilities and are shown as Assets held for sale and Obligations associated with assets held for sale on the consolidated balance sheet. |
Acquisitions and Dispositions o
Acquisitions and Dispositions of Properties | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions and Dispositions of Properties | |
Acquisitions and Dispositions of Properties | 7. Acquisitions and Dispositions of Properties Acquisitions of Properties For the years ended December 31, 2023, 2022 and 2021, acquisitions of properties that did not qualify as business combinations were immaterial to our financial statements – both individually and in the aggregate. Disposition of Properties to Digital Core REIT On December 6, 2021, we completed the listing of Digital Core REIT as a standalone real estate investment trust publicly traded on the Singapore Exchange under the ticker symbol “DCRU”. Hereafter, Digital Core REIT and its associated subsidiaries are collectively referred to as the Singapore REIT (“SREIT”). In connection with the listing, the Company contributed a portfolio of 10 operating data center properties to the SREIT. The fair value of these properties was determined to be approximately $1.4 billion based on two separate third party appraisal reports. In exchange for the contribution of these properties, the Company received: (1) $919 million cash and (2) a 39.4% equity interest in the publicly traded Digital Core REIT entity, while retaining a 10% direct interest in the operating properties that were contributed by the Company to the SREIT. In addition, the Company received approximately $13 million of acquisition fees paid to the Company by Digital Core REIT in the form of additional units in Digital Core REIT. The Company determined the fair market value of its 10% retained investment in the properties contributed to the SREIT based on its retained ownership percentage applied to the appraised value of the properties. This approach was deemed appropriate because the Company determined that a discount for lack of marketability and/or lack of control associated with its 10% direct interest in the properties was not warranted. As a result of this transaction, the Company recognized a gain on sale of assets Cash received $ 919.1 Fair market value of retained investment in SREIT 521.4 Acquisition fees paid in Digital Core REIT units 13.0 Tax on acquisition fees (3.0) Net book value of assets contributed (439.3) Gain on disposition of properties $ 1,011.2 The Company provides property management and other services to the SREIT in exchange for contractual fees that are payable to the Company in cash or in additional units of the SREIT. The Company’s retained investment in the SREIT is accounted for as an equity method investment, based on the conclusion that the Company has significant influence over (but does not control) the SREIT. On December 13, 2022, we completed the sale of a 25% interest in a data center facility in Frankfurt, Germany to the SREIT for total consideration of approximately $146 million. Because the Company still controls this asset, no gain or loss was recorded on this 25% interest. In connection with this transaction, the SREIT loaned the consolidated subsidiary that owns the data center $79.8 million. The assets and liabilities sold to the SREIT were not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy. Disposition of Other Properties The Company sold the following other real estate properties during the years ended December 31, 2023, 2022 and 2021: Date Sold / Gross Proceeds / Fair Value Gain on Sale / contribution Property Type Metro Area contributed (in millions) (in millions) Joint venture contributions Various 2023 $ 2,278.5 (1) $ 814.0 Non-core assets Various 2023 341.3 86.6 Non-core building Dallas Aug 8, 2022 203.0 174.0 Other Various 2022 2.8 2.8 European portfolio Various Mar 16, 2021 680.0 332.0 Other Various 2021 109.6 37.7 (1) Includes GI Partners, Realty Income, and TPG Real Estate. Joint venture contributions On July 13, 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 ownership in the joint venture. Currently, GI Partners has an On July 25, 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 $1.4 billion of gross proceeds from the contribution of our data centers to the joint venture and the associated financing and retained a 20% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $576 million. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. On November 10, 2023, we formed a joint venture with Realty Income to support the development of two data centers in Northern Virginia. The facilities were 100% pre-leased prior to construction. We contributed the two data center buildings at a purchase price of $185 million, which represented costs spent through November 10, 2023, to the new joint venture. We received approximately $148 million of gross proceeds from the contribution of our data centers to the joint venture and retained a 20% interest in the joint venture. Realty Income contributed such cash to the joint venture in exchange for an 80% interest in the joint venture. Each partner will fund its pro rata share of the remaining $150 million estimated development cost for the first phase of the project, which is slated for completion in mid-2024. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. Non-core assets - Non-core building - gain European portfolio gain |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2023 | |
Investments in Unconsolidated Entities. | |
Investments in Unconsolidated Entities | 8. 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): Balance as of Balance as of December 31, 2023 December 31, 2022 Americas (1) $ 1,363,226 $ 951,331 APAC (2) 569,996 543,521 EMEA (3) 28,334 31,559 Global (4) 334,333 465,015 Total $ 2,295,889 $ 1,991,426 Includes the following unconsolidated entities along with our ownership percentage: (1) Ascenty ( 50% ), Clise ( 50% ), Colovore ( 17% ), GI Partners ( 35% ), Mapletree ( 20% ), Menlo ( 20% ), Realty Income ( 20% ), TPG Real Estate ( 20% ), and Walsh ( 85% ). (2) Digital Connexion ( 33% ), Lumen ( 50% ), and MC Digital Realty ( 50% ). (3) Medallion ( 60% ) and Mivne ( 50% ). (4) Digital Core REIT ( 43% ). GI Partners Joint Venture ownership in the joint venture. Currently, GI Partners has an interest. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. We serve as the managing member responsible for operations in the ordinary course of business. However, certain approval rights are granted through the terms of the joint venture agreement and require unanimous consent of both members with respect to any major decisions. Major decisions are defined to include the annual plan which sets out joint venture and property level budgets, including lease revenues, operating expenses, and capital expenditures. As such, we concluded we do not own a controlling interest and accounted for our interest in the joint venture under the equity method of accounting. As of the date of the joint venture formation, we used a discounted cash flow model to calculate the fair value of our retained equity interest. The fair value of the retained interest was $157 million and is classified as a Level 3 investment in the fair value hierarchy. The primary inputs to the valuation included volatility, hold period, and dividend yield. TPG Real Estate Joint Venture As of the date of the joint venture formation, we used a discounted cash flow model to calculate the fair value of our retained equity interest. The fair value of the retained interest was $121 million and is classified as a Level 3 investment in the fair value hierarchy. The primary inputs to the valuation included volatility, hold period, and dividend yield. Realty Income Joint Venture DCREIT As of December 31, 2023, the Company held 36% of the outstanding DCRU units, 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 406 million units and 396 million units as of December 31, 2023 and 2022, respectively. Based on the closing price per unit of $0.65 and $0.55 as of December 31, 2023 and 2022, respectively, the fair value of the units the Company owned in DCRU was approximately $264 million and $218 million as of December 31, 2023 and 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. 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. During the years ended December 31, 2023 and 2022, the Company earned fees pursuant to these contractual agreements of approximately $10.7 million and $10.6 million, respectively, which is recorded as fee income and other on the consolidated income statement. During the year ended December 31, 2023, we concluded that the decline in fair value of our equity investment in DCRU was other than temporary due to the length of time and extent to which the fair value of our investment has been less than the carrying value. As a result, we recorded an impairment charge of $95 million for the three months ended September 30, 2023, which was recorded to provision for impairment in our consolidated income statements. The charge reflected the difference between the fair value of our equity investment in DCRU using DCRU's share price as of September 30, 2023 and the carrying value of our equity investment in DCRU at September 30, 2023. Ascenty Summarized Financial Information of Investments in Unconsolidated Entities The subsequent tables provide summarized financial information for all of our investments in unconsolidated entities accounted for using the equity method. Amounts are shown in thousands. Net Net Total Total Operating Income December 31, 2023 Assets Liabilities Equity Revenues Income (Loss) Unconsolidated entities Americas $ 6,627,520 $ 3,105,127 $ 3,522,393 $ 590,264 $ 326,042 $ (13,097) APAC 2,097,115 880,972 1,216,143 257,905 121,053 42,244 EMEA 80,525 83,819 (3,294) 1,601 939 (8,225) Global 1,542,331 591,470 950,861 112,931 73,390 (60,867) Total Unconsolidated entities $ 10,347,491 $ 4,661,388 $ 5,686,103 $ 962,701 $ 521,424 $ (39,945) Our investment in and share of equity in earnings of unconsolidated entities $ 2,295,889 $ (29,791) Net Net Total Total Operating Income December 31, 2022 Assets Liabilities Equity Revenues Income (Loss) Unconsolidated entities Americas $ 3,648,169 $ 1,350,163 $ 2,298,006 $ 406,325 $ 240,498 $ (38,874) APAC 1,705,553 541,509 1,164,044 201,405 90,924 25,946 EMEA 121,950 68,223 53,727 1,632 851 (5,475) Global 1,602,725 551,088 1,051,637 118,233 77,582 (19,455) Total Unconsolidated entities $ 7,078,397 $ 2,510,983 $ 4,567,414 $ 727,595 $ 409,855 $ (37,858) Our investment in and share of equity in loss of unconsolidated entities $ 1,991,426 $ (13,497) Net Net Total Total Operating Income December 31, 2021 Assets Liabilities Equity Revenues (Loss) Unconsolidated entities Americas $ 3,377,842 $ 1,223,434 $ 2,154,408 $ 375,271 $ 231,960 $ 183,336 APAC 1,527,323 548,578 978,745 193,744 102,822 32,691 EMEA 65,459 38,377 27,082 316 141 (172) Global 1,440,500 350,000 1,090,500 8,184 5,844 (4,648) Total Unconsolidated entities $ 6,411,124 $ 2,160,389 $ 4,250,735 $ 577,515 $ 340,767 $ 211,207 Our investment in and share of equity in earnings of unconsolidated entities $ 1,807,689 $ 62,283 The amounts reflected in the previous tables on this topic are based on the historical financial information of the respective individual entities and have not been adjusted to show only the portion that is owned by the Company. The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill | |
Goodwill | 9. 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 December 31, 2023 as compared to December 31, 2022 were primarily driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies. The following is a summary of goodwill activity for the years ended December 31, 2023 and 2022 (in thousands): Balance as of Impact of Change Balance as of December 31, Goodwill in Foreign December 31, Merger / Portfolio Acquisition 2022 Acquisition Adjustments Exchange Rates 2023 Telx Acquisition $ 330,845 $ — $ — $ — $ 330,845 European Portfolio Acquisition 408,055 — 3,011 18,444 429,510 DFT Merger 2,592,147 — — — 2,592,147 Interxion Combination 4,288,208 — 4,843 118,806 4,411,857 Teraco Combination 1,576,704 — — (113,710) 1,462,994 Other Combination 12,538 — (20) — 12,518 Total $ 9,208,497 $ — $ 7,834 $ 23,540 $ 9,239,871 Balance as of Impact of Change Balance as of December 31, Goodwill in Foreign December 31, Merger / Portfolio Acquisition 2021 Acquisition Adjustments Exchange Rates 2022 Telx Acquisition $ 330,845 $ — $ — $ — $ 330,845 European Portfolio Acquisition 448,124 — — (40,069) 408,055 DFT Merger 2,592,147 — — — 2,592,147 Interxion Combination 4,547,153 — 5,409 (264,354) 4,288,208 Teraco Combination — 1,625,994 — (49,290) 1,576,704 Other Combination 19,171 — (6,633) — 12,538 Total $ 7,937,440 $ 1,625,994 $ (1,224) $ (353,713) $ 9,208,497 |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Acquired Intangible Assets and Liabilities | |
Acquired Intangible Assets and Liabilities | 10. Acquired Intangible Assets and Liabilities The following table summarizes our acquired intangible assets and liabilities: Balance as of December 31, 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 $ 2,926,808 $ (952,943) $ 1,973,865 $ 3,327,765 $ (888,105) $ 2,439,660 Acquired in-place lease value 1,089,743 (859,167) 230,576 1,369,526 (1,041,631) 327,895 Other 108,744 (33,483) 75,261 94,829 (26,788) 68,041 Acquired above-market leases 153,205 (150,344) 2,861 264,071 $ (253,693) 10,378 Acquired below-market leases (273,951) 226,840 (47,111) (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 $252.0 million, $253.3 million and $262.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $6.5 million and $2.9 million for the years ended December 31, 2023 and 2022, respectively, and a decrease of $3.6 million for the year ended December 31, 2021. Estimated annual amortization for each of the five succeeding years and thereafter, commencing January 1, 2024 is as follows: (Amounts in thousands) Customer relationship value Acquired in-place lease value Other (1) Acquired above-market leases Acquired below-market leases 2024 $ 176,848 $ 51,381 $ 2,802 $ 1,327 $ (6,712) 2025 176,622 49,839 2,802 1,070 (6,560) 2026 175,981 48,012 2,802 357 (5,798) 2027 175,588 38,482 2,802 48 (5,182) 2028 153,143 18,563 2,817 46 (4,979) Thereafter 1,115,683 24,299 7,916 13 (17,880) Total $ 1,973,865 $ 230,576 $ 21,941 $ 2,861 $ (47,111) Remaining Contractual Life (in years) 14.3 4.5 2.1 6.9 (1) Excludes power grid rights in the amount of approximately $53.3 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 | 12 Months Ended |
Dec. 31, 2023 | |
Debt of the Operating Partnership | |
Debt of the Operating Partnership | 11. 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, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): December 31, 2023 December 31, 2022 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global Revolving Credit Facilities 4.33 % $ 1,825,228 3.04 % $ 2,167,889 Unsecured term loans 4.76 % 1,567,925 2.49 % 802,875 Unsecured senior notes 2.24 % 13,507,427 2.44 % 13,220,961 Secured and other debt 8.07 % 637,072 7.12 % 532,130 Total 2.89 % $ 17,537,652 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): December 31, 2023 December 31, 2022 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 2,784,875 15.9 % $ 3,855,903 23.1 % British pound sterling (£) 1,973,305 11.2 % 1,929,051 11.5 % Euro ( € 10,835,878 61.8 % 9,325,126 55.8 % Other 1,943,594 11.1 % 1,613,775 9.6 % Total $ 17,537,652 $ 16,723,855 The table below summarizes our debt maturities and principal payments as of December 31, 2023 (in thousands): Global Revolving Unsecured Unsecured Secured and Credit Facilities (1)(2) Term Loans (3)(4) Senior Notes Other Debt Total Debt 2024 $ — $ — $ 980,615 $ 321 $ 980,936 2025 — 1,567,925 1,226,775 584 2,795,284 2026 1,825,228 — 1,513,519 110,791 3,449,538 2027 — — 1,178,269 218,511 1,396,780 2028 — — 2,101,950 293,775 2,395,725 Thereafter — — 6,506,299 13,090 6,519,389 Subtotal $ 1,825,228 $ 1,567,925 $ 13,507,427 $ 637,072 $ 17,537,652 Unamortized net discounts — — (33,324) (3,754) (37,078) Unamortized deferred financing costs (12,941) (7,620) (51,761) (2,345) (74,667) Total $ 1,812,287 $ 1,560,305 $ 13,422,342 $ 630,973 $ 17,425,907 (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; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded). (3) A €375.0 million senior unsecured term loan facility is subject to two maturity extension options of one year each, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding. 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. (4) On January 9, 2024, we paid down $240 million on the U.S. term loan facility, leaving $500 million outstanding. The paydown will result in an early extinguishment charge of approximately $1.1 million during the three months ending March 31, 2024. Global Revolving Credit Facility We have a Global Revolving Credit Facility under which we may draw up to $3.75 billion on a revolving basis (subject to currency fluctuations). The Global Revolving Credit Facility can be drawn in Australian dollars, British pounds sterling, Canadian dollars, Euros, Hong Kong dollars, Japanese yen, Singapore dollars, Indonesian rupiah, Swiss francs, Korean won and U.S. dollars (with the ability to add other currencies in the future). On April 5, 2022, we entered into an amendment (the “Amendment”) to the Second Amended and Restated Global Senior Credit Agreement (the “Credit Agreement”). The Amendment provided for, among other things: (1) an increase in the size of the Global Revolving Credit Facility from $3.0 billion to $3.75 billion and (2) the transition from U.S. dollar London Interbank Offered Rate (LIBOR) to Term Secured Overnight Financing Rate (SOFR) for floating rate borrowings denominated in U.S. dollars for all purposes under the Credit Agreement. We have the ability to increase the size of the Global Revolving Credit Facility by up to $750 million, subject to the receipt of lender commitments and other conditions precedent. Other key terms of the Global Revolving Credit Facility are as follows: ● Maturity date: January 24, 2026, with two six-month extension options available. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the Global Revolving Credit Facilities. ● Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 85 basis points. ● Annual facility fee: based on the total commitment amount of the facility and the credit ratings of our long-term debt and is currently 20 basis points and is payable quarterly. ● Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets. Yen Revolving Credit Facility In addition to the Global Revolving Credit Facility, we have a revolving credit facility that provides for borrowings in Japanese Yen of up to ¥33.3 billion (approximately $236.0 million based on the exchange rate on December 31, 2023), hereafter referred to as the Yen Revolving Credit Facility. We have the ability from time to time to increase the size of the Yen Revolving Credit Facility to up to ¥93.3 billion (approximately $661.4 million based on the exchange rate on December 31, 2023), subject to receipt of lender commitments and other conditions precedent. Other key terms of the Yen Revolving Credit Facility are as follows: ● Maturity date: January 24, 2026, with two six-month extension options available. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the Global Revolving Credit Facilities. ● Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 50 basis points. ● Quarterly unused commitment fee: currently is 10 basis points, calculated using the average daily unused revolving credit commitment and is based on the credit ratings of our long-term debt. ● Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets. Restrictive Covenants in Global Revolving Credit Facility and Yen Revolving Credit Facility The Global Revolving Credit Facility and the Yen Revolving Credit Facility both contain various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments, or merge with another company. In addition, we are required to maintain financial coverage ratios, including with ratios respect to unencumbered assets. After the occurrence of and during the continuance of any event of default, these credit facilities restrict the Parent’s ability to make distributions to stockholders or redeem or otherwise repurchase shares of its capital stock, except in limited circumstances (such as those necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax). As of December 31, 2023, we were in compliance with all of such covenants for both of these revolving credit facilities. Unsecured Term Loans Euro Term Loan Agreement On August 11, 2022, the Company, the Operating Partnership, and certain of the Operating Partnership’s subsidiaries 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 “USD 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 USD Term Loan Agreement was deemed executed and became effective. The USD Term Loan Agreement provides for a $740 million senior unsecured term loan facility (the “USD Term Loan Facility”). The USD Term Loan Facility provides for borrowings in U.S. dollars. The USD 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 USD Term Loan Facility. 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 December 31, 2023 December 31, 2022 0.600% notes due 2023 (1) CHF 100,000 $ 108,310 Oct 02, 2023 $ — $ 108,121 2.625% notes due 2024 € 600,000 677,040 Apr 15, 2024 662,340 642,300 2.750% notes due 2024 £ 250,000 324,925 Jul 19, 2024 318,275 302,075 4.250% notes due 2025 £ 400,000 634,480 Jan 17, 2025 509,240 483,320 0.625% notes due 2025 € 650,000 720,980 Jul 15, 2025 717,535 695,825 2.500% notes due 2026 € 1,075,000 1,224,640 Jan 16, 2026 1,186,693 1,150,788 0.200% notes due 2026 CHF 275,000 298,404 Dec 15, 2026 326,826 297,331 1.700% notes due 2027 CHF 150,000 162,465 Mar 30, 2027 178,269 162,181 3.700% notes due 2027 (2) $ 1,000,000 1,000,000 Aug 15, 2027 1,000,000 1,000,000 5.550% notes due 2028 (2) $ 900,000 900,000 Jan 15, 2028 900,000 900,000 1.125% notes due 2028 € 500,000 548,550 Apr 09, 2028 551,950 535,250 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 320,884 291,925 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 445,585 422,905 1.500% notes due 2030 € 750,000 831,900 Mar 15, 2030 827,925 802,875 3.750% notes due 2030 £ 550,000 719,825 Oct 17, 2030 700,205 664,565 1.250% notes due 2031 € 500,000 560,950 Feb 01, 2031 551,950 535,250 0.625% notes due 2031 € 1,000,000 1,220,700 Jul 15, 2031 1,103,900 1,070,500 1.000% notes due 2032 € 750,000 874,500 Jan 15, 2032 827,925 802,875 1.375% notes due 2032 € 750,000 849,375 Jul 18, 2032 827,925 802,875 $ 13,507,427 $ 13,220,961 Unamortized discounts, net of premiums (33,324) (37,280) Deferred financing costs, net (51,761) (63,648) Total unsecured senior notes, net of discount and deferred financing costs $ 13,422,342 $ 13,120,033 (1) Paid in full at maturity on October 2, 2023. (2) 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 December 31, 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 year ended December 31, 2022 : $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022. ● During the year ended December 31, 2021: $18.3 million primarily due to redemption of the 2.750% Notes due 2023 in February 2021. Secured and Other Debt This amount consists of a variety of loans at fixed and floating rates ranging from 3.29% to 11.65%. The largest component of the balance are Teraco debt facilities in the amount of $413.8 million, with an effective interest rate of 9.36%, along with a $135.0 million mortgage loan for the Company’s Westin building in Seattle – which bears interest at 3.29%. The loan bearing interest at 11.65% is an unsecured loan with a balance of less than $10 million. |
Earnings per Common Share or Un
Earnings per Common Share or Unit | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per Common Share or Unit | |
Earnings per Common Share or Unit | 12. 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 Year Ended December 31, 2023 2022 2021 Numerator: Net income available to common stockholders $ 908,114 $ 336,960 $ 1,681,498 Plus: Loss attributable to redeemable noncontrolling interest (1) (18,093) 4,839 — Net income available to common stockholders - diluted EPS 926,207 332,121 1,681,498 Denominator: Weighted average shares outstanding—basic 298,603 286,334 282,475 Potentially dilutive common shares: Unvested incentive units 118 257 253 Unvested restricted stock 9 45 192 Forward equity offering 248 — — Market performance-based awards 112 103 302 Redeemable noncontrolling interest shares (1) 9,975 11,180 — Weighted average shares outstanding—diluted 309,065 297,919 283,222 Income per share: Basic $ 3.04 $ 1.18 $ 5.95 Diluted $ 3.00 $ 1.11 $ 5.94 Digital Realty Trust, L.P. Earnings per Unit Year Ended December 31, 2023 2022 2021 Numerator: Net income available to common unitholders $ 928,824 $ 345,060 $ 1,720,598 Plus: Loss attributable to redeemable noncontrolling interest (1) (18,093) 4,839 — Net income available to common unitholders - diluted EPS 946,917 340,221 1,720,598 Denominator: Weighted average units outstanding—basic 304,651 292,123 289,165 Potentially dilutive common units: Unvested incentive units 118 257 253 Unvested restricted units 9 45 192 Forward equity offering 248 — — Market performance-based awards 112 103 302 Redeemable noncontrolling interest shares (1) 9,975 11,180 — Weighted average units outstanding—diluted 315,113 303,708 289,912 Income per unit: Basic $ 3.05 $ 1.18 $ 5.95 Diluted $ 3.01 $ 1.12 $ 5.94 (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. For additional information regarding the Teraco Acquisition and the defined terms used above, see Note 3. “Business Combinations” to Consolidated Financial Statements contained herein. 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). Year Ended December 31, 2023 2022 2021 Shares subject to Forward Equity Offering — — 6,250 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 6,048 5,789 6,691 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock — — 541 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,794 1,736 1,318 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,887 1,825 1,386 Potentially dilutive Series L Cumulative Redeemable Preferred Stock 3,095 2,993 2,274 Total 12,824 12,343 18,460 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | 13. Income Taxes Digital Realty Trust, Inc. has elected to be treated and believes that it has been organized and has operated in a manner that has enabled it to qualify as a REIT for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. is generally not subject to corporate level federal income taxes on taxable income distributed currently to its stockholders. Since inception, Digital Realty Trust, Inc. has distributed at least 100% of its taxable income annually. As such, no provision for federal income taxes has been included in the Company’s accompanying Consolidated Financial Statements years ended December 31, 2023, 2022 and 2021. The Operating Partnership is a partnership and is not required to pay federal income tax. Instead, taxable income is allocated to its partners, who include such amounts on their federal income tax returns. As such, no provision for federal income taxes has been included in the Operating Partnership’s accompanying Consolidated Financial Statements. We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that REITs cannot hold directly. Income taxes for TRS entities were accrued, as necessary, for the years ended December 31, 2023, 2022 and 2021. For our TRS entities and foreign subsidiaries that are subject to U.S. federal, state, local and foreign income taxes, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not that the deferred tax asset may not be realized, based on available evidence at the time the determination is made. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in the income statement. Deferred tax assets (net of valuation allowance) and liabilities for our TRS entities and foreign subsidiaries were accrued, as necessary, for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023 and 2022, we had deferred tax liabilities net of deferred tax assets of approximately $1,144.9 million and $1,184.6 million, respectively, primarily related to our foreign properties, classified within Other assets (deferred tax assets) and separately stated Deferred tax liabilities, net in the consolidated balance sheet. The majority of our net deferred tax liability relates to differences between foreign tax basis and book basis of the assets acquired in the Teraco Acquisition in August 2022, Interxion Combination in March 2020, the European Portfolio Acquisition in July 2016 and the Sentrum portfolio acquisition in 2012. The valuation allowance against the deferred tax assets at December 31, 2023 and 2022 relate primarily to net operating loss carryforwards, nondeductible interest expense carryforwards and hybrid attributes that we do not expect to utilize attributable to certain foreign jurisdictions. As of December 31, 2023, we are under examination for various years in Australia, France, Germany, Singapore and the United States. The amount of gross unrecognized tax benefits at December 31, 2023, was $3.7 million, which includes $0.2 million of accrued interest and penalties. Deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Gross deferred income tax assets: Net operating loss carryforwards $ 188,735 $ 175,935 Basis difference - real estate property 18,035 14,027 Basis difference - intangibles 7,744 7,682 Basis difference - equity investments — 5,694 Tax credit carryforward 2,056 — Other - temporary differences 180,316 132,578 Total gross deferred income tax assets 396,886 335,916 Valuation allowance (176,268) (125,491) Total deferred income tax assets, net of valuation allowance 220,618 210,425 Gross deferred income tax liabilities: Basis difference - real estate property 1,162,143 1,160,412 Basis difference - intangibles 190,607 219,653 Straight line rent 5,992 9,215 Other - temporary differences 6,750 5,744 Total gross deferred income tax liabilities 1,365,492 1,395,024 Net deferred income tax liabilities (1) $ 1,144,874 $ 1,184,599 (1) Net of deferred tax assets of $6.2 million and $8.2 million for the year ended December 31, 2023 and 2022, respectively. |
