Digital Realty Trust (DLR) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-32336
Entity Registrant Name	DIGITAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0081711
Entity Address, Address Line One	5707 Southwest Parkway, Building 1, Suite 275
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	737
Local Phone Number	281-0101
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		312,426,614
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001297996
Current Fiscal Year End Date	--12-31
Digital Realty Trust, L.P.
Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Entity File Number	000-54023
Entity Registrant Name	DIGITAL REALTY TRUST, L.P.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-2402955
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001494877
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information
Title of 12(b) Security	Common Stock
Trading Symbol	DLR
Security Exchange Name	NYSE
Series J Cumulative Redeemable Preferred Stock
Entity Information
Title of 12(b) Security	Series J Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr J
Security Exchange Name	NYSE
Series K Cumulative Redeemable Preferred Stock
Entity Information
Title of 12(b) Security	Series K Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr K
Security Exchange Name	NYSE
Series L Cumulative Redeemable Preferred Units
Entity Information
Title of 12(b) Security	Series L Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr L
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments in real estate:
Investments in properties, net	$ 23,757,783	$ 24,236,088
Investments in unconsolidated entities	2,365,821	2,295,889
Net investments in real estate	26,123,604	26,531,977
Operating lease right-of-use assets, net	1,233,410	1,414,256
Cash and cash equivalents	1,193,784	1,625,495
Accounts and other receivables, net	1,217,276	1,278,110
Deferred rent, net	611,670	624,427
Goodwill	9,105,026	9,239,871
Customer relationship value, deferred leasing costs and other intangibles, net	2,359,380	2,500,237
Assets held for sale	287,064	478,503
Other assets	501,875	420,382
Total assets	42,633,089	44,113,258
LIABILITIES AND EQUITY
Global revolving credit facilities, net	1,901,126	1,812,287
Unsecured term loans, net	1,303,263	1,560,305
Unsecured senior notes, net of discount	13,190,202	13,422,342
Secured and other debt, net of discount	625,750	630,973
Operating lease liabilities	1,357,751	1,542,094
Accounts payable and other accrued liabilities	1,870,344	2,168,984
Deferred tax liabilities, net	1,121,224	1,151,096
Accrued dividends and distributions		387,988
Security deposits and prepaid rents	413,225	401,867
Obligations associated with assets held for sale	9,981	39,001
Total liabilities	21,792,866	23,116,937
Redeemable noncontrolling interests	1,350,736	1,394,814
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 March 31, 2024 and December 31, 2023	731,690	731,690
Common Stock: $0.01 par value per share, 392,000 shares authorized; 312,421 and 311,608 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	3,097	3,088
Partners' capital:
Additional paid-in capital	24,508,683	24,396,797
Accumulated dividends in excess of earnings	(5,373,529)	(5,262,648)
Accumulated other comprehensive loss, net	(850,091)	(751,393)
Total stockholders' equity	19,019,850	19,117,534
Noncontrolling interests	469,637	483,973
Total equity	19,489,487	19,601,507
Total liabilities and equity	42,633,089	44,113,258
Digital Realty Trust, L.P.
Investments in real estate:
Investments in properties, net	23,757,783	24,236,088
Investments in unconsolidated entities	2,365,821	2,295,889
Net investments in real estate	26,123,604	26,531,977
Operating lease right-of-use assets, net	1,233,410	1,414,256
Cash and cash equivalents	1,193,784	1,625,495
Accounts and other receivables, net	1,217,276	1,278,110
Deferred rent, net	611,670	624,427
Goodwill	9,105,026	9,239,871
Customer relationship value, deferred leasing costs and other intangibles, net	2,359,380	2,500,237
Assets held for sale	287,064	478,503
Other assets	501,875	420,382
Total assets	42,633,089	44,113,258
LIABILITIES AND EQUITY
Global revolving credit facilities, net	1,901,126	1,812,287
Unsecured term loans, net	1,303,263	1,560,305
Unsecured senior notes, net of discount	13,190,202	13,422,342
Secured and other debt, net of discount	625,750	630,973
Operating lease liabilities	1,357,751	1,542,094
Accounts payable and other accrued liabilities	1,870,344	2,168,984
Deferred tax liabilities, net	1,121,224	1,151,096
Accrued dividends and distributions		387,988
Security deposits and prepaid rents	413,225	401,867
Obligations associated with assets held for sale	9,981	39,001
Total liabilities	21,792,866	23,116,937
Redeemable noncontrolling interests	1,350,736	1,394,814
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 March 31, 2024 and December 31, 2023	731,690	731,690
Partners' capital:
Common units, 312,421 and 311,608 units issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	19,138,251	19,137,237
Limited Partners, 6,588 and 6,449 units issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	461,910	459,356
Accumulated other comprehensive loss, net	(873,579)	(772,668)
Total partners' capital	19,458,272	19,555,615
Noncontrolling interests in consolidated entities	31,215	45,892
Total capital	19,489,487	19,601,507
Total liabilities and equity	$ 42,633,089	$ 44,113,258

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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)	312,421	311,608
Common stock, shares, outstanding (shares)	312,421	311,608
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)	312,421	311,608
Common units, outstanding (units)	312,421	311,608
Limited Partners' units, issued (units)	6,588	6,449
Limited Partners' units outstanding (units)	6,588	6,449

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Revenues:
Operating Revenues	$ 1,331,143	$ 1,338,723
Operating Expenses:
Rental property operating and maintenance	548,939	571,225
Property taxes and insurance	43,850	44,779
Depreciation and amortization	431,102	421,198
General and administrative	115,210	111,920
Transactions and integration	31,839	12,267
Other	10,836
Total operating expenses	1,181,776	1,161,389
Operating income	149,367	177,334
Other Income (Expenses):
Equity in (loss) earnings of unconsolidated entities	(16,008)	14,897
Gain on disposition of properties, net	277,787
Other income, net	9,709	280
Interest expense	(109,535)	(102,220)
Loss from early extinguishment of debt	(1,070)
Income tax expense	(22,413)	(21,454)
Net income	287,837	68,837
Net income attributable to noncontrolling interests	(6,329)	(111)
Net income attributable to Digital Realty Trust, Inc.	281,508	68,726
Preferred stock dividends	(10,181)	(10,181)
Net income available to common stockholders	$ 271,327	$ 58,545
Net income per share available to common stockholders:
Basic (in dollars per share)	$ 0.87	$ 0.20
Diluted (in dollars per share)	$ 0.82	$ 0.20
Weighted average common shares outstanding:
Basic (in shares)	312,292	291,219
Diluted (in shares)	320,798	303,065
Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	$ 1,331,143	$ 1,338,723
Operating Expenses:
Rental property operating and maintenance	548,939	571,225
Property taxes and insurance	43,850	44,779
Depreciation and amortization	431,102	421,198
General and administrative	115,210	111,920
Transactions and integration	31,839	12,267
Other	10,836
Total operating expenses	1,181,776	1,161,389
Operating income	149,367	177,334
Other Income (Expenses):
Equity in (loss) earnings of unconsolidated entities	(16,008)	14,897
Gain on disposition of properties, net	277,787
Other income, net	9,709	280
Interest expense	(109,535)	(102,220)
Loss from early extinguishment of debt	(1,070)
Income tax expense	(22,413)	(21,454)
Net income	287,837	68,837
Net income attributable to noncontrolling interests	(129)	1,389
Net income attributable to Digital Realty Trust, Inc.	287,708	70,226
Preferred stock dividends	(10,181)	(10,181)
Net income available to common stockholders	$ 277,527	$ 60,045
Net income per share available to common stockholders:
Basic (in dollars per share)	$ 0.87	$ 0.20
Diluted (in dollars per share)	$ 0.82	$ 0.20
Weighted average common shares outstanding:
Basic (in shares)	318,469	297,180
Diluted (in shares)	326,975	309,026
Rental and other services
Operating Revenues:
Operating Revenues	$ 1,317,271	$ 1,329,968
Rental and other services | Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	1,317,271	1,329,968
Fee income and other
Operating Revenues:
Operating Revenues	13,872	8,755
Fee income and other | Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	$ 13,872	$ 8,755

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 287,837	$ 68,837
Other comprehensive income (loss):
Foreign currency translation adjustments	(200,004)	(112,076)
Increase in fair value of derivatives	69,035	572
Reclassification to interest expense from derivatives	(10,330)	(6,543)
Other comprehensive loss	(141,299)	(118,047)
Comprehensive income (loss)	146,538	(49,210)
Comprehensive loss attributable to noncontrolling interests	34,769	62,087
Comprehensive income attributable to Digital Realty Trust, Inc.	181,307	12,877
Digital Realty Trust, L.P.
Net income	287,837	68,837
Other comprehensive income (loss):
Foreign currency translation adjustments	(200,004)	(112,076)
Increase in fair value of derivatives	69,035	572
Reclassification to interest expense from derivatives	(10,330)	(6,543)
Other comprehensive loss	(141,299)	(118,047)
Comprehensive income (loss)	146,538	(49,210)
Comprehensive loss attributable to noncontrolling interests	38,755	62,238
Comprehensive income attributable to Digital Realty Trust, Inc.	$ 185,293	$ 13,028

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Redeemable Noncontrolling Interests	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Dividends in Excess of Earnings	Accumulated Other Comprehensive Income (Loss), Net	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2022	$ 1,514,679	$ 731,690	$ 2,887	$ 22,142,868	$ (4,698,313)	$ (595,798)	$ 524,131	$ 18,107,465
Beginning balance (shares) at Dec. 31, 2022			291,148,222
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock				474			(474)
Conversion of common units to common stock (shares)			6,201
Vesting of restricted stock, net (shares)			90,306
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting			$ 1	(1,613)				(1,612)
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)			53,881
Amortization of unearned compensation on share-based awards				17,502				17,502
Reclassification of vested share-based awards				(33,556)			33,556
Adjustment to redeemable noncontrolling interests	(306)			306				306
Dividends declared on preferred stock					(10,181)			(10,181)
Dividends and distributions on common stock and common and incentive units	(190)				(356,214)		(7,675)	(363,889)
Contribution from (distributions to) noncontrolling interests in consolidated entities	129						4,552	4,552
Deconsolidation of noncontrolling interest in consolidated entities							(65,358)	(65,358)
Common stock offering costs				(441)				(441)
Net income (loss)	(2,288)				68,726		2,399	71,125
Other comprehensive income (loss)	(63,252)			839		(56,688)	1,054	(54,795)
Ending balance at Mar. 31, 2023	1,448,772	731,690	$ 2,888	22,126,379	(4,995,982)	(652,486)	492,185	17,704,674
Ending balance (shares) at Mar. 31, 2023			291,298,610
Beginning balance at Dec. 31, 2022	1,514,679	731,690	$ 2,887	22,142,868	(4,698,313)	(595,798)	524,131	18,107,465
Beginning balance (shares) at Dec. 31, 2022			291,148,222
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock				5,300			(5,300)
Conversion of common units to common stock (shares)			71,938
Vesting of restricted stock, net (shares)			55,243
Issuance of common stock, net of costs			$ 9	98,038				98,047
Issuance of common stock, net of costs (shares)			637,980
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting				2,902				2,902
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)			47,918
Amortization of unearned compensation on share-based awards				18,377				18,377
Reclassification of vested share-based awards				(9,752)			9,752
Adjustment to redeemable noncontrolling interests	1,476			(1,476)				(1,476)
Dividends declared on preferred stock					(10,181)			(10,181)
Dividends and distributions on common stock and common and incentive units	(190)				(382,208)		(7,958)	(390,166)
Contribution from (distributions to) noncontrolling interests in consolidated entities							(21,426)	(21,426)
Net income (loss)	(7,509)				281,508		13,838	295,346
Other comprehensive income (loss)	(37,855)			(1,503)		(98,698)	(3,242)	(103,443)
Ending balance at Mar. 31, 2024	$ 1,350,736	$ 731,690	$ 3,097	$ 24,508,683	$ (5,373,529)	$ (850,091)	$ 469,637	$ 19,489,487
Ending balance (shares) at Mar. 31, 2024			312,420,659

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (units)	311,608,000
Contribution from (distributions to) noncontrolling interests in consolidated entities	$ (21,426)	$ 4,552
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		441
Deconsolidation of noncontrolling interest in consolidated entities		(65,358)
Net income (loss)	295,346	71,125
Other comprehensive income (loss)	$ (103,443)	(54,795)
Ending balance (units)	312,421,000		311,608,000
Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 19,601,507	18,107,465	$ 18,107,465
Issuance of common unit, net of offering costs	98,047
Contribution from (distributions to) noncontrolling interests in consolidated entities	(21,426)	4,552
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting	2,902	(1,613)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		440
Amortization of share-based compensation	18,377	17,502
Adjustment to redeemable partnership units	(1,476)	306
Distributions	(400,347)	(374,070)
Impact of changes in foreign exchange rates		3,242
Deconsolidation of noncontrolling interest in consolidated entities		(65,358)
Net income (loss)	295,346	71,125
Other comprehensive income (loss)	(103,443)	(58,037)
Ending balance	19,489,487	17,704,674	19,601,507
Redeemable Interests | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,394,814	1,514,679	1,514,679
Contribution from (distributions to) noncontrolling interests in consolidated entities		129
Adjustment to redeemable partnership units	1,476	(306)
Distributions	(190)	(190)
Impact of changes in foreign exchange rates		(63,252)
Net income (loss)	(7,509)	(2,288)
Other comprehensive income (loss)	(37,855)
Ending balance	1,350,736	1,448,772	1,394,814
Accumulated Other Comprehensive Income (Loss), Net | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(772,668)	(613,423)	(613,423)
Other comprehensive income (loss)	(100,911)	(58,037)
Ending balance	(873,579)	(671,460)	(772,668)
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	45,892	104,814	104,814
Contribution from (distributions to) noncontrolling interests in consolidated entities	(21,426)	4,552
Impact of changes in foreign exchange rates		2,403
Deconsolidation of noncontrolling interest in consolidated entities		(65,358)
Net income (loss)	7,778	931
Other comprehensive income (loss)	(1,029)
Ending balance	31,215	47,342	45,892
General Partner | Preferred Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 731,690	$ 731,690	$ 731,690
Beginning balance (units)	30,200,000	30,200,000	30,200,000
Distributions	$ (10,181)	$ (10,181)
Net income (loss)	10,181	10,181
Ending balance	$ 731,690	$ 731,690	$ 731,690
Ending balance (units)	30,200,000	30,200,000	30,200,000
General Partner | Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 19,137,237	$ 17,447,442	$ 17,447,442
Beginning balance (units)	311,607,580	291,148,222	291,148,222
Conversion of limited partner common units to general partner common units	$ 5,300	$ 474
Conversion of limited partner common units to general partner common units (units)	71,938	6,201
Vesting of restricted common units, net (units)	55,243	90,306
Issuance of common unit, net of offering costs	$ 98,047
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting	$ 2,902	$ (1,613)
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting (in units)	47,918	53,881
Issuance of common units, net of offering costs (in units)	637,980
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		$ 440
Amortization of share-based compensation	$ 18,377	17,502
Reclassification of vested share-based awards	(9,752)	(33,556)
Adjustment to redeemable partnership units	(1,476)	306
Distributions	(382,208)	(356,214)
Impact of changes in foreign exchange rates		839
Net income (loss)	271,327	58,545
Other comprehensive income (loss)	(1,503)
Ending balance	$ 19,138,251	$ 17,133,285	$ 19,137,237
Ending balance (units)	312,420,659	291,298,610	311,607,580
Limited Partners | Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 459,356	$ 436,942	$ 436,942
Beginning balance (units)	6,448,987	6,288,669	6,288,669
Conversion of limited partner common units to general partner common units	$ (5,300)	$ (474)
Conversion of limited partner common units to general partner common units (units)	(71,938)	(6,201)
Issuance of limited partner common units, net (in units)	210,909	179,689
Reclassification of vested share-based awards	$ 9,752	$ 33,556
Distributions	(7,958)	(7,675)
Net income (loss)	6,060	1,468
Ending balance	$ 461,910	$ 463,817	$ 459,356
Ending balance (units)	6,587,958	6,462,157	6,448,987