Equity and Capital
Equity and Capital | 12 Months Ended |
Dec. 31, 2023 | |
Equity and Capital | |
Equity and Capital | 14. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were parties to an ATM Equity Offering SM Sales Agreement dated April 1, 2022, as amended in 2023 (the “2022 Sales Agreement”). Pursuant to the 2022 Sales Agreement, Digital Realty Trust, Inc. could issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time. For the year ended December 31, 2023, Digital Realty Trust, Inc. generated net proceeds of approximately $1.1 billion from the issuance of approximately 11.3 million common shares under the 2022 Sales Agreement at an average price of $96.35 per share after payment of approximately $7.5 million of commissions to the agents. For the year ended December 31, 2022, we had no sales under the 2022 Sales Agreement. The 2022 Sales Agreement was terminated on August 4, 2023, and Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into a new ATM Equity Offering SM Sales Agreement dated August 4, 2023 (the “2023 Sales Agreement”). At the time of the termination, $408.7 million remained unsold under the 2022 Sales Agreement. Pursuant to the 2023 Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time. For the year ended December 31, 2023, Digital Realty Trust, Inc. generated net proceeds of approximately $1.1 billion from the issuance of approximately 8.7 million common shares under the 2023 Sales Agreement at an average price of $133.21 per share after payment of approximately $11.4 million of commissions to the agents. As of December 31, 2023, approximately $343.4 million remained available for future sales under the 2023 Sales Agreement. Forward Equity Sale On September 13, 2021, the Parent completed an underwritten public offering of approximately 6.3 million shares of its common stock, all of which were offered in connection with forward sale agreements it entered into with certain financial institutions acting as forward purchasers. The forward purchasers borrowed and sold an aggregate of approximately 6.3 million shares of the Parent’s common stock in the public offering. The Parent did not receive any proceeds from the sale of common stock by the forward purchasers in the public offering. During the year ended December 31, 2022, we settled the forward sale agreements in full by issuing approximately 6.3 million shares, resulting in proceeds of approximately $939.0 million. Upon physical settlement of the forward sale agreements, the OP issued general partner common partnership units to the Parent in exchange for contribution of the net proceeds. We accounted for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. Redeemable Preferred Stock The Company has issued and outstanding the following series of cumulative redeemable preferred stock, which are governed by the articles supplementary for the applicable series of preferred stock as of December 31, 2023 and 2022 (in thousands, except for share cap and annual dividend rate). Total Annual Shares Outstanding as of Balance (net of issuance costs) Date(s) Initial Date to Liquidation Dividend December 31, as of December 31, Preferred Stock (1) Issued Redeem (2) Share Cap (3) Value (4) Rate (5) 2023 2022 2023 2022 5.250% Series J Cumulative Redeemable Preferred Stock Aug 7, 2017 Aug 7, 2022 0.4252100 $ 200,000 1.31250 8,000 8,000 $ 193,540 $ 193,540 5.850% Series K Cumulative Redeemable Preferred Stock Mar 13, 2019 Mar 13, 2024 0.4361100 210,000 1.46250 8,400 8,400 203,264 203,264 5.200% Series L Cumulative Redeemable Preferred Stock Oct 10, 2019 Oct 10, 2024 0.3851800 345,000 1.30000 13,800 13,800 334,886 334,886 $ 755,000 30,200 30,200 $ 731,690 $ 731,690 (1) All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. (2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption. (3) Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. (4) Liquidation preference is $25.00 per share. (5) Dividends on preferred shares are cumulative and payable quarterly in arrears. 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 December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Number of Percentage of Number of Percentage of (Units in thousands) units total units total Digital Realty Trust, Inc. 311,608 98.0 % 291,148 97.9 % Noncontrolling interests consist of: Common units held by third parties 4,343 1.3 % 4,375 1.5 % Incentive units held by employees and directors (see Note 16. "Incentive Plans") 2,106 0.7 % 1,914 0.6 % 318,057 100.0 % 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 consolidated balance sheet. The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $834.1 million and $591.2 million based on the closing market price of Digital Realty Trust, Inc. common stock on December 31, 2023 and December 31, 2022, respectively. The following table shows activity for the noncontrolling interests in the Operating Partnership for the years ended December 31, 2023 and 2022: (Units in thousands) Common Units Incentive Units Total As of December 31, 2021 4,389 1,542 5,931 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (14) — (14) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (22) (22) Incentive units issued upon achievement of market performance condition — 221 221 Grant of incentive units to employees and directors — 170 170 Cancellation / forfeitures of incentive units held by employees and directors — 3 3 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) (80) (112) Incentive units issued upon achievement of market performance condition — 142 142 Grant of incentive units to employees and directors — 171 171 Cancellation / forfeitures of incentive units held by employees and directors — (41) (41) As of December 31, 2023 4,343 2,106 6,449 (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 sheets 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 years ended December 31, 2023, 2022 and 2021 (in thousands, except per share data): Series C Series J Series K Series L Preferred Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock Stock February 25, 2021 March 31, 2021 $ 3,333 $ 2,625 $ 3,071 $ 4,485 $ 326,965 (2) May 10, 2021 June 30, 2021 — (1) 2,625 3,071 4,485 328,279 (2) August 11, 2021 September 30, 2021 — 2,625 3,071 4,485 329,720 (2) November 18, 2021 December 31, 2021 for Preferred Stock; January 14, 2022 for Common Stock — 2,625 3,071 4,485 329,772 (2) $ 3,333 $ 10,500 $ 12,284 $ 17,940 $ 1,314,736 March 3, 2022 March 31, 2022 $ — $ 2,625 $ 3,071 $ 4,485 $ 348,025 (3) May 24, 2022 June 30, 2022 — 2,625 3,071 4,485 348,077 (3) August 17, 2022 September 30, 2022 — 2,625 3,071 4,485 351,410 (3) November 29, 2022 December 31, 2022 for Preferred Stock; January 13, 2023 for Common Stock — 2,625 3,071 4,485 355,832 (3) $ — $ 10,500 $ 12,284 $ 17,940 $ 1,403,344 February 22, 2023 March 31, 2023 $ — $ 2,625 $ 3,071 $ 4,485 $ 356,214 (3) May 24, 2023 June 30, 2023 — 2,625 3,071 4,485 365,937 (3) August 8, 2023 September 29, 2023 — 2,625 3,071 4,485 370,278 (3) November 28, 2023 December 29, 2023 for Preferred Stock; January 19, 2024 for Common Stock — 2,625 3,071 4,485 380,019 (3) $ — $ 10,500 $ 12,284 $ 17,940 $ 1,472,448 Annual rate of dividend per share $ 1.65625 $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 (1) Redeemed on May 17, 2021 for $ 25.211632 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date. The transaction resulted in a gain on redemption of $18.0 million, measured as the difference between the cash consideration paid upon redemption, which was $201.3 million and the carrying value of the preferred stock at the time of the redemption, which was $219.3 million. This amount is reflected as gain on redemption of preferred stock which increased net income available to common stockholders. (2) $4.640 annual rate of dividend per share. (3) $4.880 annual rate of dividend per share. 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 years ended December 31, 2023, 2022 and 2021, (in thousands, except for per unit data): Series C Series J Series K Series L Preferred Preferred Preferred Preferred Common Date distribution declared Distribution payment date Units Units Units Units Units February 25, 2021 March 31, 2021 $ 3,333 $ 2,625 $ 3,071 $ 4,485 $ 336,041 (2) May 10, 2021 June 30, 2021 — (1) 2,625 3,071 4,485 336,543 (2) August 11, 2021 September 30, 2021 — 2,625 3,071 4,485 337,447 (2) November 18, 2021 December 31, 2021 for Preferred Units; January 14, 2022 for Common Units — 2,625 3,071 4,485 337,476 (2) $ 3,333 $ 10,500 $ 12,284 $ 17,940 $ 1,347,507 March 3, 2022 March 31, 2022 $ — $ 2,625 $ 3,071 $ 4,485 $ 355,812 (3) May 24, 2022 June 30, 2022 — 2,625 3,071 4,485 355,885 (3) August 17, 2022 September 30, 2022 — 2,625 3,071 4,485 359,207 (3) November 29, 2022 December 31, 2022 for Preferred Units; January 13, 2023 for Common Units — 2,625 3,071 4,485 363,616 (3) $ — $ 10,500 $ 12,284 $ 17,940 $ 1,434,520 February 22, 2023 March 31, 2023 $ — $ 2,625 $ 3,071 $ 4,485 $ 364,204 (3) May 24, 2023 June 30, 2023 — 2,625 3,071 4,485 373,833 (3) August 8, 2023 September 29, 2023 — 2,625 3,071 4,485 378,352 (3) November 28, 2023 December 29, 2023 for Preferred Units; January 19, 2024 for Common Units — 2,625 3,071 4,485 387,988 (3) $ — $ 10,500 $ 12,284 $ 17,940 $ 1,504,377 Annual rate of distribution per unit $ — $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 (1) Redeemed on May 17, 2021 for $ 25.211632 per unit, or a redemption price of $25.00 per unit, plus accrued and unpaid distributions up to but not including the redemption date. The transaction resulted in a gain on redemption of $18.0 million, measured as the difference between the cash consideration paid upon redemption, which was $201.3 million and the carrying value of the preferred stock at the time of the redemption, which was $219.3 million. This amount is reflected as gain on redemption of preferred stock which increased net income available to common unitholders. (2) $4.640 annual rate of distribution per unit. (3) $4.880 annual rate of distribution per unit. Distributions out of Digital Realty Trust, Inc.’s current or accumulated earnings and profits are generally classified as dividends whereas distributions in excess of its current and accumulated earnings and profits, to the extent of a stockholder’s U.S. federal income tax basis in Digital Realty Trust, Inc.’s stock, are generally classified as a return of capital. Distributions in excess of a stockholder’s U.S. federal income tax basis in Digital Realty Trust, Inc.’s stock are generally characterized as capital gain. Cash provided by operating activities has generally been sufficient to fund all distributions, however, in the future we may also need to utilize borrowings under the Global Revolving Credit Facility to fund all or a portion of distributions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net. | |
Accumulated Other Comprehensive Income (Loss), Net | 15. 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, 2021 $ (212,653) $ 38,773 $ (173,880) Net current period change (323,366) (98,552) (421,918) Balance as of December 31, 2022 $ (536,019) $ (59,779) $ (595,798) Net current period change (102,564) (53,031) (155,595) Balance as of December 31, 2023 $ (638,583) $ (112,810) $ (751,393) 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, 2021 $ (219,882) $ 38,437 $ (181,445) Net current period change (331,131) (100,847) (431,978) Balance as of December 31, 2022 $ (551,013) $ (62,410) $ (613,423) Net current period change (105,050) (54,195) (159,245) Balance as of December 31, 2023 $ (656,063) $ (116,605) $ (772,668) |
Incentive Plans
Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Incentive Plans | |
Incentive Plans | 16. 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 stockholder 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 will fully vest in the February immediately following the end of the Market Performance Period and 50% of the performance-vested units will 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. Following the completion of the applicable Market Performance Period, the Compensation Committee made the following determinations regarding the vesting of these awards. 2021 Awards ● In January 2024, the RMS Relative Market Performance fell between the threshold and target level for the 2021 awards and accordingly, 71,926 Class D units and 7,066 Restricted Stock Units performance vested and qualified for time-based vesting. ● The Class D units included 5,131 distribution equivalent units that immediately vested on December 31, 2023. ● On February 27, 2024, 50% of the 2021 awards will vest and the remaining 50% will vest on February 27, 2025, subject to continued employment through the applicable vesting date. 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. 2019 Awards ● In January 2022, the RMS Relative Market Performance fell between the target and high level for the 2019 awards and accordingly, 239,436 Class D units and 70,721 Restricted Stock Units performance vested and qualified for time-based vesting. ● The Class D units included 18,966 distribution equivalent units that immediately vested on December 31, 2021. ● On February 27, 2022, 50% of the 2019 awards vested and the remaining 50% vested on February 27, 2023, subject to continued employment through the applicable vesting date. 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 $8.1 million, based on Digital Realty Trust, Inc.’s closing stock price at the grant date. 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 Fair Value of Market Performance-Based Awards The fair values of the Performance Awards granted were measured using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. The Monte Carlo simulation is a probabilistic technique based on the underlying theory of the Black-Scholes formula, which was run for 100,000 trials to determine the fair value of the awards. For each trial, the payoff to an award is calculated at the settlement date and is then discounted to the grant date at a risk-free interest rate. The total expected value of the awards on the grant date was determined by multiplying the average value per award over all trials by the number of awards granted. Assumptions used in the valuations are summarized as follows: Expected Stock Price Risk-Free Interest Award Date Volatility rate January 1, 2021 27 % 0.17 % February 25, 2021 26 % 0.31 % January 1, 2022 26 % 0.97 % January 1, 2023 32 % 4.18 % The expected stock price volatility assumption is calculated based on our historical volatility, which is calculated over a period of time commensurate with the expected term of the awards being valued. The expected dividend yield assumption used in the Monte Carlo simulation represents the percent of return to a stock that is available to the holder of an award. Because the holders of the awards receive dividend equivalents, an expected dividend yield assumption of 0.00% was used in the valuation. These valuations were performed in a risk-neutral framework, and no assumption was made with respect to an equity risk premium. The grant date fair value of the Performance Awards was approximately $8.2 million, $12.3 million and $25.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. We recognize compensation expense on a straight-line basis over the expected service period of approximately four years. The aggregate intrinsic value of the Performance Awards that vested in 2023, 2022 and 2021 was $36.4 million, $41.2 million and $28.6 million, respectively. Other Items : As of December 31, 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 compensation expense and unearned compensation (in millions): Expected period to Deferred Compensation Unearned Compensation recognize Expensed Capitalized As of As of unearned Year Ended December 31, December 31, December 31, compensation Type of incentive award 2023 2022 2021 2023 2022 2021 2023 2022 (in years) Long-term incentive units $ 14.5 $ 21.7 $ 15.4 $ 0.2 $ 0.2 $ 0.2 $ 16.6 $ 20.7 2.1 Performance-based awards 12.9 21.4 23.9 0.2 0.5 0.7 19.9 30.3 2.0 Service-based restricted stock units 21.1 25.9 23.2 7.5 5.4 3.3 66.4 55.4 2.5 Interxion awards 6.0 4.7 17.7 0.1 — — — 1.9 — The following table sets forth the weighted-average fair value per share/unit for each type of incentive award at the date of grant for the years ended December 31, 2023, 2022 and 2021: Weighted Average Fair Value at Date of Grant Type of incentive award 2023 2022 2021 Long-term incentive units $ 121.99 $ 146.37 $ 132.66 Performance-based awards 97.06 154.26 137.69 Restricted stock 132.07 131.57 129.52 Activity for LTIP Units and service-based Restricted Stock Units for the year ended December 31, 2023 is shown below. Weighted-Average Weighted-Average Aggregate Grant Date Fair Remaining Contractual Intrinsic Value (1) Unvested LTIP Units Units Value Life (Years) (in thousands) Unvested, beginning of period 279,258 $ 146.37 Granted 180,535 104.82 Vested (181,182) 136.39 Cancelled or expired (40,251) 149.36 Unvested, end of period 238,360 $ 121.99 1.96 $ 32,078 (1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2023. The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the applicable grant date(s), are being expensed on a straight-line basis for service awards between two The aggregate intrinsic value of long-term incentive units that vested in 2023, 2022 and 2021 was $18.3 million, $18.1 million and $17.5 million, respectively. As of December 31, 2023, we had approximately 1.2 million long-term incentive units that were outstanding and exercisable with an aggregate intrinsic value of approximately $158.1 million (based on the market price of our common stock as of December 31, 2023). Weighted-Average Weighted-Average Aggregate Grant Date Fair Remaining Contractual Intrinsic Value (1) Unvested Restricted Stock Units Shares Value Life (Years) (in thousands) Unvested, beginning of period 507,837 $ 131.57 Granted 568,671 122.25 Vested (371,232) 119.87 Cancelled or expired (83,413) 116.39 Unvested, end of period 621,863 $ 132.07 2.47 $ 83,690 (1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2023. The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the grant date, are expensed on a straight-line basis for service awards over the vesting period of the restricted stock, which is generally four years. The aggregate intrinsic value of restricted stock that vested in 2023, 2022 and 2021 was $41.5 million, $59.0 million and $53.4 million, respectively. Interxion Equity Plans On March 9, 2020, in connection with the Interxion Combination, certain outstanding awards granted under various Interxion equity plans were assumed by Digital Realty Trust, Inc. and converted into adjusted equity-based awards of Digital Realty Trust, Inc. common stock in accordance with the terms of the Purchase Agreement for the Interxion Combination. All such awards will continue to be governed by the terms of the applicable Interxion equity plan and underlying award agreement evidencing the award. Approximately 0.6 million shares of Digital Realty Trust, Inc. common stock are registered and issuable pursuant to such awards. The impact of these plans is included in the tables above. Defined Contribution Plans We have a 401(k) plan whereby our U.S. employees may contribute a portion of their compensation to their respective retirement accounts, in an amount not to exceed the maximum allowed under the Code. The 401(k) plan complies with Internal Revenue Service requirements as a 401(k) safe harbor plan whereby matching contributions made by us are 100% vested. The aggregate cost of our contributions to the 401(k) plan was approximately $6.8 million, $5.9 million, and $5.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, Interxion has a defined contribution pension plan for most of its employees. Contributions are made in accordance with the terms of such defined contribution pension plan and are expensed as incurred. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments | |
Derivative Instruments | 17. 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 December 31, 2023 and 2022, we had cross-currency interest rate swaps outstanding with notional amounts of approximately $1.7 billion and maturity dates ranging through 2028. The effect of these net investment hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cross-currency interest rate swaps (included component) (1) $ 22,703 $ 116,550 $ — Cross-currency interest rate swaps (excluded component) (2) 25,428 (7,929) — Total $ 48,131 $ 108,621 $ — Location of Year Ended December 31, gain or (loss) 2023 2022 2021 Cross-currency interest rate swaps (excluded component) (2) Interest expense $ 21,836 $ 6,260 $ — (2) Included component represents foreign exchange spot rates. (3) Excluded component represents cross-currency basis spread and interest rates. Cash Flow Hedges As of December 31, 2023, we had derivatives designated as cash flow hedges on 50% of the Euro Term Loan Facilities (€750 million notional amount) and 68% of the USD Term Loan Facility ($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 December 31, 2023, we estimate that an additional $6.4 million will be reclassified as a decrease to interest expense during the year ending December 31, 2024, when the hedged forecasted transactions impact earnings. On December 13, 2021, in connection with the paydown of our secured note due March 2023, we terminated interest rate swap agreements with notional amounts in the aggregate of $104.0 million and, as a result of the termination, the accumulated fair value of the interest rate swap will be ratably reclassified from Accumulated other comprehensive income to interest expense The effect of these cash flow hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Interest rate swaps $ 7,221 $ (7,774) $ (2,582) Location of Year Ended December 31, gain or (loss) 2023 2022 2021 Interest rate swaps Interest expense $ 10,953 $ 819 $ (1,304) Fair Value of Derivative Instruments The subsequent table presents the fair value of derivative instruments recognized in our consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Assets (1) Liabilities (2) Assets (1) Liabilities (2) Cross-currency interest rate swaps $ — $ 156,753 $ — $ 108,621 Interest rate swaps 8,538 — 17,120 252 $ 8,538 $ 156,753 $ 17,120 $ 108,873 (1) As presented in our consolidated balance sheets within Other assets. (2) As presented in our consolidated balance sheets within Accounts payable and other Accrued liabilities. Credit-Risk Related Contingent Features Upon entering into derivatives, we have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 18. Fair Value of Financial Instruments We disclose fair value information for all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. Considerable judgment is necessary to interpret market data in order to estimate the fair value of financial instruments. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our Global Revolving Credit Facilities, Euro Term Loan Facilities and USD Term Loan Facility 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 December 31, 2023 and 2022 as compared to those in effect when the debt was issued or assumed. As described in Note 17. "Derivative Instruments", outstanding derivative contracts are recorded at fair value. 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, Euro Term Loan Facilities and USD Term Loan Facility, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands): Categorization As of December 31, 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 $ 1,825,228 $ 1,825,228 $ 2,167,889 $ 2,167,889 Unsecured term loans (1) Level 2 1,567,925 1,567,925 802,875 802,875 Unsecured senior notes (2) Level 2 12,417,619 13,507,427 11,331,989 13,220,961 Secured and other debt (2) Level 2 625,473 637,072 517,226 532,130 $ 16,436,245 $ 17,537,652 $ 14,819,979 $ 16,723,855 (1) The carrying value of our Global Revolving Credit Facilities and 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 | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 19. Commitments and Contingencies Construction Commitments – Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements and from time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At December 31, 2023, we had open commitments, including amounts reimbursable of approximately $78.3 million, related to construction contracts of approximately $2.2 billion. Legal Proceedings Although the Company is involved in legal proceedings arising in the ordinary course of business, as of December 31, 2023, the Company is not currently a party to any legal proceedings nor, to its knowledge, is any legal proceeding threatened against it that it believes would have a material adverse effect on its financial position, results of operations or liquidity . As we disclosed in our Quarterly Report on Form 10-Q filed on November 9, 2023, the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) is conducting an investigation into the adequacy of our disclosures of cybersecurity risks and our related disclosure controls and procedures. We are cooperating with the SEC and are not aware of any cybersecurity issue or event that caused the Staff to open this matter. Responding to an investigation of this type can be costly and time-consuming. While we are unable to predict the likely outcome of this matter or the potential cost or exposure or duration of the process, based on the information we currently possess, we do not expect the total potential cost to be material to our financial condition. If the SEC believes that violations occurred, it could seek remedies including, but not limited to, civil monetary penalties and injunctive relief, and/or file litigation against the Company. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 20. Supplemental Cash Flow Information Cash, cash equivalents, and restricted cash balances as of December 31, 2023, 2022, and 2021: Balance as of (Amounts in thousands) December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,625,495 $ 141,773 $ 142,698 Restricted cash (included in Other assets) 10,975 8,923 8,787 Total $ 1,636,470 $ 150,696 $ 151,485 We paid $391.4 million, $271.5 million and $274.7 million for interest, net of amounts capitalized, for the years ended December 31, 2023, 2022 and 2021, respectively. During the years ended December 31, 2023, 2022 and 2021, we capitalized interest of approximately $116.8 million, $70.6 million and $53.5 million, respectively. During the years ended December 31, 2023, 2022 and 2021, we capitalized amounts relating to compensation and other overhead expense of employees direct and incremental to construction activities of approximately $99.2 million, $86.1 million and $71.2 million, respectively. We paid $88.8 million, $41.7 million and $29.9 million for income taxes, net of refunds, for the years ended December 31, 2023, 2022 and 2021, respectively. Accrued construction related costs totaled $599.4 million, $417.1 million and $423.0 million as of years ended December 31, 2023, 2022 and 2021, respectively. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment and Geographic Information | |
Segment and Geographic Information | 21. 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 Operating Revenues Year Ended December 31, (Amounts in millions) 2023 2022 2021 Inside the United States $ 2,836.0 $ 2,760.4 $ 2,769.5 Outside the United States 2,641.1 1,931.4 1,658.4 Revenue Outside of U.S. % 48.2 % 41.2 % 37.5 % Investments in Properties, net Operating lease right-of-use assets, net As of December 31, As of December 31, (Amounts in millions) 2023 2022 2023 2022 Inside the United States $ 10,429.1 $ 11,517.3 $ 610.2 $ 647.0 Outside the United States 13,806.9 12,257.4 804.0 704.3 Net Assets in Foreign Operations $ 6,778.4 $ 6,330.2 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events | |
Subsequent Events | 22. Subsequent Events In December 2023, the Company and Blackstone Inc. announced a $7 billion joint venture to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia. The campuses are planned to support the construction of 10 data centers with approximately 500 megawatts of potential IT load capacity. Blackstone will invest approximately $700 million to acquire an 80% equity interest in the joint venture, while the Company would maintain a 20% interest. The Company will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees. Subsequent to year end, the first phase of the joint venture closed on hyperscale data center campuses in Paris and Northern Virginia, while the second phase is scheduled to close later in 2024, upon obtaining the required regulatory approvals. |
Schedule III Properties And Acc
Schedule III Properties And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
Schedule III Properties And Accumulated Depreciation | |
Schedule III Properties And Accumulated Depreciation | Costs capitalized Initial costs subsequent to acquisition Total costs Accumulated Date of Acquired Buildings Acquired Buildings depreciation acquisition Data Center ground and Carrying ground and and or Buildings Encumbrances Land lease improvements Improvements costs Land lease improvements Total amortization construction North American Markets Northern Virginia 19 $ — $ 122,168 $ — $ 466,221 $ 3,038,772 $ — $ 148,190 $ — $ 3,478,971 $ 3,627,161 $ (1,048,343) 2005 - 2019 Chicago 8 — 67,162 — 757,149 972,037 — 66,607 — 1,729,741 1,796,348 (734,390) 2005 - 2017 New York 12 — 12,161 — 425,838 1,049,738 — 16,308 — 1,471,429 1,487,737 (724,675) 2002 - 2015 Dallas 21 — 50,533 — 241,081 1,165,705 — 46,539 — 1,410,780 1,457,319 (663,861) 2002 - 2015 Silicon Valley 14 — 129,702 — 842,693 450,944 — 126,486 — 1,296,853 1,423,339 (599,625) 2002 - 2018 Portland 3 — 1,689 — 3,131 875,873 — 12,549 — 868,144 880,693 (121,204) 2011 - 2015 Phoenix 2 — 11,859 — 399,122 387,722 — 11,859 — 786,844 798,703 (414,122) 2006 - 2015 San Francisco 4 — 41,165 — 358,066 317,548 — 41,478 — 675,301 716,779 (309,825) 2004 - 2015 Toronto 2 — 26,600 — 116,863 412,234 — 27,180 — 528,517 555,697 (64,599) 2013 - 2017 Seattle 1 135,000 43,110 — 329,283 62,071 — 43,110 — 391,354 434,464 (51,115) 2,020 Atlanta 4 — 6,537 — 264,948 141,146 — 6,552 — 406,079 412,631 (136,304) 2011 - 2017 Boston 3 — 17,826 — 253,711 110,351 — 16,600 — 365,288 381,888 (184,525) 2006 - 2011 Los Angeles 2 — 29,531 — 105,910 160,424 — 29,118 — 266,747 295,865 (150,281) 2004 - 2015 Houston 6 — 6,965 — 23,492 155,250 — 6,594 — 179,113 185,707 (118,182) 2006 Austin 1 — 1,177 — 4,877 77,880 — 1,177 — 82,757 83,934 (28,673) 2005 Miami 2 — 2,964 — 29,793 41,808 — 2,964 — 71,601 74,565 (39,164) 2002 - 2015 North America - Other 6 — 14,307 — 33,122 173,477 (18,000) 14,308 — 188,598 202,906 (82,737) Total North America 110 135,000 585,456 — 4,655,300 9,592,980 (18,000) 617,619 — 14,198,117 14,815,736 (5,471,625) EMEA Markets Frankfurt 29 — 31,260 — 876,342 1,035,998 — 106,876 — 1,836,724 1,943,600 (307,656) 2015 - 2020 London 15 — 101,397 — 1,098,809 572,439 — 61,646 — 1,710,999 1,772,645 (607,287) 2007 - 2020 Paris 13 — 45,722 — 355,386 845,856 — 54,507 — 1,192,457 1,246,964 (115,942) 2012 - 2020 Amsterdam 12 — 40,709 — 968,935 202,598 — 70,211 — 1,142,031 1,212,242 (258,958) 2005 - 2020 Johannesburg 5 — 10,099 — 1,008,751 125,255 — 9,085 — 1,135,020 1,144,105 (69,330) 2022 Marseille 4 — 1,121 — 220,737 370,449 — 1,081 — 591,227 592,308 (80,487) 2020 Zurich 3 — 20,605 — 48,325 415,146 — 39,461 — 444,615 484,076 (42,609) 2020 Dublin 9 — 11,722 90 89,597 381,032 — 7,791 91 474,559 482,441 (135,864) 2006 - 2020 Cape Town 2 — 5,100 — 276,021 130,558 — 4,587 — 407,092 411,679 (23,027) 2022 Vienna 3 — 14,159 — 364,949 3,530 — 13,105 — 369,533 382,638 (72,500) 2020 Brussels 3 — 3,874 — 118,034 102,611 — 11,498 — 213,021 224,519 (21,413) 2020 Madrid 4 — 8,456 — 134,817 66,931 — 13,392 — 196,812 210,204 (28,450) 2020 Copenhagen 3 — 11,665 — 107,529 56,032 — 4,583 — 170,643 175,226 (22,665) 2020 Stockholm 6 — — — 93,861 58,194 — — — 152,055 152,055 (29,430) 2020 Dusseldorf 3 — — — 30,093 81,914 — — — 112,007 112,007 (12,455) 2020 Durban 1 — 900 — 66,646 (3,287) — 810 — 63,449 64,259 (5,055) 2022 Europe - Other 5 — 3,144 — 43,046 226,639 — 26,149 — 246,680 272,829 (76,969) Africa - Other 4 — — — — 225,569 — 3,113 — 222,456 225,569 (21,861) Total EMEA 124 — 309,933 90 5,901,877 4,897,466 — 427,895 91 10,681,380 11,109,366 (1,931,958) Costs capitalized Initial costs subsequent to acquisition Total costs Accumulated Date of Acquired Buildings Acquired Buildings depreciation acquisition Data Center ground and Carrying ground and and or Buildings Encumbrances Land lease improvements Improvements costs Land lease improvements Total amortization construction APAC Markets Singapore 3 — — — 137,545 718,681 — — — 856,226 856,226 (301,293) 2010 - 2015 Sydney 4 — 18,285 — 3,868 190,211 — 21,159 — 191,205 212,364 (48,137) 2011 - 2012 Seoul 1 — — — — 132,617 — 17,620 — 114,997 132,617 (7,913) 2022 Melbourne 2 — 4,467 — — 103,068 — 2,985 — 104,550 107,535 (51,882) 2011 Hong Kong 1 — — — — 59,323 — — — 59,323 59,323 (7,137) 2021 Asia Pacific - Other 4 — — — — 13,201 — — — 13,201 13,201 (3,740) Total APAC 15 — 22,752 — 141,413 1,217,101 — 41,764 — 1,339,502 1,381,266 (420,102) Total Portfolio 249 $ 135,000 $ 918,141 $ 90 $ 10,698,590 $ 15,707,547 $ (18,000) $ 1,087,278 $ 91 $ 26,218,999 $ 27,306,368 $ (7,823,685) (1) Tax Cost The aggregate gross cost of the Company’s properties for federal income tax purposes approximated $42.6 billion (unaudited) as of December 31, 2023. (2) Historical Cost and Accumulated Depreciation and Amortization The following table reconciles the historical cost of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2023. Year Ended December 31, 2023 2022 2021 Balance, beginning of year $ 26,136,057 $ 23,625,450 $ 23,142,988 Additions during period (acquisitions and improvements) 3,494,450 2,553,946 1,570,162 Deductions during period (dispositions, impairments and assets held for sale) (2,324,139) (43,339) (1,087,700) Balance, end of year $ 27,306,368 $ 26,136,057 $ 23,625,450 The following table reconciles accumulated depreciation and amortization of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2023. Year Ended December 31, 2023 2022 2021 Balance, beginning of year $ 7,268,981 $ 6,210,281 $ 5,555,221 Additions during period (depreciation and amortization expense) 1,338,912 1,079,497 1,042,011 Deductions during period (dispositions and assets held for sale) (784,208) (20,797) (386,951) Balance, end of year $ 7,823,685 $ 7,268,981 $ 6,210,281 Schedules other than those listed above are omitted because they are not applicable or the information required is included in the Consolidated Financial Statements or the notes thereto. |
General (Policies)
General (Policies) | 12 Months Ended |
Dec. 31, 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 . U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions. |
Consolidation | Consolidation We consolidate all entities that are wholly owned as well as all partially-owned entities that we control. In addition, we consolidate any variable interest entities (“VIEs”) for which we are the primary beneficiary. We evaluate whether or not an entity is a VIE (and we are the primary beneficiary) through consideration of substantive terms in the arrangement to identify which enterprise has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses/receive benefits from the entity. For entities that do not meet the definition of VIEs, we first consider if we are the general partner or a limited partner (or the equivalent in investments not structured as partnerships). We consolidate entities in which we are the general partner and the limited partners do not have rights that would preclude control. For entities in which we are the general partner, but the limited partners hold substantive participating or kick-out rights that prohibit our ability to control the entity, we apply the equity method of accounting since, as the general partner, we have the ability to exercise significant influence over the operating and financial policies of the entities. For entities in which we are a limited partner, or that are not structured similar to a partnership, we consider factors such as ownership interest, voting control, authority to make decisions and contractual and substantive participating rights of the partners. When factors indicate we have a controlling financial interest in an entity, we consolidate the entity. |
Foreign Operations and Foreign Currencies | Foreign Operations and Foreign Currencies. The functional currency of each of our consolidated subsidiaries and unconsolidated entities operating in other countries is the principal currency in which each entity’s assets, liabilities, income and expenses are denominated, which may be different from the local currency of incorporation or the currency with which the entities conduct their operations. The primary functional currencies impacting our business include the Euro, Japanese yen, British pound sterling, Singapore dollar, South African rand and Brazilian real. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate financial statements into U.S. dollars at the time we consolidate these subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Certain balance sheet items, such as equity and capital-related accounts are reflected at historical exchange rates. Income statement accounts are generally translated at the average exchange rates for the reporting periods. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in the functional currency of the entities. When debt is denominated in a currency other than the functional currency of an entity, a gain or loss can result. The associated adjustment is reflected in other (expenses) income, net, in the consolidated income statements, unless it is intercompany debt that is deemed to be long-term in nature or third-party debt that has been designated as a nonderivative net investment hedge – in which case the associated adjustments are reflected as a cumulative translation adjustment as a component of other comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items. |
Acquisition Accounting | Acquisition Accounting . We evaluate whether or not substantially all of the value of acquired assets is concentrated in a single identifiable asset or group of identifiable assets to determine whether a transaction is accounted for as an asset acquisition or a business combination. For asset acquisitions: (1) transaction costs are included in the total costs of the acquisition and are allocated on a pro-rata basis to the carrying value of the assets and liabilities acquired, (2) real estate assets acquired are measured based on their cost or total consideration exchanged with any excess consideration or bargain purchase amount allocated to real estate properties and their associated intangibles such as above and below-market leases, in-place leases, acquired ground leases, and customer relationship value and (3) all other assets and liabilities assumed, including any debt, are recorded at fair value. For business combinations: (1) transaction costs are expensed as incurred, (2) all acquired tangible and identifiable intangible assets are recognized at fair value, (3) the amount of any purchase consideration that exceeds the fair value of the tangible and identifiable intangible assets acquired is recognized as goodwill, and (4) to the extent the purchase consideration is less than the fair value of the tangible and identifiable intangible assets acquired, a gain on bargain purchase is recognized. When we obtain control of an unconsolidated entity that we previously held as an equity method investment and the acquisition qualifies as a business combination, we remeasure our previously held interest in the unconsolidated entity at its acquisition-date fair value, derecognize the book value associated with that interest, and recognize any resulting gain or loss in earnings. We allocate purchase price primarily using Level 2 and Level 3 inputs (further defined in Fair Value Measurements) as follows: Real Estate Lease Intangibles. ● Above and below market leases: We use a discounted cash flow approach to determine the estimated present value of any difference between contractual rents for acquired in-place leases as compared to current market rents. If rents on acquired in-place leases are higher than current market rents, we record an intangible asset for the favorable rents. If rents on acquired in-place leases are lower than current market rents, we record a liability for the unfavorable rents. Favorable rent assets are amortized as a reduction to rental income over the remaining non-cancelable term of the lease. Unfavorable rent liabilities are amortized as an increase to rental income over the initial lease term plus any below-market fixed rate renewal periods. ● In-place lease value: Since the as-if-vacant model is used to determine the value of acquired operating properties, the value of such properties does not include the value associated with having existing tenants who are leasing space in the purchased properties. Having in-place tenants allows buyers to avoid costs associated with leasing the property as well as any rent losses and unreimbursed operating expenses during the lease-up period. An asset for such benefits is recorded separately as in-place lease value. In-place lease value is determined based on estimated carrying costs during hypothetical expected lease-up periods as well as costs to execute similar leases. We determine expected carrying costs and costs to execute similar leases in the same manner as described in the previous discussion of the valuation of operating properties using the as-if-vacant model. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. ● Customer relationship value: In some transactions, customers acquired are expected to generate recurring revenues beyond existing in-place lease terms. We utilize the multi-period excess earnings method to determine customer relationship value, if any. Key factors reflected in this approach include: (1) projected revenue growth from existing customers, (2) historical customer lease renewals and attrition rates, (3) rental renewal probabilities and related market terms, (4) estimated operating costs, and (5) discount rate. Customer relationship value is amortized to expense ratably over the anticipated life of substantially all of the acquired customer relationships that are expected to generate excess earnings. Debt. Noncontrolling interests. Other acquired assets and liabilities. |
Fair Value Measurements | Fair Value Measurements. Fair value is intended to reflect the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date (the exit price). We estimate fair value using available market information and valuation methods we believe to be appropriate for these purposes. Given the significant amount of judgement and subjectivity involved in the determination of fair value, estimated fair value is not necessarily indicative of amounts that would be realized on disposition. There are three levels in the fair value hierarchy under U.S. GAAP, which are: ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the measurement date. ● Level 2 – Inputs that are directly or indirectly observable for the associated asset or liability, but which do not qualify as Level 1 inputs. ● Level 3 – Unobservable inputs for the asset or liability. In instances where inputs from multiple different levels of the fair value hierarchy are used to determine fair value, the lowest level input that is significant is used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to a fair-value measurement requires judgment and considers factors specific to the asset or liability. We utilize fair value measurements on a recurring basis to determine the fair value of: marketable equity securities, share-based compensation awards, derivative instruments, and outstanding debt. Such measurements are also regularly utilized in assessing whether or not impairments may exist on intangible assets (including goodwill). In addition, we utilize fair value measurements on a non-recurring basis to determine the fair value associated with assets held for sale, acquisitions of assets, and acquisitions of businesses. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities. Investments in unconsolidated entities as reflected on the consolidated balance sheets includes all investments accounted for using the equity method. We use the equity method to account for these investments, because we have the ability to exercise significant influence over their operating and financial policies, but do not control them. Equity method investments are initially recognized at our cost. Transaction costs related to the formation of equity method investments are also capitalized. We subsequently adjust these balances to reflect: (1) our proportionate share of net earnings/losses of the entities and accumulated other comprehensive income or loss, (2) distributions received, (3) contributions made, (4) sales and redemptions of our investments, and (5) certain other adjustments, as appropriate. When circumstances indicate there may have been a reduction in the value of an equity method investment, we evaluate whether or not the loss in value is other than temporary. If we determine that a loss in value is other than temporary, we recognize an impairment charge to reflect the equity investment at fair value. With regard to the cash flow classifications of distributions from unconsolidated entities, we have elected the nature of the distribution approach as the information is available to us to determine the nature of the underlying activity that generated the distributions. In accordance with this approach, cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales, debt refinancing or sales and redemptions of our investments are classified as a return of investment (cash inflow from investing activities). The Company has a negligible value of investments accounted for under the cost-method. These investments are included in Other assets on the consolidated balance sheets. |
Cash, Cash Equivalents and Restricted Cash | Cash and Cash Equivalents. Restricted Cash . |
Assets Held for Sale | Assets Held for Sale. |
Investments in Real Estate | Investments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assts. Depreciable lives of assets are stated below. Investments in Real Estate. Acquired ground leases Terms of the related lease Buildings and improvements 5-39 years Machinery and equipment 7-15 years Furniture and fixtures 3-5 years Leasehold improvements Shorter of the estimated useful lives or the terms of the related leases Tenant improvements Shorter of the estimated useful lives or the terms of the related leases Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. |
Capitalization of Costs | Capitalization of Costs. Development costs Leasing commissions |
Recoverability of Real Estate Assets | Recoverability of Real Estate Assets. We assess the carrying value of our properties whenever events or circumstances indicate carrying amounts of these assets may not be fully recoverable (“triggering events"). Triggering events typically relate to a change in the expected holding period of a property, an adverse change in expected future cash flows of the property, or a trend of past cash flow losses that is expected to continue in the future. If our assessment of triggering events indicates the carrying value of a property or asset group might not be recoverable, we estimate the future undiscounted net cash flows expected to be generated by the assets and compare that amount to the book value of the assets. If our future undiscounted net cash flow evaluation indicates we are unable to recover the carrying value of a property or asset group, we record an impairment loss to provision for impairment in our consolidated income statements to the extent the carrying value of the property or asset group exceeds fair value. We generally estimate fair value of rental properties using a discounted cash flow analysis that includes projections of future revenues, expenses, and capital improvements that a market participant would use. In certain cases, we may supplement this analysis by obtaining outside broker opinions of value. When determining undiscounted future cash flows, we consider factors such as future operating income trends and prospects as well as the effects of leasing demand, competition and other factors. |
Goodwill and Other Acquired Intangible Assets | Goodwill and Other Acquired Intangible Assets. Other acquired intangible assets consist primarily of customer relationship value and in-place lease value. All of our other acquired intangible assets have finite useful lives. If impairment indicators arise with respect to these finite-lived intangible assets, we evaluate for impairment by comparing the carrying amount of the assets to the estimated future undiscounted net cash flows expected to be generated by the assets. If estimated future undiscounted cash flows exceed the carrying value of the assets, we record an impairment charge equal to the amount by which the carrying value exceeds the estimated fair value of the assets. We have no indefinite-lived intangible assets other than goodwill. |
Share-Based Compensation | Share-Based Compensation. |
Derivative Instruments | Derivative Instruments. Changes in the fair value of derivatives are recognized periodically either in earnings or in other comprehensive income (loss), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in other comprehensive income (loss) would be recognized in earnings. Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis over the term of the hedge. Interest Rate Swaps Interest rate derivatives are presented on a gross basis on the consolidated balance sheets – with interest rate swap assets presented in other assets, and interest rate swap liabilities presented in accounts payable and other accrued liabilities. As of December 31, 2023, there was no impact from netting arrangements, because the Company had no derivatives in liability positions. Net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. Foreign Currency Contracts Hedge of Net Investment in Foreign Operations Cross-Currency Interest Rate Swaps – See Note 17. “Derivative Instruments” for further discussion on the Company’s outstanding derivative instruments. |
Income Taxes | Income Taxes. Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay U.S. federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, it would be subject to U.S. federal and state income taxes (including any applicable alternative minimum tax) on its taxable income. The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s taxable REIT subsidiaries are subject to federal, state, local and foreign income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for the Company and its taxable REIT subsidiaries, including for U.S. federal, state, local and foreign jurisdictions, as applicable. We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). We classify interest and penalties from significant uncertain tax positions as current tax expense in our consolidated income statements. We are open to examination by the major taxing jurisdictions for the tax years that are within the statute of limitations for those jurisdictions. For further discussion related to tax reserves, see Note 13. “Income Taxes”. |
Transactional-based Taxes | Transactional-based Taxes. |
Noncontrolling Interests and Redeemable Noncontrolling Interests | Noncontrolling Interests and Redeemable Noncontrolling Interests. Noncontrolling interests represent the share of consolidated entities owned by third parties. We recognize each noncontrolling holder’s share of the fair value of the respective entity’s net assets as noncontrolling interest on our consolidated balance sheets at the date of formation or acquisition. Noncontrolling interest balances are adjusted for the noncontrolling holder’s share of additional contributions, distributions, and net earnings or losses. Partnership units which are contingently redeemable for cash are classified as redeemable noncontrolling interests and presented in the mezzanine section of the Company’s consolidated balance sheets between total liabilities and stockholder’s equity. Redeemable noncontrolling interests include amounts related to partnership units issued by consolidated subsidiaries of the Company in which redemption for equity is outside the control of the Company. The amounts of consolidated net income attributable to noncontrolling interests and redeemable noncontrolling interests are presented on the Company’s consolidated income statements as income (or loss) attributable to noncontrolling interests. |