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 287,837	$ 68,837
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(277,787)
Equity in loss (earnings) of unconsolidated entities	16,008	(14,897)
Distributions from unconsolidated entities	45,797	28,904
Depreciation and amortization	431,102	421,198
Amortization of share-based compensation	16,736	17,502
Loss from early extinguishment of debt	1,070
Straight-lined rents and amortization of above and below market leases	4,699	(18,971)
Amortization of deferred financing costs and debt discount / premium	6,931	5,409
Other operating activities, net	473	(3,880)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(33,034)	(141,958)
(Decrease) decrease in accounts payable and other liabilities	(147,557)	(12,418)
Net cash provided by operating activities	352,275	349,726
Cash flows from investing activities:
Improvements to investments in real estate	(659,315)	(738,677)
Cash paid for business combination / asset acquisitions, net of cash acquired	(80,581)	(57,001)
Investments in and advances to unconsolidated entities	(121,357)	52,991
Return of investment from unconsolidated entities	85,586
Proceeds from sale of assets	814,101
Other investing activities, net	(31,815)	(6,320)
Net cash provided by (used in) investing activities	6,619	(749,007)
Cash flows from financing activities:
Proceeds from credit facilities	447,018	985,448
Payments on credit facilities	(311,174)	(640,298)
Borrowings on secured / unsecured debt	5,568	790,962
Repayments on secured / unsecured debt	(240,000)	(3,081)
Capital contributions from noncontrolling interests, net	(21,426)	4,681
Proceeds from issuance of common stock, net	98,047
Payments of dividends and distributions	(788,525)	(737,976)
Other financing activities, net	778	(8,828)
Net cash provided by (used in) financing activities	(809,714)	390,908
Net (decrease) increase in cash, cash equivalents and restricted cash	(450,820)	(8,373)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	13,438	(693)
Cash, cash equivalents and restricted cash at beginning of period	1,636,470	150,696
Cash, cash equivalents and restricted cash at end of period	1,199,088	141,630
Digital Realty Trust, L.P.
Cash flows from operating activities:
Net income	287,837	68,837
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(277,787)
Equity in loss (earnings) of unconsolidated entities	16,008	(14,897)
Distributions from unconsolidated entities	45,797	28,904
Depreciation and amortization	431,102	421,198
Amortization of share-based compensation	16,736	17,502
Loss from early extinguishment of debt	1,070
Straight-lined rents and amortization of above and below market leases	4,699	(18,971)
Amortization of deferred financing costs and debt discount / premium	6,931	5,409
Other operating activities, net	473	(3,880)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(33,034)	(141,958)
(Decrease) decrease in accounts payable and other liabilities	(147,557)	(12,418)
Net cash provided by operating activities	352,275	349,726
Cash flows from investing activities:
Improvements to investments in real estate	(659,315)	(738,677)
Cash paid for business combination / asset acquisitions, net of cash acquired	(80,581)	(57,001)
Investments in and advances to unconsolidated entities	(121,357)	52,991
Return of investment from unconsolidated entities	85,586
Proceeds from sale of assets	814,101
Other investing activities, net	(31,815)	(6,320)
Net cash provided by (used in) investing activities	6,619	(749,007)
Cash flows from financing activities:
Proceeds from credit facilities	447,018	985,448
Payments on credit facilities	(311,174)	(640,298)
Borrowings on secured / unsecured debt	5,568	790,962
Repayments on secured / unsecured debt	(240,000)	(3,081)
Capital contributions from noncontrolling interests, net	(21,426)	4,681
General partner contributions	98,047
Payments of dividends and distributions	(788,525)	(737,976)
Other financing activities, net	778	(8,828)
Net cash provided by (used in) financing activities	(809,714)	390,908
Net (decrease) increase in cash, cash equivalents and restricted cash	(450,820)	(8,373)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	13,438	(693)
Cash, cash equivalents and restricted cash at beginning of period	1,636,470	150,696
Cash, cash equivalents and restricted cash at end of period	$ 1,199,088	$ 141,630

General

General	3 Months Ended
	Mar. 31, 2024
General
General	1. General Organization and Description of Business. ​ The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates. ​ The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. ​ Accounting Principles and Basis of Presentation. ​ Management Estimates and Assumptions. ​ New Accounting Pronouncements.

Investments in Properties

Investments in Properties	3 Months Ended
	Mar. 31, 2024
Investments in Properties
Investments in Properties	2. Investments in Properties ​ A summary of our investments in properties is below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Type ​ As of March 31, 2024 ​ ​ As of December 31, 2023 Land ​ $ 1,098,238 ​ ​ $ 1,087,278 Acquired ground lease ​ ​ 89 ​ ​ ​ 91 Buildings and improvements ​ ​ 25,179,025 ​ ​ ​ 25,388,788 Tenant improvements ​ ​ 845,444 ​ ​ ​ 830,211 ​ ​ ​ 27,122,796 ​ ​ ​ 27,306,368 Accumulated depreciation and amortization ​ ​ (7,976,093) ​ ​ ​ (7,823,685) Investments in operating properties, net ​ ​ 19,146,703 ​ ​ ​ 19,482,683 Construction in progress and space held for development ​ ​ 4,496,840 ​ ​ ​ 4,635,215 Land held for future development ​ ​ 114,240 ​ ​ ​ 118,190 Investments in properties, net ​ $ 23,757,783 ​ ​ $ 24,236,088 ​ Acquisitions ​ In January 2024, we acquired a 16-acre site in Paris for $80 million. Prior to the acquisition, we leased the land, which consisted of two completed data centers and two data centers under construction. As a result of the land acquisition, we derecognized the right-of-use assets and lease liabilities of $145 million and $150 million, respectively. ​ Dispositions ​ On January 11, 2024, we formed a joint venture with Blackstone Inc. 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. 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 approvals. We received approximately $231 million of net proceeds from the contribution of our data centers to the first phase of the joint venture and retained a 20% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a loss on disposition of approximately $0.3 million. In January 2024, we closed on the sale of our interest in four data centers to Brookfield Infrastructure Partners L.P., or Brookfield, for approximately $271 million. of the data centers were owned by Digital Core REIT (see Note 5. “Investments in Unconsolidated Entities”). The sale was completed subsequent to Brookfield’s November 2023 acquisition of one of our tenants, Cyxtera Technologies. The acquisition was part of Cyxtera’s plan of reorganization under its Chapter 11 bankruptcy proceedings. In conjunction with the sale, we bought out Cyxtera’s leases in million. In addition, Brookfield assumed the leases on three facilities previously leased to Cyxtera and amended the leases on additional data centers in North America, accelerating the expiration date to September 2024. As a result of the sale, we recognized a total gain on disposition of approximately On March 1, 2024, we formed a joint venture with Mitsubishi Corporation, or Mitsubishi, to support the development of two data centers in the Dallas metro area. The facilities were 100% pre-leased prior to construction. We contributed the two data center buildings at a contribution value of approximately $261 million. We received approximately $153 million of gross proceeds from the contribution of our data centers to the joint venture and retained a 35% interest in the joint venture. Mitsubishi paid such cash in exchange for a 65% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $7.1 million. On April 16, 2024, we expanded our existing joint venture with GI Partners with the sale to GI Partners of a 75% interest in a data center in the Chicago metro area. We received approximately $385 million of net proceeds from the contribution of our data centers to the joint venture and the associated financing and retained a 25% interest in the joint venture. The disposition of a portion of our interest in the data center met the criteria under ASC 360 for the assets to qualify as held for sale and contribution as of March 31, 2024. However, the operations are not classified as discontinued operations as a result of our continuing interest in the joint venture. The data center was not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases
Leases	3. Leases Lessor Accounting We generate most of our revenue by leasing operating properties to customers under operating lease agreements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, some of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk. Our largest customer’s total revenue approximates 12% of our total revenue base. No other individual customer makes up more than 6% of our total revenue. Lessee Accounting ​ We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of March 31, 2024, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of March 31, 2024, the termination dates of these ground leases generally range 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 neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements amounted to approximately $37.0 million and $38.4 million for the three months ended March 31, 2024 and 2023, respectively.