Revenue Recognition | Revenue Recognition. Rental and Other Services Revenue – We generate the majority of our revenue by leasing our properties to customers under operating lease agreements, which are accounted for under Accounting Standards Codification 842, Leases (“ASC 842”). We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine it is probable that substantially all of the lease payments will be collected over the lease term. We commence recognition of revenue from rentals at the date the property is ready for its intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. The excess of rents recognized as revenue over amounts contractually due pursuant to the underlying leases is included in Deferred rent, net on the consolidated balance sheet. Rental payments received in excess of revenue recognized are classified as Accounts payable and other accrued liabilities on the consolidated balance sheet. Unpaid rents that are contractually due are included in Accounts and other receivables, net on the consolidated balance sheet. We estimate the probability of collection of lease payments based on customer creditworthiness, outstanding accounts receivable balances, and historical bad debts – as well as current economic trends. If collection of substantially all lease payments over the lease term is not probable, rental revenue is recognized when payment is received, and we record a reduction to rental revenue equal to the balance of any deferred rent and rent receivable, less the balance of any security deposits or letters of credit. If collection is subsequently determined to be probable, we: (1) resume recognizing rental revenue on a straight-line basis, (2) record incremental revenue such that the cumulative amount recognized is equal to the amount that would have been recorded on a straight-line basis since inception of the lease, and (3) reverse the allowance for bad debt recorded on outstanding receivables. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursable by customers (“tenant recoveries”) as revenue in the period the applicable expenses are incurred – which is generally on a ratable basis through the term of the lease. We account for and present rental revenue and tenant recoveries as a single component under rental and other services as the timing of recognition is the same, the pattern with which we transfer the right of use of the property and related services to the lessee are both on a straight-line basis and our leases qualify as operating leases. Interconnection services include port and cross-connect services generally provided on a month-to-month, one-year or multi-year term. We bill for these services on a monthly basis and recognize the revenue over the period the service is provided. Revenue for cross-connect installations is generally recognized in the period the cross-connect is installed. Interconnection services that are not specific to a particular leased space are accounted for under Topic 606 and have terms that are generally one year or less. Fee Income and Other – We utilize the practical expedient in ASC 842 that allows us to account for lease and non-lease components associated with each lease as a single lease component recorded within rental and other services, instead of accounting for such items separately under Accounting Standards Codification 606, Revenue (“ASC 606”). We recognize revenue for items that do not qualify for revenue recognition under ASC 842 under ASC 606. Revenue recognized as a result of applying ASC 606 was less than 10% of total rental and other services revenue for the years ended December 31, 2023, 2022 and 2021. |
Transaction and Integration Expense | Transaction and Integration Expense. Transaction expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to business combinations or acquisitions that were not consummated. Integration costs include transition costs associated with organizational restructuring (such as severance and retention payments and recruiting expenses), third-party consulting expenses directly related to the integration of acquired companies (in areas such as cost savings and synergy realization, technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects. Recurring costs are recorded in general and administrative expense. |
Gains on Disposition of Properties | Gains on Disposition of Properties. We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have control of the real estate sold. We recognize losses from the disposition of real estate when known. |
New Accounting Pronouncements | New Accounting Pronouncements. Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The first practical expedient within the ASU allows companies to elect to not apply certain modification accounting requirements to debt, derivative, and lease contracts affected by reference rate reform if certain criteria are met. The second practical expedient allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to designate the hedging relationship – allowing companies to continue applying hedge accounting to existing cash flow and net investment hedges. The ASU was effective on a prospective basis beginning January 1, 2020 and may be elected over time as reference rate reform activities occur. We will continue to evaluate debt, derivative, and lease contracts that are modified in the future to ensure they are eligible for modification relief and apply the available practical expedients as needed. Also, in December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 Business Combinations Segment Reporting. Income Taxes. We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our Consolidated Financial Statements or do not apply to our operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Schedule of property and equipment | Investments in Real Estate. Acquired ground leases Terms of the related lease Buildings and improvements 5-39 years Machinery and equipment 7-15 years Furniture and fixtures 3-5 years Leasehold improvements Shorter of the estimated useful lives or the terms of the related leases Tenant improvements Shorter of the estimated useful lives or the terms of the related leases |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations | |
Summary of Provisional Fair Value of Assets and Liabilities Acquired | The following table summarizes the amounts recorded at the acquisition date (in thousands): Final Amounts Building and improvements $ 1,376,128 Construction in progress and space held for development 521,153 Operating lease right-of-use assets 2,784 Assumed cash and cash equivalents 5,528 Goodwill 1,625,994 Customer relationship value and other intangibles (weighted-average amortization life of 14 years) 720,126 Debt assumed (355,688) Operating lease liabilities (4,031) Deferred tax liabilities, net (632,841) Redeemable noncontrolling interests (1,530,090) Working capital assets, net 1,112 Total purchase consideration $ 1,730,175 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Lessor Operating Minimum Lease Payments | (Amounts in thousands) Operating leases 2024 $ 2,896,757 2025 2,213,163 2026 1,797,304 2027 1,416,874 2028 1,164,093 Thereafter 3,676,797 Total $ 13,164,988 |
Operating Lease Maturity | Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands): Operating Finance lease liabilities lease liabilities (1) 2024 $ 163,799 $ 21,899 2025 167,415 21,925 2026 167,687 21,867 2027 166,075 22,368 2028 158,538 91,771 Thereafter 1,110,512 212,979 Total undiscounted future cash flows 1,934,026 392,809 Less: Imputed interest (391,932) (77,631) Present value of undiscounted future cash flows $ 1,542,094 $ 315,178 (1) Included in accounts payable and other accrued liabilities on the consolidated balance sheet. |
Finance Leases Maturity | Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands): Operating Finance lease liabilities lease liabilities (1) 2024 $ 163,799 $ 21,899 2025 167,415 21,925 2026 167,687 21,867 2027 166,075 22,368 2028 158,538 91,771 Thereafter 1,110,512 212,979 Total undiscounted future cash flows 1,934,026 392,809 Less: Imputed interest (391,932) (77,631) Present value of undiscounted future cash flows $ 1,542,094 $ 315,178 (1) Included in accounts payable and other accrued liabilities on the consolidated balance sheet. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2023 December 31, 2022 Accounts receivable – trade $ 694,252 $ 551,393 Allowance for doubtful accounts (41,204) (33,048) Accounts receivable – trade, net 653,048 518,345 Accounts receivable – customer recoveries 233,499 170,012 Value-added tax receivables 257,911 167,459 Accounts receivable – installation fees 65,203 60,663 Other receivables 68,449 52,813 Accounts and other receivables, net $ 1,278,110 $ 969,292 |
Schedule of deferred rent receivables | Balance as of Balance as of (Amounts in thousands): December 31, 2023 December 31, 2022 Deferred rent receivables $ 657,009 $ 612,439 Allowance for deferred rent receivables (32,582) (10,849) Deferred rent, net $ 624,427 $ 601,590 |
Investments in Properties (Tabl
Investments in Properties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in Properties | |
Schedule of Investments in Properties | A summary of our investments in properties is below (in thousands): Property Type As of December 31, 2023 As of December 31, 2022 Land $ 1,087,278 $ 1,061,408 Acquired ground lease 91 6,006 Buildings and improvements 25,388,788 24,287,103 Tenant improvements 830,211 781,540 27,306,368 26,136,057 Accumulated depreciation and amortization (7,823,685) (7,268,981) Investments in operating properties, net 19,482,683 18,867,076 Construction in progress and space held for development 4,635,215 4,789,134 Land held for future development 118,190 118,452 Investments in properties, net $ 24,236,088 $ 23,774,662 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions of Properties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of acquisitions and dispositions of properties | The Company sold the following other real estate properties during the years ended December 31, 2023, 2022 and 2021: Date Sold / Gross Proceeds / Fair Value Gain on Sale / contribution Property Type Metro Area contributed (in millions) (in millions) Joint venture contributions Various 2023 $ 2,278.5 (1) $ 814.0 Non-core assets Various 2023 341.3 86.6 Non-core building Dallas Aug 8, 2022 203.0 174.0 Other Various 2022 2.8 2.8 European portfolio Various Mar 16, 2021 680.0 332.0 Other Various 2021 109.6 37.7 |
Digital Core REIT (DCRU) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of acquisitions and dispositions of properties | As a result of this transaction, the Company recognized a gain on sale of assets Cash received $ 919.1 Fair market value of retained investment in SREIT 521.4 Acquisition fees paid in Digital Core REIT units 13.0 Tax on acquisition fees (3.0) Net book value of assets contributed (439.3) Gain on disposition of properties $ 1,011.2 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 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): Balance as of Balance as of December 31, 2023 December 31, 2022 Americas (1) $ 1,363,226 $ 951,331 APAC (2) 569,996 543,521 EMEA (3) 28,334 31,559 Global (4) 334,333 465,015 Total $ 2,295,889 $ 1,991,426 Includes the following unconsolidated entities along with our ownership percentage: (1) Ascenty ( 50% ), Clise ( 50% ), Colovore ( 17% ), GI Partners ( 35% ), Mapletree ( 20% ), Menlo ( 20% ), Realty Income ( 20% ), TPG Real Estate ( 20% ), and Walsh ( 85% ). (2) Digital Connexion ( 33% ), Lumen ( 50% ), and MC Digital Realty ( 50% ). (3) Medallion ( 60% ) and Mivne ( 50% ). (4) Digital Core REIT ( 43% ). |
Summarized Financial Information of Investments in Unconsolidated Entities | The subsequent tables provide summarized financial information for all of our investments in unconsolidated entities accounted for using the equity method. Amounts are shown in thousands. Net Net Total Total Operating Income December 31, 2023 Assets Liabilities Equity Revenues Income (Loss) Unconsolidated entities Americas $ 6,627,520 $ 3,105,127 $ 3,522,393 $ 590,264 $ 326,042 $ (13,097) APAC 2,097,115 880,972 1,216,143 257,905 121,053 42,244 EMEA 80,525 83,819 (3,294) 1,601 939 (8,225) Global 1,542,331 591,470 950,861 112,931 73,390 (60,867) Total Unconsolidated entities $ 10,347,491 $ 4,661,388 $ 5,686,103 $ 962,701 $ 521,424 $ (39,945) Our investment in and share of equity in earnings of unconsolidated entities $ 2,295,889 $ (29,791) Net Net Total Total Operating Income December 31, 2022 Assets Liabilities Equity Revenues Income (Loss) Unconsolidated entities Americas $ 3,648,169 $ 1,350,163 $ 2,298,006 $ 406,325 $ 240,498 $ (38,874) APAC 1,705,553 541,509 1,164,044 201,405 90,924 25,946 EMEA 121,950 68,223 53,727 1,632 851 (5,475) Global 1,602,725 551,088 1,051,637 118,233 77,582 (19,455) Total Unconsolidated entities $ 7,078,397 $ 2,510,983 $ 4,567,414 $ 727,595 $ 409,855 $ (37,858) Our investment in and share of equity in loss of unconsolidated entities $ 1,991,426 $ (13,497) Net Net Total Total Operating Income December 31, 2021 Assets Liabilities Equity Revenues (Loss) Unconsolidated entities Americas $ 3,377,842 $ 1,223,434 $ 2,154,408 $ 375,271 $ 231,960 $ 183,336 APAC 1,527,323 548,578 978,745 193,744 102,822 32,691 EMEA 65,459 38,377 27,082 316 141 (172) Global 1,440,500 350,000 1,090,500 8,184 5,844 (4,648) Total Unconsolidated entities $ 6,411,124 $ 2,160,389 $ 4,250,735 $ 577,515 $ 340,767 $ 211,207 Our investment in and share of equity in earnings of unconsolidated entities $ 1,807,689 $ 62,283 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill | |
Schedule of Goodwill | The following is a summary of goodwill activity for the years ended December 31, 2023 and 2022 (in thousands): Balance as of Impact of Change Balance as of December 31, Goodwill in Foreign December 31, Merger / Portfolio Acquisition 2022 Acquisition Adjustments Exchange Rates 2023 Telx Acquisition $ 330,845 $ — $ — $ — $ 330,845 European Portfolio Acquisition 408,055 — 3,011 18,444 429,510 DFT Merger 2,592,147 — — — 2,592,147 Interxion Combination 4,288,208 — 4,843 118,806 4,411,857 Teraco Combination 1,576,704 — — (113,710) 1,462,994 Other Combination 12,538 — (20) — 12,518 Total $ 9,208,497 $ — $ 7,834 $ 23,540 $ 9,239,871 Balance as of Impact of Change Balance as of December 31, Goodwill in Foreign December 31, Merger / Portfolio Acquisition 2021 Acquisition Adjustments Exchange Rates 2022 Telx Acquisition $ 330,845 $ — $ — $ — $ 330,845 European Portfolio Acquisition 448,124 — — (40,069) 408,055 DFT Merger 2,592,147 — — — 2,592,147 Interxion Combination 4,547,153 — 5,409 (264,354) 4,288,208 Teraco Combination — 1,625,994 — (49,290) 1,576,704 Other Combination 19,171 — (6,633) — 12,538 Total $ 7,937,440 $ 1,625,994 $ (1,224) $ (353,713) $ 9,208,497 |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Acquired Intangible Assets and Liabilities | |
Summary of Acquired Intangible Assets and Liabilities | Balance as of December 31, 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 $ 2,926,808 $ (952,943) $ 1,973,865 $ 3,327,765 $ (888,105) $ 2,439,660 Acquired in-place lease value 1,089,743 (859,167) 230,576 1,369,526 (1,041,631) 327,895 Other 108,744 (33,483) 75,261 94,829 (26,788) 68,041 Acquired above-market leases 153,205 (150,344) 2,861 264,071 $ (253,693) 10,378 Acquired below-market leases (273,951) 226,840 (47,111) (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 2024 $ 176,848 $ 51,381 $ 2,802 $ 1,327 $ (6,712) 2025 176,622 49,839 2,802 1,070 (6,560) 2026 175,981 48,012 2,802 357 (5,798) 2027 175,588 38,482 2,802 48 (5,182) 2028 153,143 18,563 2,817 46 (4,979) Thereafter 1,115,683 24,299 7,916 13 (17,880) Total $ 1,973,865 $ 230,576 $ 21,941 $ 2,861 $ (47,111) Remaining Contractual Life (in years) 14.3 4.5 2.1 6.9 (1) Excludes power grid rights in the amount of approximately $53.3 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) | 12 Months Ended |
Dec. 31, 2023 | |
Debt of the Operating Partnership | |
Summary of Outstanding Indebtedness 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, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): December 31, 2023 December 31, 2022 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global Revolving Credit Facilities 4.33 % $ 1,825,228 3.04 % $ 2,167,889 Unsecured term loans 4.76 % 1,567,925 2.49 % 802,875 Unsecured senior notes 2.24 % 13,507,427 2.44 % 13,220,961 Secured and other debt 8.07 % 637,072 7.12 % 532,130 Total 2.89 % $ 17,537,652 2.68 % $ 16,723,855 |
Schedule of Debt In Functional Currencies | 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): December 31, 2023 December 31, 2022 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 2,784,875 15.9 % $ 3,855,903 23.1 % British pound sterling (£) 1,973,305 11.2 % 1,929,051 11.5 % Euro ( € 10,835,878 61.8 % 9,325,126 55.8 % Other 1,943,594 11.1 % 1,613,775 9.6 % Total $ 17,537,652 $ 16,723,855 |
Schedule of Debt Maturities and Principal Maturities | The table below summarizes our debt maturities and principal payments as of December 31, 2023 (in thousands): Global Revolving Unsecured Unsecured Secured and Credit Facilities (1)(2) Term Loans (3)(4) Senior Notes Other Debt Total Debt 2024 $ — $ — $ 980,615 $ 321 $ 980,936 2025 — 1,567,925 1,226,775 584 2,795,284 2026 1,825,228 — 1,513,519 110,791 3,449,538 2027 — — 1,178,269 218,511 1,396,780 2028 — — 2,101,950 293,775 2,395,725 Thereafter — — 6,506,299 13,090 6,519,389 Subtotal $ 1,825,228 $ 1,567,925 $ 13,507,427 $ 637,072 $ 17,537,652 Unamortized net discounts — — (33,324) (3,754) (37,078) Unamortized deferred financing costs (12,941) (7,620) (51,761) (2,345) (74,667) Total $ 1,812,287 $ 1,560,305 $ 13,422,342 $ 630,973 $ 17,425,907 (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; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded). (3) A €375.0 million senior unsecured term loan facility is subject to two maturity extension options of one year each, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding. 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. (4) On January 9, 2024, we paid down $240 million on the U.S. term loan facility, leaving $500 million outstanding. The paydown will result in an early extinguishment charge of approximately $1.1 million during the three months ending March 31, 2024. |
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 December 31, 2023 December 31, 2022 0.600% notes due 2023 (1) CHF 100,000 $ 108,310 Oct 02, 2023 $ — $ 108,121 2.625% notes due 2024 € 600,000 677,040 Apr 15, 2024 662,340 642,300 2.750% notes due 2024 £ 250,000 324,925 Jul 19, 2024 318,275 302,075 4.250% notes due 2025 £ 400,000 634,480 Jan 17, 2025 509,240 483,320 0.625% notes due 2025 € 650,000 720,980 Jul 15, 2025 717,535 695,825 2.500% notes due 2026 € 1,075,000 1,224,640 Jan 16, 2026 1,186,693 1,150,788 0.200% notes due 2026 CHF 275,000 298,404 Dec 15, 2026 326,826 297,331 1.700% notes due 2027 CHF 150,000 162,465 Mar 30, 2027 178,269 162,181 3.700% notes due 2027 (2) $ 1,000,000 1,000,000 Aug 15, 2027 1,000,000 1,000,000 5.550% notes due 2028 (2) $ 900,000 900,000 Jan 15, 2028 900,000 900,000 1.125% notes due 2028 € 500,000 548,550 Apr 09, 2028 551,950 535,250 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 320,884 291,925 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 445,585 422,905 1.500% notes due 2030 € 750,000 831,900 Mar 15, 2030 827,925 802,875 3.750% notes due 2030 £ 550,000 719,825 Oct 17, 2030 700,205 664,565 1.250% notes due 2031 € 500,000 560,950 Feb 01, 2031 551,950 535,250 0.625% notes due 2031 € 1,000,000 1,220,700 Jul 15, 2031 1,103,900 1,070,500 1.000% notes due 2032 € 750,000 874,500 Jan 15, 2032 827,925 802,875 1.375% notes due 2032 € 750,000 849,375 Jul 18, 2032 827,925 802,875 $ 13,507,427 $ 13,220,961 Unamortized discounts, net of premiums (33,324) (37,280) Deferred financing costs, net (51,761) (63,648) Total unsecured senior notes, net of discount and deferred financing costs $ 13,422,342 $ 13,120,033 (1) Paid in full at maturity on October 2, 2023. (2) Subject to cross-currency swaps. |
Earnings per Common Share or _2
Earnings per Common Share or Unit (Tables) | 12 Months Ended |
Dec. 31, 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 Year Ended December 31, 2023 2022 2021 Numerator: Net income available to common stockholders $ 908,114 $ 336,960 $ 1,681,498 Plus: Loss attributable to redeemable noncontrolling interest (1) (18,093) 4,839 — Net income available to common stockholders - diluted EPS 926,207 332,121 1,681,498 Denominator: Weighted average shares outstanding—basic 298,603 286,334 282,475 Potentially dilutive common shares: Unvested incentive units 118 257 253 Unvested restricted stock 9 45 192 Forward equity offering 248 — — Market performance-based awards 112 103 302 Redeemable noncontrolling interest shares (1) 9,975 11,180 — Weighted average shares outstanding—diluted 309,065 297,919 283,222 Income per share: Basic $ 3.04 $ 1.18 $ 5.95 Diluted $ 3.00 $ 1.11 $ 5.94 Digital Realty Trust, L.P. Earnings per Unit Year Ended December 31, 2023 2022 2021 Numerator: Net income available to common unitholders $ 928,824 $ 345,060 $ 1,720,598 Plus: Loss attributable to redeemable noncontrolling interest (1) (18,093) 4,839 — Net income available to common unitholders - diluted EPS 946,917 340,221 1,720,598 Denominator: Weighted average units outstanding—basic 304,651 292,123 289,165 Potentially dilutive common units: Unvested incentive units 118 257 253 Unvested restricted units 9 45 192 Forward equity offering 248 — — Market performance-based awards 112 103 302 Redeemable noncontrolling interest shares (1) 9,975 11,180 — Weighted average units outstanding—diluted 315,113 303,708 289,912 Income per unit: Basic $ 3.05 $ 1.18 $ 5.95 Diluted $ 3.01 $ 1.12 $ 5.94 |
Schedule of Antidilutive Securities Excluded from Calculations | Year Ended December 31, 2023 2022 2021 Shares subject to Forward Equity Offering — — 6,250 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 6,048 5,789 6,691 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock — — 541 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,794 1,736 1,318 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,887 1,825 1,386 Potentially dilutive Series L Cumulative Redeemable Preferred Stock 3,095 2,993 2,274 Total 12,824 12,343 18,460 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows (in thousands): 2023 2022 Gross deferred income tax assets: Net operating loss carryforwards $ 188,735 $ 175,935 Basis difference - real estate property 18,035 14,027 Basis difference - intangibles 7,744 7,682 Basis difference - equity investments — 5,694 Tax credit carryforward 2,056 — Other - temporary differences 180,316 132,578 Total gross deferred income tax assets 396,886 335,916 Valuation allowance (176,268) (125,491) Total deferred income tax assets, net of valuation allowance 220,618 210,425 Gross deferred income tax liabilities: Basis difference - real estate property 1,162,143 1,160,412 Basis difference - intangibles 190,607 219,653 Straight line rent 5,992 9,215 Other - temporary differences 6,750 5,744 Total gross deferred income tax liabilities 1,365,492 1,395,024 Net deferred income tax liabilities (1) $ 1,144,874 $ 1,184,599 (1) Net of deferred tax assets of $6.2 million and $8.2 million for the year ended December 31, 2023 and 2022, respectively. |
Equity and Capital (Tables)
Equity and Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Class of Stock | |
Schedule of stock by class | The Company has issued and outstanding the following series of cumulative redeemable preferred stock, which are governed by the articles supplementary for the applicable series of preferred stock as of December 31, 2023 and 2022 (in thousands, except for share cap and annual dividend rate). Total Annual Shares Outstanding as of Balance (net of issuance costs) Date(s) Initial Date to Liquidation Dividend December 31, as of December 31, Preferred Stock (1) Issued Redeem (2) Share Cap (3) Value (4) Rate (5) 2023 2022 2023 2022 5.250% Series J Cumulative Redeemable Preferred Stock Aug 7, 2017 Aug 7, 2022 0.4252100 $ 200,000 1.31250 8,000 8,000 $ 193,540 $ 193,540 5.850% Series K Cumulative Redeemable Preferred Stock Mar 13, 2019 Mar 13, 2024 0.4361100 210,000 1.46250 8,400 8,400 203,264 203,264 5.200% Series L Cumulative Redeemable Preferred Stock Oct 10, 2019 Oct 10, 2024 0.3851800 345,000 1.30000 13,800 13,800 334,886 334,886 $ 755,000 30,200 30,200 $ 731,690 $ 731,690 (1) All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. (2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption. (3) Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. (4) Liquidation preference is $25.00 per share. (5) Dividends on preferred shares are cumulative and payable quarterly in arrears. |
Ownership Interest In The Operating Partnership | 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 December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Number of Percentage of Number of Percentage of (Units in thousands) units total units total Digital Realty Trust, Inc. 311,608 98.0 % 291,148 97.9 % Noncontrolling interests consist of: Common units held by third parties 4,343 1.3 % 4,375 1.5 % Incentive units held by employees and directors (see Note 16. "Incentive Plans") 2,106 0.7 % 1,914 0.6 % 318,057 100.0 % 297,437 100.0 % |
Summary of Activity for Noncontrolling Interests in the Operating Partnership | The following table shows activity for the noncontrolling interests in the Operating Partnership for the years ended December 31, 2023 and 2022: (Units in thousands) Common Units Incentive Units Total As of December 31, 2021 4,389 1,542 5,931 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (14) — (14) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (22) (22) Incentive units issued upon achievement of market performance condition — 221 221 Grant of incentive units to employees and directors — 170 170 Cancellation / forfeitures of incentive units held by employees and directors — 3 3 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) (80) (112) Incentive units issued upon achievement of market performance condition — 142 142 Grant of incentive units to employees and directors — 171 171 Cancellation / forfeitures of incentive units held by employees and directors — (41) (41) As of December 31, 2023 4,343 2,106 6,449 (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 sheets of Digital Realty Trust, Inc. |
Schedule of Dividends and Distributions | Dividends and Distributions Digital Realty Trust, Inc. Dividends We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share data): Series C Series J Series K Series L Preferred Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock Stock February 25, 2021 March 31, 2021 $ 3,333 $ 2,625 $ 3,071 $ 4,485 $ 326,965 (2) May 10, 2021 June 30, 2021 — (1) 2,625 3,071 4,485 328,279 (2) August 11, 2021 September 30, 2021 — 2,625 3,071 4,485 329,720 (2) November 18, 2021 December 31, 2021 for Preferred Stock; January 14, 2022 for Common Stock — 2,625 3,071 4,485 329,772 (2) $ 3,333 $ 10,500 $ 12,284 $ 17,940 $ 1,314,736 March 3, 2022 March 31, 2022 $ — $ 2,625 $ 3,071 $ 4,485 $ 348,025 (3) May 24, 2022 June 30, 2022 — 2,625 3,071 4,485 348,077 (3) August 17, 2022 September 30, 2022 — 2,625 3,071 4,485 351,410 (3) November 29, 2022 December 31, 2022 for Preferred Stock; January 13, 2023 for Common Stock — 2,625 3,071 4,485 355,832 (3) $ — $ 10,500 $ 12,284 $ 17,940 $ 1,403,344 February 22, 2023 March 31, 2023 $ — $ 2,625 $ 3,071 $ 4,485 $ 356,214 (3) May 24, 2023 June 30, 2023 — 2,625 3,071 4,485 365,937 (3) August 8, 2023 September 29, 2023 — 2,625 3,071 4,485 370,278 (3) November 28, 2023 December 29, 2023 for Preferred Stock; January 19, 2024 for Common Stock — 2,625 3,071 4,485 380,019 (3) $ — $ 10,500 $ 12,284 $ 17,940 $ 1,472,448 Annual rate of dividend per share $ 1.65625 $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 (1) Redeemed on May 17, 2021 for $ 25.211632 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date. The transaction resulted in a gain on redemption of $18.0 million, measured as the difference between the cash consideration paid upon redemption, which was $201.3 million and the carrying value of the preferred stock at the time of the redemption, which was $219.3 million. This amount is reflected as gain on redemption of preferred stock which increased net income available to common stockholders. (2) $4.640 annual rate of dividend per share. (3) $4.880 annual rate of dividend per share. |
Digital Realty Trust, L.P. | |
Class of Stock | |