Receivables

Receivables	3 Months Ended
	Mar. 31, 2024
Receivables
Receivables	4. Receivables ​ Accounts and Other Receivables, Net ​ Accounts and Other Receivables, net is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts (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): ​ March 31, 2024 ​ December 31, 2023 Accounts receivable – trade ​ $ 658,527 ​ $ 694,252 Allowance for doubtful accounts ​ ​ (43,873) ​ ​ (41,204) Accounts receivable – trade, net ​ ​ 614,654 ​ ​ 653,048 ​ ​ ​ ​ ​ ​ ​ Accounts receivable – customer recoveries ​ ​ 208,997 ​ ​ 233,499 Value-added tax receivables ​ ​ 200,225 ​ ​ 257,911 Accounts receivable – installation fees ​ ​ 80,329 ​ ​ 65,203 Other receivables ​ ​ 113,071 ​ ​ 68,449 Accounts and other receivables, net ​ $ 1,217,276 ​ $ 1,278,110 ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of (Amounts in thousands): ​ March 31, 2024 ​ December 31, 2023 Deferred rent receivables ​ $ 622,871 ​ $ 657,009 Allowance for deferred rent receivables ​ ​ (11,201) ​ ​ (32,582) Deferred rent, net ​ $ 611,670 ​ $ 624,427 ​

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2024
Investments in Unconsolidated Entities.
Investments in Unconsolidated Entities	​ 5. 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 ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 Americas (1) ​ $ 1,413,065 ​ $ 1,363,226 APAC (2) ​ ​ 541,862 ​ ​ 569,996 EMEA (3) ​ ​ 86,495 ​ ​ 28,334 Global (4) ​ ​ 324,399 ​ ​ 334,333 Total ​ $ 2,365,821 ​ $ 2,295,889 Includes the following unconsolidated entities along with our ownership percentage: (1) Ascenty ( 51% ), Blackstone ( 20% ), Clise ( 50% ), Colovore ( 17% ), GI Partners ( 20% ), Mapletree ( 20% ), Menlo ( 20% ), Mitsubishi ( 35% ), Realty Income ( 20% ), TPG Real Estate ( 20% ), and Walsh ( 85% ). (2) Digital Connexion ( 33% ), Lumen ( 50% ), and MC Digital Realty ( 50% ). (3) Blackstone ( 20% ), Medallion ( 60% ), and Mivne ( 50% ). (4) Digital Core REIT ( 38% ). ​ Generally, we serve as the managing member responsible for operations in the ordinary course of business of the joint ventures. We perform the day-to-day accounting and property management functions for the joint ventures and, as such, will earn management fees. However, certain approval rights are granted through the terms of the joint venture agreements and require unanimous consent of both members with respect to any major decisions. Generally, 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 ventures under the equity method of accounting. ​ GI Partners Joint Venture – ​ TPG Real Estate Joint Venture – Realty Income Joint Venture ​ Blackstone Joint Venture ​ Mitsubishi Joint Venture ​ DCREIT ​ As of March 31, 2024, the Company held 31% of the outstanding DCRU units and separately owned a 10% direct retained interest in the underlying North American operating properties. DCREIT has a 25.0% interest in a consolidated asset in Frankfurt which we account for as noncontrolling interest. ​ The Company’s 31% interest in DCRU consisted of 408 million units and 406 million units as of March 31, 2024 and December 31, 2023, respectively. Based on the closing price per unit of $0.60 and $0.65 as of March 31, 2024 and December 31, 2023, respectively, the fair value of the units the Company owned in DCRU was approximately $245 million and $264 million as of March 31, 2024 and December 31, 2023, respectively. ​ Pursuant to contractual agreements with DCRU and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCRU or in cash. The Company earned fees pursuant to these contractual agreements of approximately $2.9 million and $2.3 million for the three months ended March 31, 2024 and 2023, respectively, which is recorded as fee income and other on the condensed consolidated income statement. ​ On April 19, 2024, we completed the sale of an additional 24.9% interest in a data center facility in Frankfurt, Germany to DCREIT for total consideration of approximately $126 million, and DCREIT now has a 49.9% interest in the Frankfurt data center. Because the Company still controls this asset, no gain or loss was recorded on this 49.9% interest. In connection with this transaction, DCREIT loaned the consolidated subsidiary that owns the data center approximately $80 million. ​ Ascenty ​ Debt –

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill
Goodwill	6. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at March 31, 2024 as compared to December 31, 2023 were primarily driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies. ​

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
Acquired Intangible Assets and Liabilities
Acquired Intangible Assets and Liabilities	7. Acquired Intangible Assets and Liabilities The following table summarizes our acquired intangible assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ March 31, 2024 ​ December 31, 2023 (Amounts in thousands) ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Net Carrying Amount ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Net Carrying Amount Customer relationship value ​ $ 2,822,165 ​ $ (966,840) ​ $ 1,855,325 ​ $ 2,926,808 ​ $ (952,943) ​ $ 1,973,865 Acquired in-place lease value ​ ​ 1,049,877 ​ ​ (840,176) ​ ​ 209,701 ​ ​ 1,089,743 ​ ​ (859,167) ​ ​ 230,576 Other ​ ​ 118,165 ​ ​ (33,886) ​ ​ 84,279 ​ ​ 108,744 ​ ​ (33,483) ​ ​ 75,261 Acquired above-market leases ​ ​ 130,299 ​ ​ (129,417) ​ ​ 882 ​ ​ 153,205 ​ ​ (150,344) ​ ​ 2,861 Acquired below-market leases ​ ​ (260,302) ​ ​ 220,901 ​ ​ (39,401) ​ ​ (273,951) ​ ​ 226,840 ​ ​ (47,111) ​ Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $59.0 million and $68.5 million for the three months ended March 31, 2024 and 2023, respectively. ​ Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.4 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. ​ Estimated annual amortization for each of the five succeeding years and thereafter, commencing April 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 $ 128,749 ​ $ 36,667 ​ $ 2,034 ​ $ 288 ​ $ (4,361) 2025 171,123 ​ 47,737 ​ 2,712 ​ 302 ​ (5,730) 2026 170,486 ​ 46,616 ​ 2,712 ​ 184 ​ (4,974) 2027 170,094 ​ 37,506 ​ 2,712 ​ 48 ​ (4,363) 2028 147,514 ​ 17,885 ​ 2,730 ​ 46 ​ (4,160) Thereafter 1,067,359 ​ 23,290 ​ 7,231 ​ 14 ​ (15,813) Total $ 1,855,325 ​ $ 209,701 ​ $ 20,131 ​ $ 882 ​ $ (39,401) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Excludes power grid rights in the amount of approximately $64.1 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.

Debt of the Operating Partnersh

Debt of the Operating Partnership	3 Months Ended
	Mar. 31, 2024
Debt of the Operating Partnership
Debt of the Operating Partnership	8. Debt of the Operating Partnership ​ All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”), the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 ​ ​ Weighted- ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ average ​ Amount ​ average ​ Amount ​ ​ interest rate ​ Outstanding ​ interest rate ​ Outstanding Global Revolving Credit Facilities ​ 4.31 % ​ $ 1,912,492 ​ 4.33 % ​ $ 1,825,228 Unsecured term loans ​ 4.45 % ​ ​ 1,309,250 ​ 4.76 % ​ ​ 1,567,925 Unsecured senior notes ​ 2.25 % ​ ​ 13,271,593 ​ 2.24 % ​ ​ 13,507,427 Secured and other debt ​ 8.12 % ​ 631,469 ​ 8.07 % ​ 637,072 Total ​ 2.87 % ​ $ 17,124,804 2.89 % ​ $ 17,537,652 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Amount ​ ​ ​ ​ Amount ​ ​ ​ Denomination of Draw Outstanding % of Total ​ Outstanding % of Total U.S. dollar ($) ​ $ 2,547,589 14.9 % ​ $ 2,784,875 15.9 % British pound sterling (£) ​ 1,956,565 11.4 % ​ ​ 1,973,305 ​ 11.2 % Euro ( € ​ ​ 10,742,146 ​ 62.7 % ​ ​ 10,835,878 ​ 61.8 % Other ​ ​ 1,878,504 ​ 11.0 % ​ ​ 1,943,594 ​ 11.1 % Total ​ $ 17,124,804 ​ ​ ​ $ 17,537,652 ​ ​ ​ The table below summarizes debt maturities and principal payments as of March 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Revolving ​ Unsecured ​ Unsecured ​ Secured and ​ ​ ​ ​ Credit Facilities (1)(2) Term Loans (3)(4) Senior Notes Other Debt Total Debt 2024 ​ $ — ​ $ — ​ $ 962,975 ​ $ 234 ​ $ 963,209 2025 ​ ​ — ​ ​ 1,309,250 ​ ​ 1,206,270 ​ ​ 568 ​ ​ 2,516,088 2026 ​ ​ 1,912,492 ​ ​ — ​ ​ 1,464,840 ​ ​ 108,177 ​ ​ 3,485,509 2027 ​ — ​ — ​ 1,166,317 ​ 217,099 ​ 1,383,416 2028 ​ — ​ — ​ 2,089,500 ​ 290,516 ​ 2,380,016 Thereafter ​ — ​ — ​ 6,381,691 ​ 14,875 ​ 6,396,566 Subtotal ​ $ 1,912,492 ​ $ 1,309,250 ​ $ 13,271,593 ​ $ 631,469 ​ $ 17,124,804 Unamortized net discounts ​ — ​ — ​ (30,928) ​ (3,651) ​ (34,579) Unamortized deferred financing costs ​ ​ (11,366) ​ ​ (5,987) ​ ​ (50,463) ​ ​ (2,068) ​ ​ (69,884) Total ​ $ 1,901,126 ​ $ 1,303,263 ​ $ 13,190,202 ​ $ 625,750 ​ $ 17,020,341 (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 0.06 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 $500 million currently 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 resulted in an early extinguishment charge of approximately $1.1 million during the three months ended March 31, 2024. ​ Unsecured Senior Notes ​ The following table provides details of our unsecured senior notes (balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate Principal Amount at Issuance ​ ​ ​ Balance as of ​ ​ Borrowing Currency ​ USD ​ Maturity Date ​ March 31, 2024 ​ December 31, 2023 2.625% notes due 2024 (1) ​ € 600,000 ​ ​ 677,040 ​ Apr 15, 2024 ​ $ 647,400 ​ $ 662,340 2.750% notes due 2024 ​ £ 250,000 ​ ​ 324,925 ​ Jul 19, 2024 ​ ​ 315,575 ​ ​ 318,275 4.250% notes due 2025 ​ £ 400,000 ​ ​ 634,480 ​ Jan 17, 2025 ​ ​ 504,920 ​ ​ 509,240 0.625% notes due 2025 ​ € 650,000 ​ ​ 720,980 ​ Jul 15, 2025 ​ ​ 701,350 ​ ​ 717,535 2.500% notes due 2026 ​ € 1,075,000 ​ ​ 1,224,640 ​ Jan 16, 2026 ​ ​ 1,159,925 ​ ​ 1,186,693 0.200% notes due 2026 ​ CHF 275,000 ​ ​ 298,404 ​ Dec 15, 2026 ​ ​ 304,915 ​ ​ 326,826 1.700% notes due 2027 ​ CHF 150,000 ​ ​ 162,465 ​ Mar 30, 2027 ​ ​ 166,317 ​ ​ 178,269 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 ​ ​ 539,500 ​ ​ 551,950 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 ​ ​ 299,371 ​ ​ 320,884 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 ​ ​ 441,805 ​ ​ 445,585 1.500% notes due 2030 ​ € 750,000 ​ ​ 831,900 ​ Mar 15, 2030 ​ ​ 809,250 ​ ​ 827,925 3.750% notes due 2030 ​ £ 550,000 ​ ​ 719,825 ​ Oct 17, 2030 ​ ​ 694,265 ​ ​ 700,205 1.250% notes due 2031 ​ € 500,000 ​ ​ 560,950 ​ Feb 01, 2031 ​ ​ 539,500 ​ ​ 551,950 0.625% notes due 2031 ​ € 1,000,000 ​ ​ 1,220,700 ​ Jul 15, 2031 ​ ​ 1,079,000 ​ ​ 1,103,900 1.000% notes due 2032 ​ € 750,000 ​ ​ 874,500 ​ Jan 15, 2032 ​ ​ 809,250 ​ ​ 827,925 1.375% notes due 2032 ​ € 750,000 ​ ​ 849,375 ​ Jul 18, 2032 ​ ​ 809,250 ​ ​ 827,925 ​ ​ $ 13,271,593 ​ $ 13,507,427 Unamortized discounts, net of premiums ​ ​ ​ ​ ​ ​ ​ (30,928) ​ ​ (33,324) Deferred financing costs, net ​ ​ ​ ​ ​ ​ ​ (50,463) ​ ​ (51,761) Total unsecured senior notes, net of discount and deferred financing costs ​ $ 13,190,202 ​ $ 13,422,342 (1) Paid at maturity on April 15, 2024. (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 March 31, 2024, we were in compliance with each of these financial covenants. ​