Schedule of Dividends and Distributions | 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 years ended December 31, 2023, 2022 and 2021, (in thousands, except for per unit data): Series C Series J Series K Series L Preferred Preferred Preferred Preferred Common Date distribution declared Distribution payment date Units Units Units Units Units February 25, 2021 March 31, 2021 $ 3,333 $ 2,625 $ 3,071 $ 4,485 $ 336,041 (2) May 10, 2021 June 30, 2021 — (1) 2,625 3,071 4,485 336,543 (2) August 11, 2021 September 30, 2021 — 2,625 3,071 4,485 337,447 (2) November 18, 2021 December 31, 2021 for Preferred Units; January 14, 2022 for Common Units — 2,625 3,071 4,485 337,476 (2) $ 3,333 $ 10,500 $ 12,284 $ 17,940 $ 1,347,507 March 3, 2022 March 31, 2022 $ — $ 2,625 $ 3,071 $ 4,485 $ 355,812 (3) May 24, 2022 June 30, 2022 — 2,625 3,071 4,485 355,885 (3) August 17, 2022 September 30, 2022 — 2,625 3,071 4,485 359,207 (3) November 29, 2022 December 31, 2022 for Preferred Units; January 13, 2023 for Common Units — 2,625 3,071 4,485 363,616 (3) $ — $ 10,500 $ 12,284 $ 17,940 $ 1,434,520 February 22, 2023 March 31, 2023 $ — $ 2,625 $ 3,071 $ 4,485 $ 364,204 (3) May 24, 2023 June 30, 2023 — 2,625 3,071 4,485 373,833 (3) August 8, 2023 September 29, 2023 — 2,625 3,071 4,485 378,352 (3) November 28, 2023 December 29, 2023 for Preferred Units; January 19, 2024 for Common Units — 2,625 3,071 4,485 387,988 (3) $ — $ 10,500 $ 12,284 $ 17,940 $ 1,504,377 Annual rate of distribution per unit $ — $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 (1) Redeemed on May 17, 2021 for $ 25.211632 per unit, or a redemption price of $25.00 per unit, plus accrued and unpaid distributions up to but not including the redemption date. The transaction resulted in a gain on redemption of $18.0 million, measured as the difference between the cash consideration paid upon redemption, which was $201.3 million and the carrying value of the preferred stock at the time of the redemption, which was $219.3 million. This amount is reflected as gain on redemption of preferred stock which increased net income available to common unitholders. (2) $4.640 annual rate of distribution per unit. (3) $4.880 annual rate of distribution per unit. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 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, 2021 $ (212,653) $ 38,773 $ (173,880) Net current period change (323,366) (98,552) (421,918) Balance as of December 31, 2022 $ (536,019) $ (59,779) $ (595,798) Net current period change (102,564) (53,031) (155,595) Balance as of December 31, 2023 $ (638,583) $ (112,810) $ (751,393) 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, 2021 $ (219,882) $ 38,437 $ (181,445) Net current period change (331,131) (100,847) (431,978) Balance as of December 31, 2022 $ (551,013) $ (62,410) $ (613,423) Net current period change (105,050) (54,195) (159,245) Balance as of December 31, 2023 $ (656,063) $ (116,605) $ (772,668) |
Incentive Plans (Tables)
Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 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 Valuation Assumptions | Expected Stock Price Risk-Free Interest Award Date Volatility rate January 1, 2021 27 % 0.17 % February 25, 2021 26 % 0.31 % January 1, 2022 26 % 0.97 % January 1, 2023 32 % 4.18 % |
Schedule of compensation expense and unearned compensation | Below is a summary of compensation expense and unearned compensation (in millions): Expected period to Deferred Compensation Unearned Compensation recognize Expensed Capitalized As of As of unearned Year Ended December 31, December 31, December 31, compensation Type of incentive award 2023 2022 2021 2023 2022 2021 2023 2022 (in years) Long-term incentive units $ 14.5 $ 21.7 $ 15.4 $ 0.2 $ 0.2 $ 0.2 $ 16.6 $ 20.7 2.1 Performance-based awards 12.9 21.4 23.9 0.2 0.5 0.7 19.9 30.3 2.0 Service-based restricted stock units 21.1 25.9 23.2 7.5 5.4 3.3 66.4 55.4 2.5 Interxion awards 6.0 4.7 17.7 0.1 — — — 1.9 — |
Schedule of weighted average fair value | Weighted Average Fair Value at Date of Grant Type of incentive award 2023 2022 2021 Long-term incentive units $ 121.99 $ 146.37 $ 132.66 Performance-based awards 97.06 154.26 137.69 Restricted stock 132.07 131.57 129.52 |
Summary of Long-Term Incentive Unit Activity | Weighted-Average Weighted-Average Aggregate Grant Date Fair Remaining Contractual Intrinsic Value (1) Unvested LTIP Units Units Value Life (Years) (in thousands) Unvested, beginning of period 279,258 $ 146.37 Granted 180,535 104.82 Vested (181,182) 136.39 Cancelled or expired (40,251) 149.36 Unvested, end of period 238,360 $ 121.99 1.96 $ 32,078 (1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2023. |
Summary of Restricted Stock Activity | Weighted-Average Weighted-Average Aggregate Grant Date Fair Remaining Contractual Intrinsic Value (1) Unvested Restricted Stock Units Shares Value Life (Years) (in thousands) Unvested, beginning of period 507,837 $ 131.57 Granted 568,671 122.25 Vested (371,232) 119.87 Cancelled or expired (83,413) 116.39 Unvested, end of period 621,863 $ 132.07 2.47 $ 83,690 (1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2023. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments | |
Schedule of effective portion of gains and losses on derivative instruments | Year Ended December 31, 2023 2022 2021 Cross-currency interest rate swaps (included component) (1) $ 22,703 $ 116,550 $ — Cross-currency interest rate swaps (excluded component) (2) 25,428 (7,929) — Total $ 48,131 $ 108,621 $ — Location of Year Ended December 31, gain or (loss) 2023 2022 2021 Cross-currency interest rate swaps (excluded component) (2) Interest expense $ 21,836 $ 6,260 $ — (2) Included component represents foreign exchange spot rates. (3) Excluded component represents cross-currency basis spread and interest rates. |
Schedule of effect of cash flow hedges on accumulated other comprehensive income and the consolidated income statements | The effect of these cash flow hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2023, 2022 and 2021, was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Interest rate swaps $ 7,221 $ (7,774) $ (2,582) Location of Year Ended December 31, gain or (loss) 2023 2022 2021 Interest rate swaps Interest expense $ 10,953 $ 819 $ (1,304) |
Schedule of fair value of derivative instruments in Balance sheets | December 31, 2023 December 31, 2022 Assets (1) Liabilities (2) Assets (1) Liabilities (2) Cross-currency interest rate swaps $ — $ 156,753 $ — $ 108,621 Interest rate swaps 8,538 — 17,120 252 $ 8,538 $ 156,753 $ 17,120 $ 108,873 (1) As presented in our consolidated balance sheets within Other assets. (2) As presented in our consolidated balance sheets within Accounts payable and other Accrued liabilities. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Financial Instruments | |
Estimated Fair Value And Carrying Amounts | The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, Euro Term Loan Facilities and USD Term Loan Facility, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands): Categorization As of December 31, 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 $ 1,825,228 $ 1,825,228 $ 2,167,889 $ 2,167,889 Unsecured term loans (1) Level 2 1,567,925 1,567,925 802,875 802,875 Unsecured senior notes (2) Level 2 12,417,619 13,507,427 11,331,989 13,220,961 Secured and other debt (2) Level 2 625,473 637,072 517,226 532,130 $ 16,436,245 $ 17,537,652 $ 14,819,979 $ 16,723,855 (1) The carrying value of our Global Revolving Credit Facilities and 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) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information | |
Schedule of cash, cash equivalents, and restricted cash | Balance as of (Amounts in thousands) December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,625,495 $ 141,773 $ 142,698 Restricted cash (included in Other assets) 10,975 8,923 8,787 Total $ 1,636,470 $ 150,696 $ 151,485 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment and Geographic Information | |
Schedule of Investment and operating revenues of geographical areas | Operating Revenues Year Ended December 31, (Amounts in millions) 2023 2022 2021 Inside the United States $ 2,836.0 $ 2,760.4 $ 2,769.5 Outside the United States 2,641.1 1,931.4 1,658.4 Revenue Outside of U.S. % 48.2 % 41.2 % 37.5 % Investments in Properties, net Operating lease right-of-use assets, net As of December 31, As of December 31, (Amounts in millions) 2023 2022 2023 2022 Inside the United States $ 10,429.1 $ 11,517.3 $ 610.2 $ 647.0 Outside the United States 13,806.9 12,257.4 804.0 704.3 Net Assets in Foreign Operations $ 6,778.4 $ 6,330.2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Period in which short-term investment become cash equivalents | 90 days |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - PPE (Details) | Dec. 31, 2023 |
Machinery and Equipment | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 7 years |
Machinery and Equipment | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 15 years |
Furniture and Fixtures | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 3 years |
Furniture and Fixtures | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 5 years |
Buildings and Improvements | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 5 years |
Buildings and Improvements | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 39 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |||
Capitalized deferred leasing cost | $ 43.1 | $ 51.8 | $ 42.8 |
Deferred leasing costs | 220.5 | 257 | |
Accumulated amortization, deferred leasing costs and intangibles | 558.3 | 514.3 | |
Amortization expense on deferred leasing costs | $ 76.8 | $ 79.2 | $ 83.4 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Goodwill and Other Acquired Intangible Assets (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) segment item | |
Summary of Significant Accounting Policies | |
Number of reportable segments | segment | 1 |
Number of reporting units | item | 1 |
Indefinite-lived intangible assets other than goodwill | $ | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Derivative Instruments (Details) $ in Millions | Dec. 31, 2023 USD ($) derivative |
Summary Of Significant Accounting Policies [Line Items] | |
Total outstanding principle balance | $ | $ 545 |
Interest Rate Swap | |
Summary Of Significant Accounting Policies [Line Items] | |
Derivatives in liability positions | 0 |
Foreign Exchange Forward | |
Summary Of Significant Accounting Policies [Line Items] | |
Derivatives in asset positions | 0 |
Foreign-currency transaction | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of derivatives held | 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Revenue Recognition and Gains (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
ASU 2014-09 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenue recognized as a percent of total revenue | 10% | 10% | 10% |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 01, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||
Goodwill. | $ 9,208,497 | $ 9,239,871 | $ 9,208,497 | $ 7,937,440 | ||
Teraco | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of interest acquired | 61.10% | |||||
Total purchase consideration | $ 1,730,175 | |||||
Goodwill. | $ 1,625,994 | 1,576,704 | $ 1,462,994 | 1,576,704 | ||
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 | $ 18,100 | $ 4,800 | ||||
Adjustments made, net income attributable to Digital Realty Trust, Inc. to the extent the redemption value exceeds the fair value | $ 0 | $ 0 | ||||
Teraco | Scenario | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of interest acquired | 55% | |||||
the Trust | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of interest acquired | 12% |
Business Combinations - Amounts
Business Combinations - Amounts Recorded at the Teraco Acquisition Date (Details) - USD ($) $ in Thousands | Aug. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Operating lease right-of-use assets | $ 1,414,256 | $ 1,351,329 | ||
Goodwill | 9,239,871 | 9,208,497 | $ 7,937,440 | |
Teraco | ||||
Business Acquisition [Line Items] | ||||
Building and improvements | $ 1,376,128 | |||
Construction in progress and space held for development | 521,153 | |||
Operating lease right-of-use assets | 2,784 | |||
Assumed cash and cash equivalents | 5,528 | |||
Goodwill | 1,625,994 | $ 1,462,994 | $ 1,576,704 | |
Customer relationship value and other intangibles (weighted-average amortization life of 14 years) | 720,126 | |||
Debt assumed | (355,688) | |||
Operating lease liabilities | (4,031) | |||
Deferred tax liabilities, net | (632,841) | |||
Redeemable noncontrolling interests | (1,530,090) | |||
Working capital assets, net | 1,112 | |||
Total purchase consideration | $ 1,730,175 | |||
Teraco | Customer relationships and other intangibles | ||||
Business Acquisition [Line Items] | ||||
Expected average remaining lives (in years) | 14 years |
Leases - Summary of minimum lea
Leases - Summary of minimum lease payments operating leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future Minimum Payments Receivable on Operating Leases | |
2024 | $ 2,896,757 |
2025 | 2,213,163 |
2026 | 1,797,304 |
2027 | 1,416,874 |
2028 | 1,164,093 |
Thereafter | 3,676,797 |
Total | $ 13,164,988 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) customer | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Leases | |||
Rent expense | $ | $ 153.2 | $ 144 | $ 145.7 |
Weighted average remaining lease term, operating lease | 13 years | ||
Weighted average remaining lease term, finance lease | 14 years | ||
Largest customer accounting for revenue base, percentage | 10% | ||
Number of customers that makes up more than 6% of our total revenue | customer | 0 | ||
No other individual customer makes up more than (percent of total revenue) | 6% | ||
Incremental borrowing rate, operating lease | 3.40% | ||
Incremental borrowing rate, finance lease | 2% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease liabilities | ||
2024 | $ 163,799 | |
2025 | 167,415 | |
2026 | 167,687 | |
2027 | 166,075 | |
2028 | 158,538 | |
Thereafter | 1,110,512 | |
Total undiscounted future cash flows | 1,934,026 | |
Less: Imputed interest | (391,932) | |
Present value of undiscounted future cash flows | $ 1,542,094 | $ 1,471,044 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities | |
Finance lease liabilities | ||
2024 | $ 21,899 | |
2025 | 21,925 | |
2026 | 21,867 | |
2027 | 22,368 | |
2028 | 91,771 | |
Thereafter | 212,979 | |
Total undiscounted future cash flows | 392,809 | |
Less: Imputed interest | (77,631) | |
Present value of undiscounted future cash flows | $ 315,178 | |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities |
Receivables - Accounts and Othe
Receivables - Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables | ||
Accounts receivable - trade | $ 694,252 | $ 551,393 |
Allowance for doubtful accounts | (41,204) | (33,048) |
Accounts receivable - trade, net | 653,048 | 518,345 |
Accounts receivable - customer recoveries | 233,499 | 170,012 |
Value-added tax receivables | 257,911 | 167,459 |
Accounts receivable - installation fees | 65,203 | 60,663 |
Other receivables | 68,449 | 52,813 |
Accounts and other receivables, net | $ 1,278,110 | $ 969,292 |
Receivables - Deferred rent, ne
Receivables - Deferred rent, net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables | ||
Deferred rent receivables | $ 657,009 | $ 612,439 |
Allowance for deferred rent receivables | (32,582) | (10,849) |
Deferred rent, net | $ 624,427 | $ 601,590 |
Investments in Properties (Deta
Investments in Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in Properties | ||
Land | $ 1,087,278 | $ 1,061,408 |
Acquired ground lease | 91 | 6,006 |
Buildings and improvements | 25,388,788 | 24,287,103 |
Tenant improvements | 830,211 | 781,540 |
Total investments in operating properties | 27,306,368 | 26,136,057 |
Accumulated depreciation and amortization | (7,823,685) | (7,268,981) |
Investments in operating properties, net | 19,482,683 | 18,867,076 |
Construction in progress and space held for development | 4,635,215 | 4,789,134 |
Land held for future development | 118,190 | 118,452 |
Investments in properties, net | $ 24,236,088 | $ 23,774,662 |
Investments in Properties - Add
Investments in Properties - Additional Information (Details) - Data Center Joint Venture $ in Millions | 1 Months Ended |
Dec. 31, 2023 USD ($) item | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture amount | $ 7,000 |
The number of hyperscale data center campuses develop through joint venture | item | 4 |
Assets Held For Sale | |
Schedule of Equity Method Investments [Line Items] | |
Carrying value of real estate held-for-sale | $ 478.5 |
Obligations Associated With Assets Held For Sale | |
Schedule of Equity Method Investments [Line Items] | |
Carrying value of real estate held-for-sale | 39 |
Blackstone Inc. | |
Schedule of Equity Method Investments [Line Items] | |
Joint venture amount | $ 7,000 |
The number of hyperscale data center campuses develop through joint venture | item | 4 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions of Properties - Disposition of Properties to Digital Core REIT (Details) | 3 Months Ended | |||
Dec. 13, 2022 USD ($) | Aug. 08, 2022 | Dec. 06, 2021 USD ($) property | Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | |
Ownership interest in DCRU operating properties | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage of retained investment in properties | 10% | |||
Ownership interest in operating properties | 10% | |||
Data center facility in Frankfurt, Germany | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposition of properties | $ 0 | |||
Ownership interest held in operating properties sold | 25% | |||
Consideration on sale of ownership | $ 146,000,000 | |||
Amount loaned to the consolidated subsidiary that owns the data center | $ 79,800,000 | |||
Digital Core REIT (DCRU) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash received | $ 919,100,000 | |||
Fair market value of retained investment in SREIT | 521,400,000 | |||
Acquisition fees paid in Digital Core REIT units | 13,000,000 | |||
Tax on acquisition fees | 3,000,000 | |||
Net book value of assets contributed | 439,300,000 | |||
Gain on disposition of properties | $ 1,011,200,000 | |||
Digital Core REIT (DCRU) | Ownership interest in DCRU operating properties | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties, classified as held for sale | property | 10 | |||
Cash received | $ 919,000,000 | |||
Fair market value of retained investment in SREIT | 1,400,000,000 | |||
Acquisition fees paid in Digital Core REIT units | $ 13,000,000 | |||
Percentage of retained investment in properties | 10% | |||
Ownership interest in operating properties | 39.40% |
Acquisitions and Dispositions_4
Acquisitions and Dispositions of Properties - Disposition of Other Properties (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Aug. 08, 2022 USD ($) | Dec. 06, 2021 | Mar. 16, 2021 USD ($) property | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | ||||
Non-core building in Dallas | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gross Proceeds | $ 203 | ||||||
Gain on sale | 174 | ||||||
Non-core building in Dallas | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gross Proceeds | 203 | ||||||
Gain on sale | $ 174 | ||||||
Joint venture contributions | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gross Proceeds | $ 2,278.5 | ||||||
Gain on sale | 814 | ||||||
Non-core assets | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on sale | 87 | ||||||
Net proceeds on sale of real estate | 341 | ||||||
Non-core assets | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gross Proceeds | 341.3 | ||||||
Gain on sale | $ 86.6 | ||||||
European Portfolio | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gross Proceeds | $ 680 | ||||||
Gain on sale | $ 332 | ||||||
European Portfolio | Data Centers | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties, classified as held for sale | property | 11 | ||||||
European Portfolio | Data Centers | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gross Proceeds | $ 680 | ||||||
Gain on sale | $ 332 | ||||||
Other | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gross Proceeds | $ 2.8 | $ 109.6 | |||||
Gain on sale | $ 2.8 | $ 37.7 | |||||
Great Britain | European Portfolio | Data Centers | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties, classified as held for sale | property | 4 | ||||||
Netherlands | European Portfolio | Data Centers | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties, classified as held for sale | property | 3 | ||||||
France | European Portfolio | Data Centers | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties, classified as held for sale | property | 3 | ||||||
Switzerland | European Portfolio | Data Centers | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties, classified as held for sale | property | 1 |
Acquisitions and Dispositions_5
Acquisitions and Dispositions of Properties - Additional Information (Details) $ in Millions | 12 Months Ended | |||||
Jan. 12, 2024 USD ($) | Nov. 10, 2023 USD ($) item property | Jul. 25, 2023 USD ($) property | Jul. 23, 2023 USD ($) property | Jul. 13, 2023 USD ($) property | Dec. 31, 2023 USD ($) item | |
Non-core assets | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Real estate property | item | 3 | |||||
Gross proceeds | $ 341 | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 87 | |||||
Ownership interest in DCRU operating properties | Hyperscale data center buildings in the Chicago metro area | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership percentage in joint ventures | 35% | |||||
Ownership interest in DCRU operating properties | Hyperscale data center buildings in the Northern Virginia | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership percentage in joint ventures | 20% | 20% | ||||
Ownership interest in DCRU operating properties | Subsequent Event | Hyperscale data center buildings in the Chicago metro area | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership percentage in joint ventures | 20% | |||||
Joint Venture With Realty Income | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Percentage of ownership Interest in partnership | 80% | |||||
Number Of Properties Sold | property | 2 | |||||
Proceeds from Partnership Contribution | $ 148 | |||||
Development cost | 150 | |||||
Purchase Price | $ 185 | |||||
Joint Venture With Realty Income | Hyperscale data center buildings in the Northern Virginia | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Percentage of ownership Interest in partnership | 80% | |||||
Proceeds from Partnership Contribution | $ 148 | |||||
Number of data centers | item | 2 | |||||
Pre leased | 100% | |||||
Development cost | $ 150 | |||||
Purchase Price | $ 185 | |||||
Joint Venture with TPG Real Estate | Hyperscale data center buildings in the Northern Virginia | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number Of Properties Sold | property | 3 | |||||
Proceeds from Partnership Contribution | $ 1,400 | |||||
Gain on disposition | $ 576,000 | |||||
Percentage of interest in property sold | 80% | |||||
Purchase Price | $ 1,500 | |||||
Gross Proceeds | $ 1,400 | |||||
Joint Venture with GI Partners | Hyperscale data center buildings in the Chicago metro area | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Percentage of ownership Interest in partnership | 65% | 65% | ||||
Number Of Properties Sold | property | 2 | 2 | ||||
Proceeds from Partnership Contribution | $ 700 | $ 700 | ||||
Call option to increase their ownership interest in the joint venture | 80% | |||||
Gain on disposition | $ 238 | |||||
Purchase Price | $ 900 | |||||
Joint Venture with GI Partners | Subsequent Event | Hyperscale data center buildings in the Chicago metro area | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Percentage of ownership Interest in partnership | 80% | |||||
Additional cash contribution by Joint Venture partner | $ 68 | |||||
Percentage of Interest Acquired in Joint Venture | 15% |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Nov. 10, 2023 | Dec. 31, 2022 |
Realty Income | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 20% | ||
Digital Core REIT | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 36% | ||
Unconsolidated Joint Ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated joint ventures | $ 2,295,889 | $ 1,991,426 | |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in Americas | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated joint ventures | 1,363,226 | 951,331 | |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in APAC | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated joint ventures | 569,996 | 543,521 | |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in EMEA | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated joint ventures | 28,334 | 31,559 | |
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in Global | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated joint ventures | $ 334,333 | $ 465,015 | |
Unconsolidated Joint Ventures | Clise | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 50% | ||
Unconsolidated Joint Ventures | Colovore | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 17% | ||
Unconsolidated Joint Ventures | GI Partners | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 35% | ||
Unconsolidated Joint Ventures | Mapletree | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 20% | ||
Unconsolidated Joint Ventures | Menlo | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 20% | ||
Unconsolidated Joint Ventures | Realty Income | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 20% | ||
Unconsolidated Joint Ventures | TPG Real Estate | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 20% | ||
Unconsolidated Joint Ventures | Walsh | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 85% | ||
Unconsolidated Joint Ventures | Digital Connexion | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 33% | ||
Unconsolidated Joint Ventures | Lumen | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 50% | ||
Unconsolidated Joint Ventures | MC Digital Realty | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 50% | ||
Unconsolidated Joint Ventures | Medallion | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 60% | ||
Unconsolidated Joint Ventures | Mivne | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 50% | ||
Unconsolidated Joint Ventures | Digital Core REIT | |||
Schedule of Equity Method Investments [Line Items] | |||
% Ownership | 43% |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Jan. 12, 2024 USD ($) | Nov. 10, 2023 USD ($) item property | Jul. 25, 2023 USD ($) property | Jul. 23, 2023 USD ($) property | Jul. 13, 2023 USD ($) property | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) property $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Realty Income | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of properties sold | property | 2 | |||||||
Purchase Price | $ 185 | |||||||
Proceeds from partnership contribution | $ 148 | |||||||
Percentage of interest in partnership | 80% | |||||||
Remaining development cost to be funded by each partner in pro rata share | $ 150 | |||||||
Realty Income | Hyperscale data center buildings in the Northern Virginia | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase Price | 185 | |||||||
Proceeds from partnership contribution | $ 148 | |||||||
Percentage of interest in partnership | 80% | |||||||
Remaining development cost to be funded by each partner in pro rata share | $ 150 | |||||||
Number Of Data Centers | item | 2 | |||||||
TPG Real Estate Joint Venture | Hyperscale data center buildings in the Northern Virginia | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of properties sold | property | 3 | |||||||
Purchase Price | $ 1,500 | |||||||
Proceeds from partnership contribution | 1,400 | |||||||
Fair value of the retained interest | $ 121 | |||||||
GI Partners Joint Venture | Hyperscale data center buildings in the Chicago metro area | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of properties sold | property | 2 | 2 | ||||||
Purchase Price | $ 900 | |||||||
Proceeds from partnership contribution | $ 700 | $ 700 | ||||||
Percentage of interest in partnership | 65% | 65% | ||||||
Fair value of the retained interest | $ 157 | |||||||
GI Partners Joint Venture | Hyperscale data center buildings in the Chicago metro area | Subsequent Event | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of interest in partnership | 80% | |||||||
Additional cash contribution by Joint Venture partner | $ 68 | |||||||
Percentage of Interest Acquired in Joint Venture | 15% | |||||||
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 | $ 23 | ||||||
Digital Core REIT (DCRU) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of units owned | shares | 406 | 396 | ||||||
Closing price per unit | $ / shares | $ 0.65 | $ 0.55 | ||||||
Fair value of shares | $ 264 | $ 218 | ||||||
Impairment charge | $ 95 | |||||||
Realty Income | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage in joint ventures | 20% | |||||||
GI Partners | Hyperscale data center buildings in the Chicago metro area | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage in joint ventures | 35% | |||||||
GI Partners | Hyperscale data center buildings in the Chicago metro area | Subsequent Event | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage in joint ventures | 20% | |||||||
TPG Real Estate | Hyperscale data center buildings in the Northern Virginia | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage in joint ventures | 20% | |||||||
Digital Core REIT (DCRU) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage in joint ventures | 36% | |||||||
North America | Digital Core REIT (DCRU) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage in joint ventures | 10% | |||||||
Germany | Digital Core REIT (DCRU) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage in joint ventures | 75% | |||||||
Digital Core REIT (DCRU) | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number Of Data Centers | property | 12 | |||||||
Digital Core REIT (DCRU) | Fee income and other | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Fees earned pursuant to these contractual agreements | $ 10.7 | $ 10.6 | ||||||
GI Partners | GI Partners Joint Venture | Hyperscale data center buildings in the Chicago metro area | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of interest in partnership | 65% | |||||||
Call option to increase ownership interest in joint venture | 80% | |||||||
TPG Real Estate | TPG Real Estate Joint Venture | Hyperscale data center buildings in the Northern Virginia | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of interest in partnership | 80% |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summarized Financial Information of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Net Investment in Properties | $ 24,236,088 | $ 23,774,662 | |
Total Assets | 44,113,258 | 41,484,998 | |
Mortgage Loans | 630,973 | 528,870 | |
Liabilities | 23,116,937 | 21,862,854 | |
Equity / (Deficit) | 19,117,534 | 17,583,334 | |
Investments in unconsolidated entities | 2,295,889 | 1,991,426 | $ 1,807,689 |
Revenues | 5,477,061 | 4,691,834 | 4,427,882 |
Net Income (Loss) | 950,312 | 380,325 | 1,747,412 |
Equity in (earnings) loss of unconsolidated entities | (29,791) | (13,497) | 62,283 |
Unconsolidated entities | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 10,347,491 | 7,078,397 | 6,411,124 |
Liabilities | 4,661,388 | 2,510,983 | 2,160,389 |
Equity / (Deficit) | 5,686,103 | 4,567,414 | 4,250,735 |
Revenues | 962,701 | 727,595 | 577,515 |
Net Operating Income | 521,424 | 409,855 | 340,767 |
Net Income (Loss) | (39,945) | (37,858) | 211,207 |
Unconsolidated Joint Ventures in Americas | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 6,627,520 | 3,648,169 | 3,377,842 |
Liabilities | 3,105,127 | 1,350,163 | 1,223,434 |
Equity / (Deficit) | 3,522,393 | 2,298,006 | 2,154,408 |
Revenues | 590,264 | 406,325 | 375,271 |
Net Operating Income | 326,042 | 240,498 | 231,960 |
Net Income (Loss) | (13,097) | (38,874) | 183,336 |
Unconsolidated Joint Ventures in APAC | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 2,097,115 | 1,705,553 | 1,527,323 |
Liabilities | 880,972 | 541,509 | 548,578 |
Equity / (Deficit) | 1,216,143 | 1,164,044 | 978,745 |
Revenues | 257,905 | 201,405 | 193,744 |
Net Operating Income | 121,053 | 90,924 | 102,822 |
Net Income (Loss) | 42,244 | 25,946 | 32,691 |
Unconsolidated Joint Ventures in EMEA | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 80,525 | 121,950 | 65,459 |
Liabilities | 83,819 | 68,223 | 38,377 |
Equity / (Deficit) | (3,294) | 53,727 | 27,082 |
Revenues | 1,601 | 1,632 | 316 |
Net Operating Income | 939 | 851 | 141 |
Net Income (Loss) | (8,225) | (5,475) | (172) |
Unconsolidated Joint Ventures in Global | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | 1,542,331 | 1,602,725 | 1,440,500 |
Liabilities | 591,470 | 551,088 | 350,000 |
Equity / (Deficit) | 950,861 | 1,051,637 | 1,090,500 |
Revenues | 112,931 | 118,233 | 8,184 |
Net Operating Income | 73,390 | 77,582 | 5,844 |
Net Income (Loss) | $ (60,867) | $ (19,455) | $ (4,648) |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Goodwill - Beginning Balance | $ 9,208,497 | $ 7,937,440 |
Acquisition | 1,625,994 | |
Goodwill Adjustments | 7,834 | (1,224) |
Impact of Change in Foreign Exchange Rates | 23,540 | (353,713) |
Goodwill - Ending Balance | 9,239,871 | 9,208,497 |
Telx Acquisition | ||
Goodwill [Line Items] | ||
Goodwill - Beginning Balance | 330,845 | 330,845 |
Goodwill - Ending Balance | 330,845 | 330,845 |
European Portfolio Acquisition | ||
Goodwill [Line Items] | ||
Goodwill - Beginning Balance | 408,055 | 448,124 |
Goodwill Adjustments | 3,011 | |
Impact of Change in Foreign Exchange Rates | 18,444 | (40,069) |
Goodwill - Ending Balance | 429,510 | 408,055 |
DFT Merger | ||
Goodwill [Line Items] | ||
Goodwill - Beginning Balance | 2,592,147 | 2,592,147 |
Goodwill - Ending Balance | 2,592,147 | 2,592,147 |
Interxion Combination | ||
Goodwill [Line Items] | ||
Goodwill - Beginning Balance | 4,288,208 | 4,547,153 |
Goodwill Adjustments | 4,843 | 5,409 |
Impact of Change in Foreign Exchange Rates | 118,806 | (264,354) |
Goodwill - Ending Balance | 4,411,857 | 4,288,208 |
Teraco | ||
Goodwill [Line Items] | ||
Goodwill - Beginning Balance | 1,576,704 | |
Acquisition | 1,625,994 | |
Impact of Change in Foreign Exchange Rates | (113,710) | (49,290) |
Goodwill - Ending Balance | 1,462,994 | 1,576,704 |
Other Combinations | ||
Goodwill [Line Items] | ||
Goodwill - Beginning Balance | 12,538 | 19,171 |
Goodwill Adjustments | (20) | (6,633) |
Goodwill - Ending Balance | $ 12,518 | $ 12,538 |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Customer relationship value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,926,808 | $ 3,327,765 |
Accumulated Amortization | (952,943) | (888,105) |
Total | 1,973,865 | 2,439,660 |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,089,743 | 1,369,526 |
Accumulated Amortization | (859,167) | (1,041,631) |
Total | 230,576 | 327,895 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 108,744 | 94,829 |
Accumulated Amortization | (33,483) | (26,788) |
Total | 75,261 | 68,041 |
Acquired above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 153,205 | 264,071 |
Accumulated Amortization | (150,344) | (253,693) |
Total | 2,861 | 10,378 |
Acquired below-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market lease, Gross Carrying Amount | (273,951) | (344,256) |
Below-market lease, Accumulated Amortization | 226,840 | 255,821 |
Total | $ (47,111) | $ (88,435) |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer relationship value, acquired in-place lease value and other intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible assets | $ 252 | $ 253.3 | $ 262.9 |
Rental and other services | Below-market leases, net of above-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase (decrease) in revenue | $ 6.5 | $ 2.9 | $ 3.6 |
Acquired Intangible Assets An_5
Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Customer relationship value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 176,848 | |
2025 | 176,622 | |
2026 | 175,981 | |
2027 | 175,588 | |
2028 | 153,143 | |
Thereafter | 1,115,683 | |
Total | $ 1,973,865 | $ 2,439,660 |
Expected average remaining lives (in years) | 14 years 3 months 18 days | |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 51,381 | |
2025 | 49,839 | |
2026 | 48,012 | |
2027 | 38,482 | |
2028 | 18,563 | |
Thereafter | 24,299 | |
Total | $ 230,576 | 327,895 |
Expected average remaining lives (in years) | 4 years 6 months | |
Other | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 2,802 | |
2025 | 2,802 | |
2026 | 2,802 | |
2027 | 2,802 | |
2028 | 2,817 | |
Thereafter | 7,916 | |
Total | 21,941 | |
Power grid rights | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Total | 53,300 | |
Acquired above-market leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | 1,327 | |
2025 | 1,070 | |
2026 | 357 | |
2027 | 48 | |
2028 | 46 | |
Thereafter | 13 | |
Total | $ 2,861 | $ 10,378 |
Expected average remaining lives (in years) | 2 years 1 month 6 days | |
Acquired below-market leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ (6,712) | |
2025 | (6,560) | |
2026 | (5,798) | |
2027 | (5,182) | |
2028 | (4,979) | |
Thereafter | (17,880) | |
Total | $ (47,111) | |
Expected average remaining lives (in years) | 6 years 10 months 24 days |
Debt of the Operating Partner_3
Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.89% | 2.68% |
Amount Outstanding | $ 17,537,652 | $ 16,723,855 |
Global Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 4.33% | 3.04% |
Amount Outstanding | $ 1,825,228 | $ 2,167,889 |
Unsecured term loans | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 4.76% | 2.49% |
Amount Outstanding | $ 1,567,925 | $ 802,875 |
Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.24% | 2.44% |
Amount Outstanding | $ 13,507,427 | $ 13,220,961 |
Secured and other debt | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 8.07% | 7.12% |
Amount Outstanding | $ 637,072 | $ 532,130 |
Digital Realty Trust, L.P. | Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 13,507,427 | $ 13,220,961 |
Debt of the Operating Partner_4
Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 17,537,652 | $ 16,723,855 |
% of Total | 2.89% | 2.68% |
U.S. dollar | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 2,784,875 | $ 3,855,903 |
% of Total | 15.90% | 23.10% |
British pound sterling | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 1,973,305 | $ 1,929,051 |
% of Total | 11.20% | 11.50% |
Euro | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 10,835,878 | $ 9,325,126 |
% of Total | 61.80% | 55.80% |
Other | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 1,943,594 | $ 1,613,775 |
% of Total | 11.10% | 9.60% |
Debt of the Operating Partner_5
Debt of the Operating Partnership - Schedule of Debt Maturities And Principal Payments (Details) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | ||||
Jan. 09, 2024 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) Option item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | |
Debt Instrument | ||||||
2024 | $ 980,936 | |||||
2025 | 2,795,284 | |||||
2026 | 3,449,538 | |||||
2027 | 1,396,780 | |||||
2028 | 2,395,725 | |||||
Thereafter | 6,519,389 | |||||
Subtotal | 17,537,652 | $ 16,723,855 | ||||
Unamortized net discounts | (37,078) | |||||
Unamortized deferred financing costs | (74,667) | |||||
Total | 17,425,907 | |||||
Repayments on secured / unsecured debt | 111,979 | 1,036,577 | $ 990,968 | |||
Premium paid for early extinguishment of debt | 49,662 | 16,482 | ||||
Global Revolving Credit Facilities | ||||||
Debt Instrument | ||||||
2026 | 1,825,228 | |||||
Subtotal | 1,825,228 | 2,167,889 | ||||
Unamortized deferred financing costs | (12,941) | |||||
Total | $ 1,812,287 | |||||
Number Of Extension Options | item | 2 | |||||
Debt instrument, extension term | 6 months | |||||
Unsecured Term Loans | ||||||
Debt Instrument | ||||||
2025 | $ 1,567,925 | |||||
Subtotal | 1,567,925 | 802,875 | ||||
Unamortized deferred financing costs | (7,620) | |||||
Total | 1,560,305 | |||||
Unsecured Senior Notes | ||||||
Debt Instrument | ||||||
2024 | 980,615 | |||||
2025 | 1,226,775 | |||||
2026 | 1,513,519 | |||||
2027 | 1,178,269 | |||||
2028 | 2,101,950 | |||||
Thereafter | 6,506,299 | |||||
Subtotal | 13,507,427 | 13,220,961 | ||||
Unamortized net discounts | (33,324) | |||||
Unamortized deferred financing costs | (51,761) | |||||
Total | 13,422,342 | |||||
Secured and Other Debt | ||||||
Debt Instrument | ||||||
2024 | 321 | |||||
2025 | 584 | |||||
2026 | 110,791 | |||||
2027 | 218,511 | |||||
2028 | 293,775 | |||||
Thereafter | 13,090 | |||||
Subtotal | 637,072 | |||||
Unamortized net discounts | (3,754) | |||||
Unamortized deferred financing costs | (2,345) | |||||
Total | $ 630,973 | |||||
U.S. Term Loan | ||||||
Debt Instrument | ||||||
Subtotal | $ 500,000 | |||||
Number Of Extension Options | Option | 1 | |||||
Debt instrument, extension term | 12 months | |||||
Debt face amount | $ 740,000 | |||||
Percentage of extension fee | 0.1875% | 0.1875% | ||||
Repayments on secured / unsecured debt | $ 240,000 | |||||
Premium paid for early extinguishment of debt | $ 1,100 | |||||
Digital Realty Trust, L.P. | ||||||
Debt Instrument | ||||||
Repayments on secured / unsecured debt | $ 111,979 | 1,036,577 | 990,968 | |||
Premium paid for early extinguishment of debt | 49,662 | $ 16,482 | ||||
Digital Realty Trust, L.P. | Global Revolving Credit Facilities | ||||||
Debt Instrument | ||||||
Number of extension option | Option | 2 | |||||
Maturity extension option term | 6 months | |||||
Percentage of extension fee | 0.0625% | 0.0625% | ||||
Digital Realty Trust, L.P. | Unsecured Term Loans | ||||||
Debt Instrument | ||||||
Number Of Extension Options | Option | 2 | |||||
Debt instrument, extension term | 1 year | |||||
Debt face amount | € | € 375 | |||||
Percentage of extension fee | 0.125% | 0.125% | ||||
Digital Realty Trust, L.P. | Unsecured Senior Notes | ||||||
Debt Instrument | ||||||
Subtotal | $ 13,507,427 | 13,220,961 | ||||
Unamortized deferred financing costs | $ (51,761) | $ (63,648) |
Debt of the Operating Partner_6
Debt of the Operating Partnership - Unsecured Senior Notes (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 |
Debt of the Operating Partnership [Line Items] | ||||||
Long-term debt, gross | $ 17,537,652 | $ 16,723,855 | ||||
Deferred financing costs | (74,667) | |||||
Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Long-term debt, gross | 13,507,427 | 13,220,961 | ||||
Deferred financing costs | (51,761) | |||||
Secured and Other Debt | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Long-term debt, gross | 637,072 | 532,130 | ||||
Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Long-term debt, gross | 13,507,427 | 13,220,961 | ||||
Unamortized discounts, net of premiums | (33,324) | (37,280) | ||||
Deferred financing costs | (51,761) | (63,648) | ||||
Total unsecured senior notes, net of discount and deferred financing costs | $ 13,422,342 | 13,120,033 | ||||
Digital Realty Trust, L.P. | Mortgage Loan For Westin Building | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.29% | 3.29% | 3.29% | 3.29% | ||
Long-term debt, gross | $ 135,000 | |||||
Digital Realty Trust, L.P. | Unsecured Debt In Greece | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 11.65% | 11.65% | 11.65% | 11.65% | ||
Long-term debt, gross | $ 10,000 | |||||
0.600% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.60% | 0.60% | 0.60% | 0.60% | ||
Aggregate principal amount | $ 108,310 | SFr 100,000 | ||||
Long-term debt, gross | 108,121 | |||||
2.625% notes due 2024 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.625% | 2.625% | 2.625% | 2.625% | ||
Aggregate principal amount | $ 677,040 | € 600,000 | ||||
Long-term debt, gross | $ 662,340 | 642,300 | ||||
2.750% notes due 2024 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.75% | 2.75% | 2.75% | 2.75% | ||
Aggregate principal amount | $ 324,925 | £ 250,000 | ||||
Long-term debt, gross | $ 318,275 | 302,075 | ||||
4.250% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 4.25% | 4.25% | 4.25% | 4.25% | ||
Aggregate principal amount | $ 634,480 | £ 400,000 | ||||
Long-term debt, gross | $ 509,240 | 483,320 | ||||
0.625% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.625% | 0.625% | 0.625% | 0.625% | ||
Aggregate principal amount | $ 720,980 | € 650,000 | ||||
Long-term debt, gross | $ 717,535 | 695,825 | ||||
2.500% notes due 2026 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.50% | 2.50% | 2.50% | 2.50% | ||
Aggregate principal amount | $ 1,224,640 | € 1,075,000 | ||||
Long-term debt, gross | $ 1,186,693 | 1,150,788 | ||||
0.200% notes due 2026 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.20% | 0.20% | 0.20% | 0.20% | ||
Aggregate principal amount | $ 298,404 | SFr 275,000 | ||||
Long-term debt, gross | $ 326,826 | 297,331 | ||||
1.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.70% | 1.70% | 1.70% | 1.70% | ||
Aggregate principal amount | $ 162,465 | SFr 150,000 | ||||
Long-term debt, gross | $ 178,269 | 162,181 | ||||
3.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.70% | 3.70% | 3.70% | 3.70% | ||
Aggregate principal amount | $ 1,000,000 | |||||
Long-term debt, gross | $ 1,000,000 | 1,000,000 | ||||
5.550% notes due 2028 | Digital Realty Trust, L.P. | 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 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.125% | 1.125% | 1.125% | 1.125% | ||
Aggregate principal amount | $ 548,550 | € 500,000 | ||||
Long-term debt, gross | $ 551,950 | 535,250 | ||||
4.450% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 4.45% | 4.45% | 4.45% | 4.45% | ||
Aggregate principal amount | $ 650,000 | |||||
Long-term debt, gross | $ 650,000 | 650,000 | ||||
0.550% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.55% | 0.55% | 0.55% | 0.55% | ||
Aggregate principal amount | $ 292,478 | SFr 270,000 | ||||
Long-term debt, gross | $ 320,884 | 291,925 | ||||
3.600% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.60% | 3.60% | 3.60% | 3.60% | ||
Aggregate principal amount | $ 900,000 | |||||
Long-term debt, gross | $ 900,000 | 900,000 | ||||
3.300% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.30% | 3.30% | 3.30% | 3.30% | ||
Aggregate principal amount | $ 454,895 | £ 350,000 | ||||
Long-term debt, gross | $ 445,585 | 422,905 | ||||
1.500% Notes due 2030 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.50% | 1.50% | 1.50% | 1.50% | ||
Aggregate principal amount | $ 831,900 | € 750,000 | ||||
Long-term debt, gross | $ 827,925 | 802,875 | ||||
3.750% notes due 2030 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | 3.75% | ||
Aggregate principal amount | $ 719,825 | £ 550,000 | ||||
Long-term debt, gross | $ 700,205 | 664,565 | ||||
1.250% Notes due 2031 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.25% | 1.25% | 1.25% | 1.25% | ||
Aggregate principal amount | $ 560,950 | € 500,000 | ||||
Long-term debt, gross | $ 551,950 | 535,250 | ||||
0.625% notes due 2031 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.625% | 0.625% | 0.625% | 0.625% | ||
Aggregate principal amount | $ 1,220,700 | € 1,000,000 | ||||
Long-term debt, gross | $ 1,103,900 | 1,070,500 | ||||
1.000% Notes due 2032 | Digital Realty Trust, L.P. | 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 | $ 827,925 | 802,875 | ||||
1.375% notes due 2032 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.375% | 1.375% | 1.375% | 1.375% | ||
Aggregate principal amount | $ 849,375 | € 750,000 | ||||
Long-term debt, gross | $ 827,925 | $ 802,875 | ||||
4.750% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 4.75% | |||||
2.750% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.75% |
Debt of the Operating Partner_7
Debt of the Operating Partnership - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||||
Jan. 09, 2023 USD ($) Option | Aug. 11, 2022 EUR (€) Option | Dec. 31, 2023 USD ($) Option | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 09, 2024 USD ($) | Dec. 31, 2023 EUR (€) | Sep. 08, 2023 EUR (€) | Apr. 05, 2022 USD ($) | |
Debt Instrument | |||||||||
Amount Outstanding | $ 17,537,652 | $ 16,723,855 | |||||||
Term Loan Facility | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Aggregate principal amount | $ 740,000 | ||||||||
Number of extension option | Option | 1 | ||||||||
Maturity extension option term | 12 months | ||||||||
Percentage of extension fee | 0.1875% | ||||||||
Debt face amount | $ 740,000 | ||||||||
Unsecured senior notes | |||||||||
Debt Instrument | |||||||||
Amount Outstanding | 13,507,427 | 13,220,961 | |||||||
Unsecured senior notes | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Amount Outstanding | $ 13,507,427 | $ 13,220,961 | |||||||
Unsecured senior notes | Digital Realty Trust, L.P. | Maximum | |||||||||
Debt Instrument | |||||||||
Leverage ratio | 60% | ||||||||
Secured debt leverage ratio | 40% | ||||||||
Unsecured senior notes | Digital Realty Trust, L.P. | Minimum | |||||||||
Debt Instrument | |||||||||
Interest coverage ratio | 1.50 | ||||||||
Total unencumbered assets | 150% | ||||||||
Unsecured senior notes | 4.750% notes due 2025 | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Stated interest rate | 4.75% | ||||||||
Early extinguishment charge | $ 51,100 | ||||||||
Unsecured senior notes | 2.750% notes due 2023 | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Stated interest rate | 2.75% | ||||||||
Early extinguishment charge | $ 18,300 | ||||||||
Global Revolving Credit Facility Amendment | |||||||||
Debt Instrument | |||||||||
Maximum borrowing capacity | $ 3,750,000 | ||||||||
Mortgage Loan For Westin Building | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Amount Outstanding | $ 135,000 | ||||||||
Stated interest rate | 3.29% | 3.29% | |||||||
Unsecured Debt In Greece | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Amount Outstanding | $ 10,000 | ||||||||
Stated interest rate | 11.65% | 11.65% | |||||||
Unsecured term loans | |||||||||
Debt Instrument | |||||||||
Amount Outstanding | $ 1,567,925 | 802,875 | |||||||
Unsecured term loans | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Aggregate principal amount | € | € 375,000,000 | ||||||||
Number of extension options | Option | 2 | ||||||||
Debt instrument, extension term | 1 year | ||||||||
Percentage of extension fee | 0.125% | 0.125% | |||||||
Debt face amount | € | € 375,000,000 | ||||||||
Unsecured term loans | 2025 Term Facility | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Aggregate principal amount | € | € 375,000,000 | ||||||||
Debt instrument term | 3 years | ||||||||
Debt face amount | € | € 375,000,000 | ||||||||
Unsecured term loans | 2025-27 Term Facility | Digital Dutch Finco B.V. | |||||||||
Debt Instrument | |||||||||
Number of extension options | Option | 2 | ||||||||
Debt instrument, extension term | 1 year | ||||||||
Percentage of extension fee | 0.125% | ||||||||
Unsecured term loans | 2025-27 Term Facility | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Aggregate principal amount | € | € 375,000,000 | ||||||||
Debt instrument term | 5 years | ||||||||
Debt face amount | € | € 375,000,000 | ||||||||
Unsecured term loans | Initial Term Loan | Digital Dutch Finco B.V. | |||||||||
Debt Instrument | |||||||||
Aggregate principal amount | € | € 125,000,000 | ||||||||
Debt face amount | € | 125,000,000 | ||||||||
Unsecured term loans | Delayed Draw Term Loan | |||||||||
Debt Instrument | |||||||||
Aggregate principal amount | € | 250,000,000 | ||||||||
Debt face amount | € | € 250,000,000 | ||||||||
U.S. Term Loan | |||||||||
Debt Instrument | |||||||||
Amount Outstanding | $ 500,000 | ||||||||
Aggregate principal amount | $ 740,000 | ||||||||
Number of extension options | Option | 1 | ||||||||
Debt instrument, extension term | 12 months | ||||||||
Percentage of extension fee | 0.1875% | 0.1875% | |||||||
Debt face amount | $ 740,000 | ||||||||
Secured and Other Debt | |||||||||
Debt Instrument | |||||||||
Amount Outstanding | $ 637,072 | $ 532,130 | |||||||
Secured and Other Debt | Digital Realty Trust, L.P. | Maximum | |||||||||
Debt Instrument | |||||||||
Stated interest rate | 11.65% | 11.65% | |||||||
Secured and Other Debt | Digital Realty Trust, L.P. | Minimum | |||||||||
Debt Instrument | |||||||||
Stated interest rate | 3.29% | 3.29% | |||||||
Secured and Other Debt | Teraco Term Loan | Digital Realty Trust, L.P. | |||||||||
Debt Instrument | |||||||||
Aggregate principal amount | $ 413,800 | ||||||||
Stated interest rate | 9.36% | 9.36% | |||||||
Debt face amount | $ 413,800 |
Debt of the Operating Partner_8
Debt of the Operating Partnership - Global Revolving Credit Facilities (Details) $ in Millions, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2022 JPY (¥) | Apr. 05, 2022 USD ($) | |
Global Revolving Credit Facilities | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ | $ 750 | $ 3,000 | ||
Number of extension options | item | 2 | |||
Debt instrument, extension term | 6 months | |||
Interest rate basis spread | 0.85% | |||
Commitment fee percentage | 0.20% | |||
Sustainability linking price threshold increase percentage | 5% | |||
Sustainability linking price threshold decrease percentage | 5% | |||
Global Revolving Credit Facility Amendment | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ | $ 3,750 | |||
Yen Revolving Credit Facility | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ 661.4 | ¥ 93.3 | ||
Number of extension options | item | 2 | |||
Debt instrument, extension term | 6 months | |||
Interest rate basis spread | 0.50% | |||
Commitment fee percentage | 0.10% | |||
Sustainability linking price threshold increase percentage | 5% | |||
Sustainability linking price threshold decrease percentage | 5% | |||
Digital Realty Trust, L.P. | Yen Revolving Credit Facility | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ 236 | ¥ 33.3 |
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 | 12 Months Ended | |||
Aug. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | ||||
Net income available to common stockholders | $ 908,114 | $ 336,960 | $ 1,681,498 | |
Plus: Loss attributable to redeemable noncontrolling interest | (18,093) | 4,839 | ||
Net income available to common stockholders - diluted EPS | $ 926,207 | $ 332,121 | $ 1,681,498 | |
Denominator: | ||||
Weighted average units outstanding-basic (shares/units) | 298,603 | 286,334 | 282,475 | |
Potentially dilutive common shares/units: | ||||
Unvested incentive units (shares/units) | 118 | 257 | 253 | |
Unvested restricted stock (shares/units) | 9 | 45 | 192 | |
Forward equity offering (shares/units) | 248 | |||
Market performance-based awards (units) | 112 | 103 | 302 | |
Redeemable noncontrolling interest shares (shares/units) | 9,975 | 11,180 | ||
Weighted average shares/units outstanding-diluted (shares/units) | 309,065 | 297,919 | 283,222 | |
Income per unit: | ||||
Basic (in dollars per share) | $ 3.04 | $ 1.18 | $ 5.95 | |
Diluted (in dollars per share) | $ 3 | $ 1.11 | $ 5.94 | |
Teraco | ||||
Income per unit: | ||||
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 | $ 928,824 | $ 345,060 | $ 1,720,598 | |
Plus: Loss attributable to redeemable noncontrolling interest | (18,093) | 4,839 | ||
Net income available to common stockholders - diluted EPS | $ 946,917 | $ 340,221 | $ 1,720,598 | |
Denominator: | ||||
Weighted average units outstanding-basic (shares/units) | 304,651 | 292,123 | 289,165 | |
Potentially dilutive common shares/units: | ||||
Unvested incentive units (shares/units) | 118 | 257 | 253 | |
Unvested restricted stock (shares/units) | 9 | 45 | 192 | |
Forward equity offering (shares/units) | 248 | |||
Market performance-based awards (shares/units) | 112 | 103 | 302 | |
Redeemable noncontrolling interest shares (shares/units) | 9,975 | 11,180 | ||
Weighted average shares/units outstanding-diluted (shares/units) | 315,113 | 303,708 | 289,912 | |