Earnings per Common Share or Un

Earnings per Common Share or Unit	3 Months Ended
	Mar. 31, 2024
Earnings per Common Share or Unit
Earnings per Common Share or Unit	​ ​ ​ ​ ​ ​ ​ ​ ​ 9. Earnings per Common Share or Unit ​ The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts): ​ Digital Realty Trust, Inc. Earnings per Common Share ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Numerator: ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 271,327 ​ $ 58,545 Plus: Loss attributable to redeemable noncontrolling interest (1) ​ ​ (7,649) ​ ​ (2,320) Net income available to common stockholders - diluted EPS ​ ​ 263,678 ​ ​ 60,865 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average shares outstanding—basic ​ 312,292 ​ 291,219 Potentially dilutive common shares: ​ ​ ​ Unvested incentive units ​ 196 ​ 176 Unvested restricted stock ​ ​ 112 ​ ​ 27 Market performance-based awards ​ 361 ​ 1 Redeemable noncontrolling interest shares (1) ​ ​ 7,837 ​ ​ 11,644 Weighted average shares outstanding—diluted ​ 320,798 ​ 303,065 Income per share: ​ ​ Basic ​ $ 0.87 ​ $ 0.20 Diluted ​ $ 0.82 ​ $ 0.20 ​ Digital Realty Trust, L.P. Earnings per Unit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Numerator: ​ ​ ​ ​ ​ ​ Net income available to common unitholders ​ $ 277,527 ​ $ 60,045 Plus: Loss attributable to redeemable noncontrolling interest (1) ​ ​ (7,649) ​ ​ (2,320) Net income available to common unitholders - diluted EPS ​ ​ 269,878 ​ ​ 62,365 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average units outstanding—basic ​ 318,469 ​ 297,180 Potentially dilutive common units: ​ ​ Unvested incentive units ​ 196 ​ 176 Unvested restricted units ​ ​ 112 ​ ​ 27 Market performance-based awards ​ 361 ​ 1 Redeemable noncontrolling interest shares (1) ​ ​ 7,837 ​ ​ 11,644 Weighted average units outstanding—diluted ​ 326,975 ​ 309,026 Income per unit: ​ ​ Basic ​ $ 0.87 ​ $ 0.20 Diluted ​ $ 0.82 ​ $ 0.20 (1) (1) As part of the acquisition of Teraco in 2022, certain of Teraco's minority indirect shareholders (“Rollover Shareholders”) have the right to put their shares in an upstream parent company of Teraco (“Remaining Interest”) to the Company in exchange for cash or the equivalent value of shares of the Company common stock, or a combination thereof. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by Digital Realty Trust, Inc.’s average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026. ​ The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 6,176 5,961 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,438 2,129 Potentially dilutive Series K Cumulative Redeemable Preferred Stock ​ 1,512 ​ 2,239 Potentially dilutive Series L Cumulative Redeemable Preferred Stock ​ 2,481 ​ 2,239 Total 11,607 12,568 ​

Equity and Capital

Equity and Capital	3 Months Ended
	Mar. 31, 2024
Equity and Capital
Equity and Capital	​ ​ 10. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were parties to an ATM Equity Offering SM The 2023 Sales Agreement was amended on February 23, 2024 (the “2024 Sales Agreement Amendment”). At the time of the amendment, $258.3 million remained unsold under the 2023 Sales Agreement. Pursuant to the 2024 Sales Agreement Amendment, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $2.0 billion through various named agents from time to time. As of March 31, 2024, $2.0 billion remained available for future sales under the 2024 Sales Agreement Amendment. Noncontrolling Interests in Operating Partnership ​ Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Number of ​ Percentage of ​ Number of ​ Percentage of (Units in thousands) units total ​ units total Digital Realty Trust, Inc. ​ 312,421 ​ 97.9 % ​ 311,608 ​ 98.0 % Noncontrolling interests consist of: ​ ​ ​ ​ Common units held by third parties 4,343 1.4 % ​ 4,343 1.3 % Incentive units held by employees and directors (see Note 12. ''Incentive Plans'') 2,245 0.7 % ​ 2,106 0.7 % ​ 319,009 100.0 % ​ 318,057 100.0 % ​ Limited partners have the right to require the Operating Partnership to redeem all or a portion of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of its common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. The common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the condensed balance sheet. ​ The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $906.0 million and $834.1 million based on the closing market price of Digital Realty Trust, Inc. common stock on March 31, 2024 and December 31, 2023, respectively. The following table shows activity for noncontrolling interests in the Operating Partnership for the three months ended March 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ (Units in thousands) Common Units Incentive Units Total As of December 31, 2023 4,343 2,106 6,449 Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (72) (72) Incentive units issued upon achievement of market performance condition — 72 72 Grant of incentive units to employees and directors — 141 141 Cancellation / forfeitures of incentive units held by employees and directors — (2) (2) As of March 31, 2024 4,343 2,245 6,588 (1) These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid-in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc. ​ Dividends and Distributions Digital Realty Trust, Inc. Dividends ​ We have declared and paid the following dividends on our common and preferred stock for the three months ended March 31, 2024 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J ​ Series K ​ Series L ​ ​ ​ ​ ​ ​ ​ Preferred ​ Preferred ​ Preferred ​ Common Date dividend declared Dividend payment date Stock Stock Stock ​ Stock February 28, 2024 ​ March 28, 2024 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 382,208 Annual rate of dividend per share ​ ​ ​ $ 1.31250 ​ $ 1.46250 ​ $ 1.30000 ​ $ 4.88000 ​ Digital Realty Trust, L.P. Distributions All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the three months ended March 31, 2024 (in thousands, except for per unit data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J ​ Series K ​ Series L ​ ​ ​ ​ ​ ​ ​ Preferred ​ Preferred ​ Preferred ​ Common Date distribution declared Distribution payment date Units Units ​ Units ​ Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2024 ​ March 28, 2024 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 390,356 Annual rate of distribution per unit ​ ​ ​ $ 1.31250 ​ $ 1.46250 ​ $ 1.30000 ​ $ 4.88000 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss), Net	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net.
Accumulated Other Comprehensive Income (Loss), Net	11. Accumulated Other Comprehensive Income (Loss), Net The accumulated balances for each item within accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P.: ​ Digital Realty Trust, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency ​ Increase (decrease) in ​ Accumulated other ​ ​ translation ​ fair value of derivatives, ​ comprehensive ​ adjustments net of reclassification income (loss), net Balance as of December 31, 2023 ​ $ (638,583) ​ $ (112,810) ​ $ (751,393) Net current period change ​ (156,116) ​ 57,418 ​ (98,698) Balance as of March 31, 2024 ​ $ (794,699) ​ $ (55,392) ​ $ (850,091) ​ 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, 2023 ​ $ (656,063) ​ $ (116,605) ​ $ (772,668) Net current period change ​ (159,617) ​ 58,706 ​ (100,911) Balance as of March 31, 2024 ​ $ (815,680) ​ $ (57,899) ​ $ (873,579) ​

Incentive Plans

Incentive Plans	3 Months Ended
	Mar. 31, 2024
Incentive Plans
Incentive Plans	12. Incentive Plans 2014 Incentive Award Plan The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended (the “Incentive Plan”). The major categories of awards that can be issued under the Incentive Plan include: Long-Term Incentive Units (“LTIP Units”) two Service-Based Restricted Stock Units two Performance-Based Awards (“the Performance Awards”): Market-Based Performance Awards. The market performance criterion compares Digital Realty Trust, Inc.’s total shareholder return (“TSR”) relative to the MSCI US REIT Index (“RMS”) over a three-year performance period (“Market Performance Period”), subject to continued service, in order to determine the percentage of the total eligible pool of units that qualifies to be awarded. Following the completion of the Market Performance Period, the awards then have a time-based vesting element pursuant to which 50% of the performance-vested units fully vest in the February immediately following the end of the Market Performance Period and 50% of the performance-vested units fully vest in the subsequent February. Vesting with respect to the market condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS as is shown in the subsequent table (the “RMS Relative Market Performance”). ​ ​ ​ ​ ​ ​ ​ ​ ​ Market ​ ​ ​ Performance ​ RMS Relative ​ Vesting Level Market Performance ​ Percentage Below Threshold Level ≤ -500 basis points ​ 0 % Threshold Level -500 basis points ​ 25 % Target Level 0 basis points ​ 50 % High Level ≥ 500 basis points ​ 100 % ​ If the RMS Relative Market Performance falls between the levels specified in the above table, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels. ​ 2021 Awards ● In January 2024, the RMS Relative Market Performance fell between the threshold and target levels 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 vested and the remaining 50% will vest on February 27, 2025, subject to continued employment through the applicable vesting date. ​ ​ ​ The grant date fair value of the Market-Based Performance Awards was approximately $9.8 million and $8.2 million for the three months ended March 31, 2024 and 2023, respectively. This amount will be recognized as compensation expense on a straight-line basis over the expected service period of approximately four years. ​ Financial-Based Performance Awards. ​ On January 1, 2024, 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, 2024. 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 ​ As of March 31, 2024, approximately 3.7 million shares of common stock, including awards that can be converted to or exchanged for shares of common stock, remained available for future issuance under the Incentive Plan. Each LTIP unit and each Class D unit issued under the Incentive Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the Incentive Plan and the individual award limits set forth therein. Below is a summary of our compensation expense and our unearned compensation (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ period to ​ ​ Deferred Compensation ​ Unearned Compensation recognize ​ ​ Expensed ​ Capitalized ​ As of ​ As of unearned ​ Three Months Ended March 31, March 31, ​ December 31, compensation Type of incentive award 2024 2023 2024 2023 2024 2023 (in years) Long-term incentive units ​ $ 3.7 ​ $ 2.8 ​ $ — ​ $ — ​ $ 31.8 ​ $ 16.6 2.8 Performance-based awards ​ 2.2 ​ 4.1 ​ — ​ 0.1 ​ 34.6 ​ 19.9 2.9 Service-based restricted stock units ​ 7.6 ​ 7.7 ​ 1.5 ​ 1.1 ​ 100.6 ​ 66.4 3.0 Interxion awards ​ ​ — ​ ​ 0.7 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ Activity for LTIP Units and service-based Restricted Stock Units for the three months ended March 31, 2024 is shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ Grant Date Fair Unvested LTIP Units ​ Units Value Unvested, beginning of period 238,360 ​ $ 121.99 Granted 252,009 ​ 137.00 Vested (161,612) ​ 132.68 Cancelled or expired (49,997) ​ 243.00 Unvested, end of period 278,760 ​ $ 107.66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ Grant Date Fair Unvested Restricted Stock Units Shares Value Unvested, beginning of period 621,863 ​ $ 132.07 Granted 349,756 ​ 141.76 Vested (57,208) ​ 121.49 Cancelled or expired (58,599) ​ 122.58 Unvested, end of period 855,812 ​ $ 137.39 ​

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments
Derivative Instruments	13. 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 March 31, 2024, we had cross-currency interest rate swaps outstanding with notional amounts of $1.7 billion and maturity dates ranging through 2028. ​ The effect of these net investment hedges on accumulated other comprehensive loss and the condensed consolidated income statements for the three months ended March 31, 2024 and 2023 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 2023 Cross-currency interest rate swaps (included component) (1) ​ ​ $ (52,030) ​ $ 14,365 Cross-currency interest rate swaps (excluded component) (2) ​ ​ ​ 5,649 ​ ​ (9,478) Total ​ ​ $ (46,381) ​ $ 4,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of ​ Three Months Ended March 31, ​ gain or (loss) ​ 2024 2023 Cross-currency interest rate swaps (excluded component) (2) Interest expense ​ $ 6,103 ​ $ 5,589 (1) Included component represents foreign exchange spot rates. (2) Excluded component represents cross-currency basis spread and interest rates. ​ Cash Flow Hedges ​ As of March 31, 2024, we had derivatives designated as cash flow hedges on 50% of the Euro Term Loan Facilities (€750 million notional amount) and 100% of the USD term loan ($500 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 March 31, 2024, we estimate that an additional $8.3 million will be reclassified as a decrease to interest expense during the twelve months ended March 31, 2025, when the hedged forecasted transactions impact earnings. ​ The effect of these cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three months ended March 31, 2024 and 2023 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 2023 Interest rate swaps ​ ​ $ (12,324) ​ $ 1,084 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of ​ Three Months Ended March 31, ​ gain or (loss) ​ 2024 2023 Interest rate swaps Interest expense ​ $ 4,227 ​ $ 549 ​ Fair Value of Derivative Instruments ​ The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ Assets (1) Liabilities (2) Assets (1) Liabilities (2) Cross-currency interest rate swaps ​ $ 10,060 ​ $ 120,432 ​ $ — ​ $ 156,753 Interest rate swaps ​ ​ 17,089 ​ ​ — ​ ​ 8,538 ​ ​ — ​ ​ $ 27,149 ​ $ 120,432 ​ $ 8,538 ​ $ 156,753 (1) As presented in our condensed consolidated balance sheets within Other assets. (2) As presented in our condensed consolidated balance sheets within Accounts payable and other accrued liabilities.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value of Financial Instruments
Fair Value of Financial Instruments	14. Fair Value of Financial Instruments There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2023 Form 10-K. The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our Global Revolving Credit Facilities, 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 March 31, 2024 and December 31, 2023 as compared to those in effect when the debt was issued or assumed. We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt. The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, 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 March 31, 2024 ​ As of December 31, 2023 ​ ​ under the fair value ​ Estimated Fair ​ ​ ​ ​ Estimated Fair ​ ​ ​ ​ hierarchy Value Carrying Value Value Carrying Value Global Revolving Credit Facilities (1) Level 2 ​ $ 1,912,492 ​ $ 1,912,492 ​ $ 1,825,228 ​ $ 1,825,228 Unsecured term loans (1) Level 2 ​ ​ 1,309,250 ​ ​ 1,309,250 ​ ​ 1,567,925 ​ ​ 1,567,925 Unsecured senior notes (2) Level 2 ​ ​ 12,146,003 ​ ​ 13,271,593 ​ 12,417,619 ​ 13,507,427 Secured and other debt (2) Level 2 ​ ​ 620,505 ​ ​ 631,469 ​ 625,473 ​ 637,072 ​ ​ ​ ​ $ 15,988,250 ​ $ 17,124,804 ​ $ 16,436,245 ​ $ 17,537,652 (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	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies.
Commitments and Contingencies	15. Commitments and Contingencies Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements including ground up construction. From time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At March 31, 2024, we had open commitments, including amounts reimbursable by customers of approximately $75.6 million, related to construction contracts of approximately $2.0 billion. Legal Proceedings ​ As disclosed previously, 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	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information
Supplemental Cash Flow Information	16. Supplemental Cash Flow Information Cash, cash equivalents, and restricted cash balances as of March 31, 2024, and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (Amounts in thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents ​ $ 1,193,784 ​ $ 1,625,495 Restricted cash (included in Other assets) ​ 5,304 ​ 10,975 Total ​ $ 1,199,088 ​ $ 1,636,470 ​ We paid $165.0 million and $140.4 million for interest, net of amounts capitalized, for the three months ended March 31, 2024 and 2023, respectively. ​ We paid $8.5 million and $6.5 million for income taxes, net of refunds, for the three months ended March 31, 2024 and 2023, respectively. ​ Accrued construction related costs totaled $469.3 million and $451.0 million as of March 31, 2024 and 2023, respectively. ​

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2024
Segment and Geographic Information
Segment and Geographic Information	17. Segment and Geographic Information ​ A majority of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. In order to better address the needs of these global customers, the Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations. In this regard, the Company manages customer relationships on a global basis in order to achieve consistent sales and delivery experience of our products for our customers throughout the global portfolio. In order to best accommodate the needs of global customers (and customers that might one day become global), the Company manages its operations as a single global business – with one operating segment and therefore one reporting segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Revenues ​ ​ Three Months Ended March 31, (Amounts in millions) ​ 2024 ​ 2023 Inside the United States ​ $ 704.8 ​ ​ $ 712.5 ​ Outside the United States ​ ​ 626.3 ​ ​ ​ 626.2 ​ Revenue Outside of U.S. % ​ ​ 47.1 % ​ ​ 46.8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Properties, net ​ Operating lease right-of-use assets, net ​ ​ As of March 31, ​ As of December 31, ​ As of March 31, ​ As of December 31, (Amounts in millions) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Inside the United States ​ $ 10,307.6 ​ ​ $ 10,429.2 ​ ​ $ 594.3 ​ ​ $ 610.2 ​ Outside the United States ​ ​ 13,450.2 ​ ​ ​ 13,806.9 ​ ​ ​ 639.1 ​ ​ ​ 804.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Assets in Foreign Operations ​ $ 6,612.6 ​ ​ $ 6,778.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2024
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.
Management Estimates and Assumptions	Management Estimates and Assumptions.
New Accounting Pronouncements	New Accounting Pronouncements.