Income per unit: | ||||
Basic (in dollars per share) | $ 3.05 | $ 1.18 | $ 5.95 | |
Diluted (in dollars per share) | $ 3.01 | $ 1.12 | $ 5.94 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 12,824 | 12,343 | 18,460 |
Shares subject to Forward Equity Offering | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 6,250 | ||
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 6,048 | 5,789 | 6,691 |
Series C Cumulative Redeemable Perpetual Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 541 | ||
Series J Cumulative Redeemable Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,794 | 1,736 | 1,318 |
Series K Cumulative Redeemable Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,887 | 1,825 | 1,386 |
Series L Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 3,095 | 2,993 | 2,274 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Percentage of income distributed (at least) | 100% | ||
Provision for income taxes | $ 75,579 | $ 31,550 | $ 72,799 |
Net deferred tax liability | 1,144,874 | 1,184,599 | |
Unrecognized Tax Benefits | 3,700 | ||
Unrecognized accrued interest and penalties | 200 | ||
Gross deferred income tax assets: | |||
Net operating loss carryforwards | 188,735 | 175,935 | |
Basis difference - real estate property | 18,035 | 14,027 | |
Basis difference - intangibles | 7,744 | 7,682 | |
Basis difference - equity investments | 5,694 | ||
Tax credit carryforward | 2,056 | ||
Other - temporary differences | 180,316 | 132,578 | |
Total gross deferred income tax assets | 396,886 | 335,916 | |
Valuation allowance | (176,268) | (125,491) | |
Total deferred income tax assets, net of valuation allowance | 220,618 | 210,425 | |
Gross deferred income tax liabilities: | |||
Basis difference - real estate property | 1,162,143 | 1,160,412 | |
Basis difference - intangibles | 190,607 | 219,653 | |
Straight-line rent | 5,992 | 9,215 | |
Other - temporary differences | 6,750 | 5,744 | |
Total gross deferred income tax liabilities | 1,365,492 | 1,395,024 | |
Net of deferred tax assets | 6,200 | 8,200 | |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Provision for income taxes | 0 | 0 | 0 |
Digital Realty Trust, L.P. | |||
Operating Loss Carryforwards [Line Items] | |||
Provision for income taxes | 75,579 | 31,550 | 72,799 |
Digital Realty Trust, L.P. | Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Provision for income taxes | $ 0 | $ 0 | $ 0 |
Equity and Capital - Equity Dis
Equity and Capital - Equity Distribution Agreement (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Aug. 04, 2023 | Apr. 01, 2022 | |
2023 Sales Agreement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Aggregate maximum offering price | $ 1,500 | |||
Net proceeds on public offering | $ 1,100 | |||
Number of shares entered for agreement | 8.7 | |||
Average price per share | $ 133.21 | |||
Payment of stock issuance costs | $ 11.4 | |||
Aggregate gross sales price unsold | 343.4 | |||
2022 Sales Agreement | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Aggregate maximum offering price | $ 1,500 | |||
Net proceeds on public offering | $ 1,100 | |||
Number of shares entered for agreement | 11,300,000 | |||
Average price per share | $ 96.35 | |||
Payment of stock issuance costs | $ 7.5 | |||
Value of shares remain unsold at the time of termination | $ 408.7 | |||
Aggregate gross sales price unsold | $ 0 |
Equity and Capital - Forward Eq
Equity and Capital - Forward Equity Sale (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 13, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,824,000 | 12,343,000 | 18,460,000 | |
Underwritten Public Offering | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock, net of costs (shares) | 6.3 | 6,300,000 | ||
Gross proceeds | $ 939 |
Equity and Capital - Noncontrol
Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Class of Stock | ||
Number of units (units) | 311,608 | 291,148 |
Percentage of total | 98% | 97.90% |
Common stock conversion ratio | 1 | |
Digital Realty Trust, L.P. | ||
Class of Stock | ||
Redeemable noncontrolling interests - operating partnership | $ 834.1 | $ 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 | 1.30% | 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) | 2,106 | 1,914 |
Percentage of total | 0.70% | 0.60% |
Noncontrolling Interests in Operating Partnership | ||
Class of Stock | ||
Number of units (units) | 318,057 | 297,437 |
Percentage of total | 100% | 100% |
Equity and Capital - Redeemable
Equity and Capital - Redeemable Preferred Stock (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Oct. 10, 2019 shares | Mar. 13, 2019 shares | Aug. 07, 2017 $ / shares shares | Dec. 31, 2023 USD ($) item $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | May 17, 2021 $ / shares | |
Class of Stock | ||||||
Liquidation preference | $ | $ 755,000 | $ 755,000 | ||||
Preferred stock, issued (shares) | shares | 30,200,000 | 30,200,000 | ||||
Net proceeds from preferred stock | $ | $ 731,690 | $ 731,690 | ||||
Number of quarters with no dividends triggering voting rights | item | 6 | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 | ||||
Preferred Stock, Redemption Price Per Share | $ 25 | |||||
Series J Cumulative Redeemable Preferred Stock | ||||||
Class of Stock | ||||||
Share cap (in shares) | shares | 0.4252100 | |||||
Liquidation preference | $ | $ 200,000 | |||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.31250 | |||||
Preferred stock, issued (shares) | shares | 8,000,000 | 8,000,000 | ||||
Net proceeds from preferred stock | $ | $ 193,540 | $ 193,540 | ||||
Dividend rate percentage | 5.25% | |||||
Series K Cumulative Redeemable Preferred Stock | ||||||
Class of Stock | ||||||
Share cap (in shares) | shares | 0.4361100 | |||||
Liquidation preference | $ | $ 210,000 | |||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.46250 | |||||
Preferred stock, issued (shares) | shares | 8,400,000 | 8,400,000 | ||||
Net proceeds from preferred stock | $ | $ 203,264 | $ 203,264 | ||||
Dividend rate percentage | 5.85% | |||||
Series L Cumulative Redeemable Preferred Units | ||||||
Class of Stock | ||||||
Share cap (in shares) | shares | 0.3851800 | |||||
Liquidation preference | $ | $ 345,000 | |||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.30000 | |||||
Preferred stock, issued (shares) | shares | 13,800,000 | 13,800,000 | ||||
Net proceeds from preferred stock | $ | $ 334,886 | $ 334,886 | ||||
Dividend rate percentage | 5.20% | |||||
Series C Preferred Units | ||||||
Class of Stock | ||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.65625 | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25.211632 | |||||
Preferred Stock, Redemption Price Per Share | $ 25 | |||||
Series J Preferred Units | ||||||
Class of Stock | ||||||
Preferred stock dividend per share amount (in dollars per share) | 1.31250 | |||||
Series K Preferred Units | ||||||
Class of Stock | ||||||
Preferred stock dividend per share amount (in dollars per share) | 1.46250 | |||||
Series L Preferred Units | ||||||
Class of Stock | ||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.30000 |
Equity and Capital - Summary of
Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Common And Incentive Unit Activity [Roll Forward] | ||
Beginning balance (units) | 6,289 | 5,931 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | (14) | |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (112) | (22) |
Incentive units issued upon achievement of market performance condition (units) | 142 | 221 |
Grant of incentive units to employees and directors (units) | 171 | 170 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | (41) | 3 |
Ending balance (units) | 6,449 | 6,289 |
Common Units | ||
Common And Incentive Unit Activity [Roll Forward] | ||
Beginning balance (units) | 4,375 | 4,389 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | (14) | |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (32) | |
Ending balance (units) | 4,343 | 4,375 |
Incentive Units | ||
Common And Incentive Unit Activity [Roll Forward] | ||
Beginning balance (units) | 1,914 | 1,542 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (80) | (22) |
Incentive units issued upon achievement of market performance condition (units) | 142 | 221 |
Grant of incentive units to employees and directors (units) | 171 | 170 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | (41) | 3 |
Ending balance (units) | 2,106 | 1,914 |
Equity and Capital - Schedule o
Equity and Capital - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 24 Months Ended | |||
May 17, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Dividends Payable [Line Items] | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 | $ 25 | ||
Redemption price (in dollars per share) | 25 | 25 | |||
Series C Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 3,333 | ||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.65625 | ||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25.211632 | ||||
Redemption price (in dollars per share) | $ 25 | ||||
Redemption Premium | $ 201,300 | ||||
Gain on redemption | 18,000 | ||||
Increase in net income available to common stockholders from gain on redemption | $ 219,300 | ||||
Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 10,500 | $ 10,500 | 10,500 | ||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.31250 | ||||
Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 12,284 | 12,284 | 12,284 | ||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.46250 | ||||
Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 17,940 | 17,940 | 17,940 | ||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.30000 | ||||
Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | $ 1,472,448 | $ 1,403,344 | $ 1,314,736 | ||
Common stock dividend per share amount (in dollars per share/unit) | $ 4.880 | $ 4.880 | $ 4.640 | 4.88000 | |
February 25, 2021 | Series C Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 3,333 | ||||
February 25, 2021 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
February 25, 2021 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
February 25, 2021 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
February 25, 2021 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 326,965 | ||||
May 10, 2021 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
May 10, 2021 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
May 10, 2021 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
May 10, 2021 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 328,279 | ||||
November 18, 2021 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
November 18, 2021 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
November 18, 2021 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
November 18, 2021 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 329,772 | ||||
August 11, 2021 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
August 11, 2021 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
August 11, 2021 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
August 11, 2021 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 329,720 | ||||
March 3, 2022 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 2,625 | ||||
March 3, 2022 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
March 3, 2022 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
March 3, 2022 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 348,025 | ||||
May 24, 2022 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
May 24, 2022 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
May 24, 2022 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
May 24, 2022 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 348,077 | ||||
August 17, 2022 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
August 17, 2022 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
August 17, 2022 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
August 17, 2022 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 351,410 | ||||
November 29, 2022 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
November 29, 2022 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
November 29, 2022 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
November 29, 2022 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | $ 355,832 | ||||
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 | ||||
August 8, 2023 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
August 8, 2023 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
August 8, 2023 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
August 8, 2023 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 370,278 | ||||
November 28, 2023 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
November 28, 2023 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
November 28, 2023 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
November 28, 2023 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | $ 380,019 | ||||
Digital Realty Trust, L.P. | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 | $ 25 | ||
Digital Realty Trust, L.P. | Series C Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,333 | ||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25.211632 | ||||
Redemption price (in dollars per share) | $ 25 | ||||
Redemption Premium | $ 201,300 | ||||
Gain on redemption | 18,000 | ||||
Increase in net income available to common stockholders from gain on redemption | $ 219,300 | ||||
Digital Realty Trust, L.P. | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 10,500 | $ 10,500 | 10,500 | ||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.31250 | ||||
Digital Realty Trust, L.P. | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 12,284 | 12,284 | 12,284 | ||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.46250 | ||||
Digital Realty Trust, L.P. | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 17,940 | 17,940 | 17,940 | ||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.30000 | ||||
Digital Realty Trust, L.P. | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 1,504,377 | ||||
Dividends/Distributions, common units | $ 1,434,520 | $ 1,347,507 | |||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 4.88000 | $ 4.88000 | |||
Common stock dividend per share amount (in dollars per share/unit) | $ 4.880 | $ 4.880 | $ 4.640 | ||
Digital Realty Trust, L.P. | February 25, 2021 | Series C Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 3,333 | ||||
Digital Realty Trust, L.P. | February 25, 2021 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | February 25, 2021 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | February 25, 2021 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | February 25, 2021 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 336,041 | ||||
Digital Realty Trust, L.P. | May 10, 2021 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | May 10, 2021 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | May 10, 2021 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | May 10, 2021 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 336,543 | ||||
Digital Realty Trust, L.P. | August 10, 2021 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | August 10, 2021 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | August 10, 2021 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | August 10, 2021 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 337,447 | ||||
Digital Realty Trust, L.P. | November 17, 2021 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | November 17, 2021 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | November 17, 2021 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | November 17, 2021 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | $ 337,476 | ||||
Digital Realty Trust, L.P. | March 3, 2022 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | $ 2,625 | ||||
Digital Realty Trust, L.P. | March 3, 2022 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | March 3, 2022 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | March 3, 2022 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 355,812 | ||||
Digital Realty Trust, L.P. | May 24, 2022 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | May 24, 2022 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | May 24, 2022 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | May 24, 2022 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 355,885 | ||||
Digital Realty Trust, L.P. | August 17, 2022 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | August 17, 2022 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | August 17, 2022 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | August 17, 2022 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | 359,207 | ||||
Digital Realty Trust, L.P. | November 29, 2022 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | November 29, 2022 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | November 29, 2022 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | November 29, 2022 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | $ 363,616 | ||||
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, preferred 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, preferred units | 373,833 | ||||
Digital Realty Trust, L.P. | August 8, 2023 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | August 8, 2023 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | August 8, 2023 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | August 8, 2023 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 378,352 | ||||
Digital Realty Trust, L.P. | November 28, 2023 | Series J Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 2,625 | ||||
Digital Realty Trust, L.P. | November 28, 2023 | Series K Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 3,071 | ||||
Digital Realty Trust, L.P. | November 28, 2023 | Series L Preferred Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, preferred units | 4,485 | ||||
Digital Realty Trust, L.P. | November 28, 2023 | Common Units | |||||
Dividends Payable [Line Items] | |||||
Dividends/Distributions, common units | $ 387,988 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net | ||
Beginning balance | $ 18,107,465 | $ 18,476,787 |
Ending balance | 19,601,507 | 18,107,465 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net | ||
Beginning balance | (536,019) | (212,653) |
Net current period change | (102,564) | (323,366) |
Ending balance | (638,583) | (536,019) |
Foreign currency net investment hedge adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net | ||
Beginning balance | (59,779) | 38,773 |
Net current period change | (53,031) | (98,552) |
Ending balance | (112,810) | (59,779) |
Accumulated other comprehensive income (loss), net | ||
Accumulated Other Comprehensive Income (Loss), Net | ||
Beginning balance | (595,798) | (173,880) |
Beginning balance | (595,798) | (173,880) |
Net current period change | (155,595) | (421,918) |
Ending balance | (751,393) | (595,798) |
Ending balance | (751,393) | (595,798) |
Digital Realty Trust, L.P. | ||
Accumulated Other Comprehensive Income (Loss), Net | ||
Beginning balance | 18,107,465 | 18,476,787 |
Ending balance | 19,601,507 | 18,107,465 |
Digital Realty Trust, L.P. | Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net | ||
Beginning balance | (551,013) | (219,882) |
Net current period change | (105,050) | (331,131) |
Ending balance | (656,063) | (551,013) |
Digital Realty Trust, L.P. | Foreign currency net investment hedge adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net | ||
Beginning balance | (62,410) | 38,437 |
Net current period change | (54,195) | (100,847) |
Ending balance | (116,605) | (62,410) |
Digital Realty Trust, L.P. | Accumulated other comprehensive income (loss), net | ||
Accumulated Other Comprehensive Income (Loss), Net | ||
Beginning balance | (613,423) | (181,445) |
Net current period change | (159,245) | (431,978) |
Ending balance | $ (772,668) | $ (613,423) |
Incentive Plans - Performance B
Incentive Plans - Performance Based Awards (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Feb. 27, 2025 | Feb. 27, 2024 | Apr. 08, 2023 USD ($) | Feb. 27, 2023 | Mar. 04, 2022 USD ($) | Feb. 27, 2022 | Jan. 31, 2024 shares | Jan. 31, 2023 shares | Jan. 31, 2022 shares | Dec. 31, 2023 USD ($) item shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award requisite service period | 4 years | |||||||||||
Market-based performance awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance period | 3 years | |||||||||||
Number of trials | item | 100,000 | |||||||||||
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 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 50% | |||||||||||
Market-based performance awards | First Vesting Period | 2019 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 50% | |||||||||||
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 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 50% | |||||||||||
Market-based performance awards | Second Vesting Period | 2019 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 | 2019 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting of restricted common units, net (units) | 239,436 | |||||||||||
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 | |||||||||||
Class D And Rsu Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fair value of awards | $ | $ 8.2 | $ 12.3 | $ 25 | |||||||||
Restricted Stock Units | 2019 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting of restricted common units, net (units) | 70,721 | |||||||||||
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 | |||||||||||
Restricted Stock Units | 2021 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting of restricted common units, net (units) | 7,066 | |||||||||||
Distribution Equivalent Unit | 2019 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting of restricted common units, net (units) | 18,966 | |||||||||||
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 | ||||||||||
Subsequent Event | Market-based performance awards | First Vesting Period | 2021 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 50% | |||||||||||
Subsequent Event | Market-based performance awards | Second Vesting Period | 2021 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting percentage | 50% | |||||||||||
Subsequent Event | Class D Units | 2021 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting of restricted common units, net (units) | 71,926 | |||||||||||
Subsequent Event | Distribution Equivalent Unit | 2021 Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting of restricted common units, net (units) | 5,131 |
Incentive Plans - Schedule of C
Incentive Plans - Schedule of Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-term incentive units | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 14.5 | $ 21.7 | $ 15.4 |
Deferred compensation, capitalized | 0.2 | 0.2 | 0.2 |
Unearned Compensation | $ 16.6 | $ 20.7 | |
Expected period to recognize unearned compensation (in years) | 2 years 1 month 6 days | 2 years 1 month 6 days | |
Market-based performance awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 12.9 | $ 21.4 | 23.9 |
Deferred compensation, capitalized | 0.2 | 0.5 | 0.7 |
Unearned Compensation | $ 19.9 | $ 30.3 | |
Expected period to recognize unearned compensation (in years) | 2 years | 2 years | |
Service Based Restricted Stock Units | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 21.1 | $ 25.9 | 23.2 |
Deferred compensation, capitalized | 7.5 | 5.4 | 3.3 |
Unearned Compensation | $ 66.4 | $ 55.4 | |
Expected period to recognize unearned compensation (in years) | 2 years 6 months | 2 years 6 months | |
Interxion awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 6 | $ 4.7 | $ 17.7 |
Deferred compensation, capitalized | $ 0.1 | ||
Unearned Compensation | $ 1.9 | ||
Expected period to recognize unearned compensation (in years) | 0 years | 0 years |
Incentive Plans - Assumptions U
Incentive Plans - Assumptions Used (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Feb. 25, 2021 | Jan. 01, 2021 | Feb. 20, 2020 | Feb. 19, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Market-based performance awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected Stock Price Volatility | 32% | 26% | 26% | 27% | |||
Risk-Free Interest rate | 4.18% | 0.97% | 0.31% | 0.17% | |||
Expected dividend yield | 0% | ||||||
Class D And Rsu Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value of awards | $ 8.2 | $ 12.3 | $ 25 | ||||
Intrinsic value of units | $ 36.4 | $ 41.2 | $ 28.6 |
Incentive Plans - Summary of Lo
Incentive Plans - Summary of Long-Term Incentive Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Units | |||
Granted (shares) | 171,000 | 170,000 | |
Restricted stock | |||
Units | |||
Unvested beginning of period (shares) | 507,837 | ||
Granted (shares) | 568,671 | ||
Vested (shares) | (371,232) | ||
Cancelled or expired (shares) | (83,413) | ||
Unvested end of period (shares) | 621,863 | 507,837 | |
Weighted-Average Grant Date Fair Value | |||
Unvested, beginning of period (in dollars per share) | $ 131.57 | ||
Granted (in dollars per share) | 122.25 | ||
Vested (in dollars per share) | 119.87 | ||
Cancelled or expired (in dollars per share) | 116.39 | ||
Unvested, end of period (in dollars per share) | $ 132.07 | $ 131.57 | |
Weighted-Average Remaining Contractual Life (Years) | 2 years 5 months 19 days | ||
Aggregate Intrinsic Value, unvested | $ 83,690 | ||
Intrinsic value of units | $ 41,500 | $ 59,000 | $ 53,400 |
Weighted Average Fair Value at Date of Grant | $ 132.07 | $ 131.57 | $ 129.52 |
Long-term incentive units | |||
Units | |||
Unvested beginning of period (shares) | 279,258 | ||
Granted (shares) | 180,535 | ||
Vested (shares) | (181,182) | ||
Cancelled or expired (shares) | (40,251) | ||
Unvested end of period (shares) | 238,360 | 279,258 | |
Weighted-Average Grant Date Fair Value | |||
Unvested, beginning of period (in dollars per share) | $ 146.37 | ||
Granted (in dollars per share) | 104.82 | ||
Vested (in dollars per share) | 136.39 | ||
Cancelled or expired (in dollars per share) | 149.36 | ||
Unvested, end of period (in dollars per share) | $ 121.99 | $ 146.37 | |
Weighted-Average Remaining Contractual Life (Years) | 1 year 11 months 15 days | ||
Aggregate Intrinsic Value, unvested | $ 32,078 | $ 17,500 | |
Intrinsic value of units | $ 18,300 | $ 18,100 | |
Long term incentive units outstanding and exercisable | 1,200,000 | ||
Intrinsic value outstanding and exercisable | $ 158,100 | ||
Weighted Average Fair Value at Date of Grant | $ 121.99 | $ 146.37 | $ 132.66 |
Performance-based awards | |||
Weighted-Average Grant Date Fair Value | |||
Weighted Average Fair Value at Date of Grant | $ 97.06 | $ 154.26 | $ 137.69 |
Incentive Plans - Summary of ac
Incentive Plans - Summary of activity for Service-Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Units | |||
Granted (shares) | 171,000 | 170,000 | |
Minimum | |||
Weighted-Average Grant Date Fair Value | |||
Award vesting period | 2 years | 2 years | |
Maximum | |||
Weighted-Average Grant Date Fair Value | |||
Award vesting period | 3 years | 3 years | |
Restricted stock | |||
Units | |||
Unvested beginning of period (shares) | 507,837 | ||
Granted (shares) | 568,671 | ||
Vested (shares) | (371,232) | ||
Cancelled or expired (shares) | (83,413) | ||
Unvested end of period (shares) | 621,863 | 507,837 | |
Weighted-Average Grant Date Fair Value | |||
Unvested, beginning of period (in dollars per share) | $ 131.57 | ||
Granted (in dollars per share) | 122.25 | ||
Vested (in dollars per share) | 119.87 | ||
Cancelled or expired (in dollars per share) | 116.39 | ||
Unvested, end of period (in dollars per share) | $ 132.07 | $ 131.57 | |
Weighted-Average Remaining Contractual Life (Years) | 2 years 5 months 19 days | ||
Aggregate Intrinsic Value, unvested | $ 83,690 | ||
Intrinsic value of units | $ 41,500 | $ 59,000 | $ 53,400 |
Award vesting period | 4 years | ||
Service Based Restricted Stock Units | Minimum | |||
Weighted-Average Grant Date Fair Value | |||
Award vesting period | 2 years | ||
Service Based Restricted Stock Units | Maximum | |||
Weighted-Average Grant Date Fair Value | |||
Award vesting period | 4 years |
Incentive Plans - Narrative (De
Incentive Plans - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Mar. 09, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | 2 years | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | 3 years | |
Interxion Combination | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares registered for issuance (shares) | 0.6 | ||
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 |
Incentive Plan - Defined Contri
Incentive Plan - Defined Contribution Plans Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Incentive Plans | |||
Vesting percentage of discretionary contributions | 100% | ||
Aggregate cost of contributions to the 401(k) Plan | $ 6.8 | $ 5.9 | $ 5.9 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Investment Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Cross-currency interest rate swaps (excluded component) | $ 21,836 | $ 6,260 | |
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense. | Interest Expense. | Interest Expense. |
Interest Rate Swap | Net Investment Hedging | |||
Derivative [Line Items] | |||
Cross-currency interest rate swaps (included components) | $ 22,703 | $ 116,550 | |
Cross-currency interest rate swaps (excluded component) | 25,428 | (7,929) | |
Total | $ 48,131 | $ 108,621 |
Derivative Instruments - Cash F
Derivative Instruments - Cash Flow Hedges (Details) $ in Thousands, € in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 13, 2021 USD ($) | |
Derivative [Line Items] | |||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense. | ||||
Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Gain (loss) to be reclassified within twelve months | $ 6,400 | ||||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 104,000 | ||||
Interest Rate Swap | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Notional Amount | 1,700,000 | $ 1,700,000 | |||
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Unrealized gain (loss) | 7,221 | (7,774) | $ (2,582) | ||
Realized gain(loss) | $ 10,953 | $ 819 | $ (1,304) | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense. | Interest Expense. | Interest Expense. | ||
Euro term loan | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Percentage of loan held for derivative | 50% | 50% | |||
Notional Amount | € | € 750 | ||||
USD Term Loan | Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Percentage of loan held for derivative | 68% | 68% | |||
Notional Amount | $ 740,000 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Financial Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Assets | $ 8,538 | $ 17,120 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Liabilities | $ 156,753 | $ 108,873 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | |
Cross-currency interest rate swaps | ||
Derivative [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
Liabilities | $ 156,753 | $ 108,621 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Assets | $ 8,538 | $ 17,120 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
Liabilities | $ 252 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 16,436,245 | $ 14,819,979 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 17,537,652 | 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 | 1,825,228 | 2,167,889 |
Level 2 | Global Revolving Credit Facilities | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 1,825,228 | 2,167,889 |
Level 2 | Unsecured term loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 1,567,925 | 802,875 |
Level 2 | Unsecured term loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 1,567,925 | 802,875 |
Level 2 | Unsecured senior notes | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 12,417,619 | 11,331,989 |
Level 2 | Unsecured senior notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 13,507,427 | 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 | 625,473 | 517,226 |
Level 2 | Secured and other debt. | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured and other debt | $ 637,072 | $ 532,130 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies. | |
Reimbursable amount of commitments related to construction contracts | $ 78.3 |
Commitments related to construction contracts | $ 2,200 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Information | ||||
Cash and cash equivalents | $ 1,625,495 | $ 141,773 | $ 142,698 | |
Restricted cash (included in other assets) | $ 10,975 | $ 8,923 | $ 8,787 | |
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | Other Assets | |
Total | $ 1,636,470 | $ 150,696 | $ 151,485 | $ 123,652 |
Interest, net of amounts capitalized | 391,400 | 271,500 | 274,700 | |
Interest capitalized | 116,800 | 70,600 | 53,500 | |
Capitalized employee expenses related to construction activities | 99,200 | 86,100 | 71,200 | |
Income taxes, net of refunds | 88,800 | 41,700 | 29,900 | |
Accrued construction related costs | $ 599,400 | $ 417,100 | $ 423,000 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | segment | 1 | ||
Number of Reportable Segments | segment | 1 | ||
Operating Revenues | $ 5,477,061 | $ 4,691,834 | $ 4,427,882 |
Investments in Properties, net | 26,531,977 | 25,766,088 | |
Net Assets in Foreign Operations | 6,778,400 | 6,330,200 | |
Operating lease right-of-use assets, net | 1,414,256 | 1,351,329 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 2,836,000 | 2,760,400 | 2,769,500 |
Investments in Properties, net | 10,429,100 | 11,517,300 | |
Operating lease right-of-use assets, net | 610,200 | 647,000 | |
Outside the United States | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 2,641,100 | 1,931,400 | $ 1,658,400 |
Investments in Properties, net | 13,806,900 | 12,257,400 | |
Operating lease right-of-use assets, net | $ 804,000 | $ 704,300 | |
Outside the United States | Revenue | Geographic Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk | 48.20% | 41.20% | 37.50% |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended |
Dec. 31, 2023 USD ($) item | |
Data Center Joint Venture | |
Subsequent Events | |
Ownership percentage in joint ventures | 20% |
Data Center Joint Venture | Blackstone Inc. [Member] | |
Subsequent Events | |
Ownership percentage in joint ventures | 80% |
Data Center Joint Venture | |
Subsequent Events | |
Joint venture amount | $ | $ 7,000 |
The number of hyperscale data center campuses develop through joint venture | 4 |
Number of data centers | 10 |
Potential IT load capacity in number of megawatts | 500 |
Data Center Joint Venture | Blackstone Inc. [Member] | |
Subsequent Events | |
Joint venture amount | $ | $ 7,000 |
The number of hyperscale data center campuses develop through joint venture | 4 |
Amount of investment to acquire interest in joint venture | $ | $ 700 |
Schedule III Properties And A_2
Schedule III Properties And Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total | $ 27,306,368 | $ 26,136,057 | $ 23,625,450 | $ 23,142,988 |
Accumulated depreciation and amortization | $ (7,823,685) | $ (7,268,981) | $ (6,210,281) | $ (5,555,221) |
Operating | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 249 | |||
Encumbrances | $ 135,000 | |||
Land, Initial costs | 918,141 | |||
Acquired ground lease, Initial costs | 90 | |||
Buildings and improvements, Initial costs | 10,698,590 | |||
Improvements, Costs capitalized subsequent to acquisition | 15,707,547 | |||
Carry costs, Costs capitalized subsequent to acquisition | (18,000) | |||
Land, Total costs | 1,087,278 | |||
Acquired ground lease, Total costs | 91 | |||
Buildings and improvements, Total costs | 26,218,999 | |||
Total | 27,306,368 | |||
Accumulated depreciation and amortization | $ (7,823,685) | |||
North America | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 110 | |||
Encumbrances | $ 135,000 | |||
Land, Initial costs | 585,456 | |||
Buildings and improvements, Initial costs | 4,655,300 | |||
Improvements, Costs capitalized subsequent to acquisition | 9,592,980 | |||
Carry costs, Costs capitalized subsequent to acquisition | (18,000) | |||
Land, Total costs | 617,619 | |||
Buildings and improvements, Total costs | 14,198,117 | |||
Total | 14,815,736 | |||
Accumulated depreciation and amortization | $ (5,471,625) | |||
Northern Virginia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 19 | |||
Land, Initial costs | $ 122,168 | |||
Buildings and improvements, Initial costs | 466,221 | |||
Improvements, Costs capitalized subsequent to acquisition | 3,038,772 | |||
Land, Total costs | 148,190 | |||
Buildings and improvements, Total costs | 3,478,971 | |||
Total | 3,627,161 | |||
Accumulated depreciation and amortization | $ (1,048,343) | |||
Chicago | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 8 | |||
Land, Initial costs | $ 67,162 | |||
Buildings and improvements, Initial costs | 757,149 | |||
Improvements, Costs capitalized subsequent to acquisition | 972,037 | |||
Land, Total costs | 66,607 | |||
Buildings and improvements, Total costs | 1,729,741 | |||
Total | 1,796,348 | |||
Accumulated depreciation and amortization | $ (734,390) | |||
New York | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 12 | |||
Land, Initial costs | $ 12,161 | |||
Buildings and improvements, Initial costs | 425,838 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,049,738 | |||
Land, Total costs | 16,308 | |||
Buildings and improvements, Total costs | 1,471,429 | |||
Total | 1,487,737 | |||
Accumulated depreciation and amortization | $ (724,675) | |||
Dallas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 21 | |||
Land, Initial costs | $ 50,533 | |||
Buildings and improvements, Initial costs | 241,081 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,165,705 | |||
Land, Total costs | 46,539 | |||
Buildings and improvements, Total costs | 1,410,780 | |||
Total | 1,457,319 | |||
Accumulated depreciation and amortization | $ (663,861) | |||
Silicon Valley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 14 | |||
Land, Initial costs | $ 129,702 | |||
Buildings and improvements, Initial costs | 842,693 | |||
Improvements, Costs capitalized subsequent to acquisition | 450,944 | |||
Land, Total costs | 126,486 | |||
Buildings and improvements, Total costs | 1,296,853 | |||
Total | 1,423,339 | |||
Accumulated depreciation and amortization | $ (599,625) | |||
Portland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 3 | |||
Land, Initial costs | $ 1,689 | |||
Buildings and improvements, Initial costs | 3,131 | |||
Improvements, Costs capitalized subsequent to acquisition | 875,873 | |||
Land, Total costs | 12,549 | |||
Buildings and improvements, Total costs | 868,144 | |||
Total | 880,693 | |||
Accumulated depreciation and amortization | $ (121,204) | |||
Phoenix | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 2 | |||
Land, Initial costs | $ 11,859 | |||
Buildings and improvements, Initial costs | 399,122 | |||
Improvements, Costs capitalized subsequent to acquisition | 387,722 | |||
Land, Total costs | 11,859 | |||
Buildings and improvements, Total costs | 786,844 | |||
Total | 798,703 | |||
Accumulated depreciation and amortization | $ (414,122) | |||
San Francisco | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 4 | |||
Land, Initial costs | $ 41,165 | |||
Buildings and improvements, Initial costs | 358,066 | |||
Improvements, Costs capitalized subsequent to acquisition | 317,548 | |||
Land, Total costs | 41,478 | |||
Buildings and improvements, Total costs | 675,301 | |||
Total | 716,779 | |||
Accumulated depreciation and amortization | $ (309,825) | |||
Toronto | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 2 | |||
Land, Initial costs | $ 26,600 | |||
Buildings and improvements, Initial costs | 116,863 | |||
Improvements, Costs capitalized subsequent to acquisition | 412,234 | |||
Land, Total costs | 27,180 | |||
Buildings and improvements, Total costs | 528,517 | |||
Total | 555,697 | |||
Accumulated depreciation and amortization | $ (64,599) | |||
Seattle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 1 | |||
Encumbrances | $ 135,000 | |||
Land, Initial costs | 43,110 | |||
Buildings and improvements, Initial costs | 329,283 | |||
Improvements, Costs capitalized subsequent to acquisition | 62,071 | |||
Land, Total costs | 43,110 | |||
Buildings and improvements, Total costs | 391,354 | |||
Total | 434,464 | |||
Accumulated depreciation and amortization | $ (51,115) | |||
Atlanta | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 4 | |||
Land, Initial costs | $ 6,537 | |||
Buildings and improvements, Initial costs | 264,948 | |||
Improvements, Costs capitalized subsequent to acquisition | 141,146 | |||
Land, Total costs | 6,552 | |||
Buildings and improvements, Total costs | 406,079 | |||
Total | 412,631 | |||
Accumulated depreciation and amortization | $ (136,304) | |||
Boston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 3 | |||
Land, Initial costs | $ 17,826 | |||
Buildings and improvements, Initial costs | 253,711 | |||
Improvements, Costs capitalized subsequent to acquisition | 110,351 | |||
Land, Total costs | 16,600 | |||
Buildings and improvements, Total costs | 365,288 | |||
Total | 381,888 | |||
Accumulated depreciation and amortization | $ (184,525) | |||
Los Angeles | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 2 | |||
Land, Initial costs | $ 29,531 | |||
Buildings and improvements, Initial costs | 105,910 | |||
Improvements, Costs capitalized subsequent to acquisition | 160,424 | |||
Land, Total costs | 29,118 | |||
Buildings and improvements, Total costs | 266,747 | |||
Total | 295,865 | |||
Accumulated depreciation and amortization | $ (150,281) | |||
Houston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 6 | |||
Land, Initial costs | $ 6,965 | |||
Buildings and improvements, Initial costs | 23,492 | |||
Improvements, Costs capitalized subsequent to acquisition | 155,250 | |||
Land, Total costs | 6,594 | |||
Buildings and improvements, Total costs | 179,113 | |||
Total | 185,707 | |||
Accumulated depreciation and amortization | $ (118,182) | |||
Austin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 1 | |||
Land, Initial costs | $ 1,177 | |||
Buildings and improvements, Initial costs | 4,877 | |||
Improvements, Costs capitalized subsequent to acquisition | 77,880 | |||
Land, Total costs | 1,177 | |||
Buildings and improvements, Total costs | 82,757 | |||
Total | 83,934 | |||
Accumulated depreciation and amortization | $ (28,673) | |||
Miami | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 2 | |||
Land, Initial costs | $ 2,964 | |||
Buildings and improvements, Initial costs | 29,793 | |||
Improvements, Costs capitalized subsequent to acquisition | 41,808 | |||
Land, Total costs | 2,964 | |||
Buildings and improvements, Total costs | 71,601 | |||
Total | 74,565 | |||
Accumulated depreciation and amortization | $ (39,164) | |||
North America - Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 6 | |||
Land, Initial costs | $ 14,307 | |||
Buildings and improvements, Initial costs | 33,122 | |||
Improvements, Costs capitalized subsequent to acquisition | 173,477 | |||
Carry costs, Costs capitalized subsequent to acquisition | (18,000) | |||
Land, Total costs | 14,308 | |||
Buildings and improvements, Total costs | 188,598 | |||
Total | 202,906 | |||
Accumulated depreciation and amortization | $ (82,737) | |||
EMEA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 124 | |||
Land, Initial costs | $ 309,933 | |||
Acquired ground lease, Initial costs | 90 | |||
Buildings and improvements, Initial costs | 5,901,877 | |||
Improvements, Costs capitalized subsequent to acquisition | 4,897,466 | |||
Land, Total costs | 427,895 | |||
Acquired ground lease, Total costs | 91 | |||
Buildings and improvements, Total costs | 10,681,380 | |||
Total | 11,109,366 | |||
Accumulated depreciation and amortization | $ (1,931,958) | |||
Frankfurt | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 29 | |||
Land, Initial costs | $ 31,260 | |||
Buildings and improvements, Initial costs | 876,342 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,035,998 | |||
Land, Total costs | 106,876 | |||
Buildings and improvements, Total costs | 1,836,724 | |||
Total | 1,943,600 | |||
Accumulated depreciation and amortization | $ (307,656) | |||
London | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 15 | |||
Land, Initial costs | $ 101,397 | |||
Buildings and improvements, Initial costs | 1,098,809 | |||
Improvements, Costs capitalized subsequent to acquisition | 572,439 | |||
Land, Total costs | 61,646 | |||
Buildings and improvements, Total costs | 1,710,999 | |||
Total | 1,772,645 | |||
Accumulated depreciation and amortization | $ (607,287) | |||
Paris | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 13 | |||
Land, Initial costs | $ 45,722 | |||
Buildings and improvements, Initial costs | 355,386 | |||
Improvements, Costs capitalized subsequent to acquisition | 845,856 | |||
Land, Total costs | 54,507 | |||
Buildings and improvements, Total costs | 1,192,457 | |||
Total | 1,246,964 | |||
Accumulated depreciation and amortization | $ (115,942) | |||
Amsterdam | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 12 | |||
Land, Initial costs | $ 40,709 | |||
Buildings and improvements, Initial costs | 968,935 | |||
Improvements, Costs capitalized subsequent to acquisition | 202,598 | |||
Land, Total costs | 70,211 | |||
Buildings and improvements, Total costs | 1,142,031 | |||
Total | 1,212,242 | |||
Accumulated depreciation and amortization | $ (258,958) | |||
Johannesburg | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 5 | |||
Land, Initial costs | $ 10,099 | |||
Buildings and improvements, Initial costs | 1,008,751 | |||
Improvements, Costs capitalized subsequent to acquisition | 125,255 | |||
Land, Total costs | 9,085 | |||
Buildings and improvements, Total costs | 1,135,020 | |||
Total | 1,144,105 | |||
Accumulated depreciation and amortization | $ (69,330) | |||
Marseille | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 4 | |||
Land, Initial costs | $ 1,121 | |||
Buildings and improvements, Initial costs | 220,737 | |||
Improvements, Costs capitalized subsequent to acquisition | 370,449 | |||
Land, Total costs | 1,081 | |||
Buildings and improvements, Total costs | 591,227 | |||
Total | 592,308 | |||
Accumulated depreciation and amortization | $ (80,487) | |||
Zurich | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 3 | |||
Land, Initial costs | $ 20,605 | |||
Buildings and improvements, Initial costs | 48,325 | |||
Improvements, Costs capitalized subsequent to acquisition | 415,146 | |||
Land, Total costs | 39,461 | |||
Buildings and improvements, Total costs | 444,615 | |||
Total | 484,076 | |||
Accumulated depreciation and amortization | $ (42,609) | |||
Dublin | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 9 | |||
Land, Initial costs | $ 11,722 | |||
Acquired ground lease, Initial costs | 90 | |||
Buildings and improvements, Initial costs | 89,597 | |||
Improvements, Costs capitalized subsequent to acquisition | 381,032 | |||
Land, Total costs | 7,791 | |||
Acquired ground lease, Total costs | 91 | |||
Buildings and improvements, Total costs | 474,559 | |||
Total | 482,441 | |||
Accumulated depreciation and amortization | $ (135,864) | |||
Cape Town | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 2 | |||
Land, Initial costs | $ 5,100 | |||
Buildings and improvements, Initial costs | 276,021 | |||
Improvements, Costs capitalized subsequent to acquisition | 130,558 | |||
Land, Total costs | 4,587 | |||
Buildings and improvements, Total costs | 407,092 | |||
Total | 411,679 | |||
Accumulated depreciation and amortization | $ (23,027) | |||
Vienna | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 3 | |||
Land, Initial costs | $ 14,159 | |||
Buildings and improvements, Initial costs | 364,949 | |||
Improvements, Costs capitalized subsequent to acquisition | 3,530 | |||
Land, Total costs | 13,105 | |||
Buildings and improvements, Total costs | 369,533 | |||
Total | 382,638 | |||
Accumulated depreciation and amortization | $ (72,500) | |||
Brussels | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 3 | |||
Land, Initial costs | $ 3,874 | |||
Buildings and improvements, Initial costs | 118,034 | |||
Improvements, Costs capitalized subsequent to acquisition | 102,611 | |||
Land, Total costs | 11,498 | |||
Buildings and improvements, Total costs | 213,021 | |||
Total | 224,519 | |||
Accumulated depreciation and amortization | $ (21,413) | |||
Madrid | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 4 | |||
Land, Initial costs | $ 8,456 | |||
Buildings and improvements, Initial costs | 134,817 | |||
Improvements, Costs capitalized subsequent to acquisition | 66,931 | |||
Land, Total costs | 13,392 | |||
Buildings and improvements, Total costs | 196,812 | |||
Total | 210,204 | |||
Accumulated depreciation and amortization | $ (28,450) | |||
Copenhagen | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 3 | |||
Land, Initial costs | $ 11,665 | |||
Buildings and improvements, Initial costs | 107,529 | |||
Improvements, Costs capitalized subsequent to acquisition | 56,032 | |||
Land, Total costs | 4,583 | |||
Buildings and improvements, Total costs | 170,643 | |||
Total | 175,226 | |||
Accumulated depreciation and amortization | $ (22,665) | |||
Stockholm | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 6 | |||
Buildings and improvements, Initial costs | $ 93,861 | |||
Improvements, Costs capitalized subsequent to acquisition | 58,194 | |||
Buildings and improvements, Total costs | 152,055 | |||
Total | 152,055 | |||
Accumulated depreciation and amortization | $ (29,430) | |||
Dusseldorf | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 3 | |||
Buildings and improvements, Initial costs | $ 30,093 | |||
Improvements, Costs capitalized subsequent to acquisition | 81,914 | |||
Buildings and improvements, Total costs | 112,007 | |||
Total | 112,007 | |||
Accumulated depreciation and amortization | $ (12,455) | |||
Durban | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 1 | |||
Land, Initial costs | $ 900 | |||
Buildings and improvements, Initial costs | 66,646 | |||
Improvements, Costs capitalized subsequent to acquisition | (3,287) | |||
Land, Total costs | 810 | |||
Buildings and improvements, Total costs | 63,449 | |||
Total | 64,259 | |||
Accumulated depreciation and amortization | $ (5,055) | |||
Europe - Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 5 | |||
Land, Initial costs | $ 3,144 | |||
Buildings and improvements, Initial costs | 43,046 | |||
Improvements, Costs capitalized subsequent to acquisition | 226,639 | |||
Land, Total costs | 26,149 | |||
Buildings and improvements, Total costs | 246,680 | |||
Total | 272,829 | |||
Accumulated depreciation and amortization | $ (76,969) | |||
Africa - Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 4 | |||
Improvements, Costs capitalized subsequent to acquisition | $ 225,569 | |||
Land, Total costs | 3,113 | |||
Buildings and improvements, Total costs | 222,456 | |||
Total | 225,569 | |||
Accumulated depreciation and amortization | $ (21,861) | |||
Asia Pacific | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 15 | |||
Land, Initial costs | $ 22,752 | |||
Buildings and improvements, Initial costs | 141,413 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,217,101 | |||
Land, Total costs | 41,764 | |||
Buildings and improvements, Total costs | 1,339,502 | |||
Total | 1,381,266 | |||
Accumulated depreciation and amortization | $ (420,102) | |||
Singapore | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 3 | |||
Buildings and improvements, Initial costs | $ 137,545 | |||
Improvements, Costs capitalized subsequent to acquisition | 718,681 | |||
Buildings and improvements, Total costs | 856,226 | |||
Total | 856,226 | |||
Accumulated depreciation and amortization | $ (301,293) | |||
Sydney | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 4 | |||
Land, Initial costs | $ 18,285 | |||
Buildings and improvements, Initial costs | 3,868 | |||
Improvements, Costs capitalized subsequent to acquisition | 190,211 | |||
Land, Total costs | 21,159 | |||
Buildings and improvements, Total costs | 191,205 | |||
Total | 212,364 | |||
Accumulated depreciation and amortization | $ (48,137) | |||
Seoul | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 1 | |||
Improvements, Costs capitalized subsequent to acquisition | $ 132,617 | |||
Land, Total costs | 17,620 | |||
Buildings and improvements, Total costs | 114,997 | |||
Total | 132,617 | |||
Accumulated depreciation and amortization | $ (7,913) | |||
Melbourne | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 2 | |||
Land, Initial costs | $ 4,467 | |||
Improvements, Costs capitalized subsequent to acquisition | 103,068 | |||
Land, Total costs | 2,985 | |||
Buildings and improvements, Total costs | 104,550 | |||
Total | 107,535 | |||
Accumulated depreciation and amortization | $ (51,882) | |||
Hong Kong | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 1 | |||
Improvements, Costs capitalized subsequent to acquisition | $ 59,323 | |||
Buildings and improvements, Total costs | 59,323 | |||
Total | 59,323 | |||
Accumulated depreciation and amortization | $ (7,137) | |||
Asia Pacific - Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Data Centers | property | 4 | |||
Improvements, Costs capitalized subsequent to acquisition | $ 13,201 | |||
Buildings and improvements, Total costs | 13,201 | |||
Total | 13,201 | |||
Accumulated depreciation and amortization | $ (3,740) |
Schedule III Properties And A_3
Schedule III Properties And Accumulated Depreciation - Narrative (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Schedule III Properties And Accumulated Depreciation | |
Aggregate gross cost of properties for federal income tax purposes | $ 42.6 |
Schedule III Properties And A_4
Schedule III Properties And Accumulated Depreciation - Summary Of Historical Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | $ 26,136,057 | $ 23,625,450 | $ 23,142,988 |
Additions during period (acquisitions and improvements) | 3,494,450 | 2,553,946 | 1,570,162 |
Deductions during period (dispositions, impairments and assets held for sale) | (2,324,139) | (43,339) | (1,087,700) |
Balance, end of year | $ 27,306,368 | $ 26,136,057 | $ 23,625,450 |
Schedule III Properties And A_5
Schedule III Properties And Accumulated Depreciation - Summary Of Accumulated Depreciation And Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $ 7,268,981 | $ 6,210,281 | $ 5,555,221 |
Additions during period (depreciation and amortization expense) | 1,338,912 | 1,079,497 | 1,042,011 |
Deductions during period (dispositions and assets held for sale) | (784,208) | (20,797) | (386,951) |
Balance, end of year | $ 7,823,685 | $ 7,268,981 | $ 6,210,281 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 948,838 | $ 377,684 | $ 1,709,259 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the three months ended December 31, 2023, two officers adopted a “Rule 10b5-1 trading arrangement ” as such term is defined in Item 408(a) of Regulation S-K. On shares of common stock. The plan will expire on , subject to early termination for certain specified events as set forth in the plan. On shares of common stock. The plan will expire |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Cindy Fiedelman | |
Trading Arrangements, by Individual | |
Name | Cindy Fiedelman |
Title | Chief Human Resources Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | November 15, 2023 |
Aggregate Available | 31,051 |
Expiration date | November 29, 2024 |
Christopher Sharp | |
Trading Arrangements, by Individual | |
Name | Christopher Sharp |
Title | Chief Technology Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | November 22, 2023 |
Aggregate Available | 43,870 |
Expiration date | November 22, 2024 |