Investments in Properties (Tabl

Investments in Properties (Tables)	3 Months Ended
	Mar. 31, 2024
Investments in Properties
Schedule of Investments in Properties	​ A summary of our investments in properties is below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Type ​ As of March 31, 2024 ​ ​ As of December 31, 2023 Land ​ $ 1,098,238 ​ ​ $ 1,087,278 Acquired ground lease ​ ​ 89 ​ ​ ​ 91 Buildings and improvements ​ ​ 25,179,025 ​ ​ ​ 25,388,788 Tenant improvements ​ ​ 845,444 ​ ​ ​ 830,211 ​ ​ ​ 27,122,796 ​ ​ ​ 27,306,368 Accumulated depreciation and amortization ​ ​ (7,976,093) ​ ​ ​ (7,823,685) Investments in operating properties, net ​ ​ 19,146,703 ​ ​ ​ 19,482,683 Construction in progress and space held for development ​ ​ 4,496,840 ​ ​ ​ 4,635,215 Land held for future development ​ ​ 114,240 ​ ​ ​ 118,190 Investments in properties, net ​ $ 23,757,783 ​ ​ $ 24,236,088

Receivables (Tables)

Receivables (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables
Schedule of accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of (Amounts in thousands): ​ March 31, 2024 ​ December 31, 2023 Accounts receivable – trade ​ $ 658,527 ​ $ 694,252 Allowance for doubtful accounts ​ ​ (43,873) ​ ​ (41,204) Accounts receivable – trade, net ​ ​ 614,654 ​ ​ 653,048 ​ ​ ​ ​ ​ ​ ​ Accounts receivable – customer recoveries ​ ​ 208,997 ​ ​ 233,499 Value-added tax receivables ​ ​ 200,225 ​ ​ 257,911 Accounts receivable – installation fees ​ ​ 80,329 ​ ​ 65,203 Other receivables ​ ​ 113,071 ​ ​ 68,449 Accounts and other receivables, net ​ $ 1,217,276 ​ $ 1,278,110
Schedule of deferred rent receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of (Amounts in thousands): ​ March 31, 2024 ​ December 31, 2023 Deferred rent receivables ​ $ 622,871 ​ $ 657,009 Allowance for deferred rent receivables ​ ​ (11,201) ​ ​ (32,582) Deferred rent, net ​ $ 611,670 ​ $ 624,427 ​

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2024
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 ​ ​ ​ March 31, 2024 ​ ​ December 31, 2023 Americas (1) ​ $ 1,413,065 ​ $ 1,363,226 APAC (2) ​ ​ 541,862 ​ ​ 569,996 EMEA (3) ​ ​ 86,495 ​ ​ 28,334 Global (4) ​ ​ 324,399 ​ ​ 334,333 Total ​ $ 2,365,821 ​ $ 2,295,889 Includes the following unconsolidated entities along with our ownership percentage: (1) Ascenty ( 51% ), Blackstone ( 20% ), Clise ( 50% ), Colovore ( 17% ), GI Partners ( 20% ), Mapletree ( 20% ), Menlo ( 20% ), Mitsubishi ( 35% ), Realty Income ( 20% ), TPG Real Estate ( 20% ), and Walsh ( 85% ). (2) Digital Connexion ( 33% ), Lumen ( 50% ), and MC Digital Realty ( 50% ). (3) Blackstone ( 20% ), Medallion ( 60% ), and Mivne ( 50% ). (4) Digital Core REIT ( 38% ).

Acquired Intangible Assets an_2

Acquired Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Acquired Intangible Assets and Liabilities
Summary of Acquired Intangible Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ March 31, 2024 ​ December 31, 2023 (Amounts in thousands) ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Net Carrying Amount ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Net Carrying Amount Customer relationship value ​ $ 2,822,165 ​ $ (966,840) ​ $ 1,855,325 ​ $ 2,926,808 ​ $ (952,943) ​ $ 1,973,865 Acquired in-place lease value ​ ​ 1,049,877 ​ ​ (840,176) ​ ​ 209,701 ​ ​ 1,089,743 ​ ​ (859,167) ​ ​ 230,576 Other ​ ​ 118,165 ​ ​ (33,886) ​ ​ 84,279 ​ ​ 108,744 ​ ​ (33,483) ​ ​ 75,261 Acquired above-market leases ​ ​ 130,299 ​ ​ (129,417) ​ ​ 882 ​ ​ 153,205 ​ ​ (150,344) ​ ​ 2,861 Acquired below-market leases ​ ​ (260,302) ​ ​ 220,901 ​ ​ (39,401) ​ ​ (273,951) ​ ​ 226,840 ​ ​ (47,111)
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 $ 128,749 ​ $ 36,667 ​ $ 2,034 ​ $ 288 ​ $ (4,361) 2025 171,123 ​ 47,737 ​ 2,712 ​ 302 ​ (5,730) 2026 170,486 ​ 46,616 ​ 2,712 ​ 184 ​ (4,974) 2027 170,094 ​ 37,506 ​ 2,712 ​ 48 ​ (4,363) 2028 147,514 ​ 17,885 ​ 2,730 ​ 46 ​ (4,160) Thereafter 1,067,359 ​ 23,290 ​ 7,231 ​ 14 ​ (15,813) Total $ 1,855,325 ​ $ 209,701 ​ $ 20,131 ​ $ 882 ​ $ (39,401) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Excludes power grid rights in the amount of approximately $64.1 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.

Debt of the Operating Partner_2

Debt of the Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2024
Debt of the Operating Partnership
Summary of Outstanding Indebtedness of the Operating Partnership	A summary of outstanding indebtedness is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 December 31, 2023 ​ ​ Weighted- ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ average ​ Amount ​ average ​ Amount ​ ​ interest rate ​ Outstanding ​ interest rate ​ Outstanding Global Revolving Credit Facilities ​ 4.31 % ​ $ 1,912,492 ​ 4.33 % ​ $ 1,825,228 Unsecured term loans ​ 4.45 % ​ ​ 1,309,250 ​ 4.76 % ​ ​ 1,567,925 Unsecured senior notes ​ 2.25 % ​ ​ 13,271,593 ​ 2.24 % ​ ​ 13,507,427 Secured and other debt ​ 8.12 % ​ 631,469 ​ 8.07 % ​ 637,072 Total ​ 2.87 % ​ $ 17,124,804 2.89 % ​ $ 17,537,652
Schedule of Debt In Functional Currencies	Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Amount ​ ​ ​ ​ Amount ​ ​ ​ Denomination of Draw Outstanding % of Total ​ Outstanding % of Total U.S. dollar ($) ​ $ 2,547,589 14.9 % ​ $ 2,784,875 15.9 % British pound sterling (£) ​ 1,956,565 11.4 % ​ ​ 1,973,305 ​ 11.2 % Euro ( € ​ ​ 10,742,146 ​ 62.7 % ​ ​ 10,835,878 ​ 61.8 % Other ​ ​ 1,878,504 ​ 11.0 % ​ ​ 1,943,594 ​ 11.1 % Total ​ $ 17,124,804 ​ ​ ​ $ 17,537,652 ​ ​
Schedule of Debt Maturities and Principal Maturities	The table below summarizes debt maturities and principal payments as of March 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Revolving ​ Unsecured ​ Unsecured ​ Secured and ​ ​ ​ ​ Credit Facilities (1)(2) Term Loans (3)(4) Senior Notes Other Debt Total Debt 2024 ​ $ — ​ $ — ​ $ 962,975 ​ $ 234 ​ $ 963,209 2025 ​ ​ — ​ ​ 1,309,250 ​ ​ 1,206,270 ​ ​ 568 ​ ​ 2,516,088 2026 ​ ​ 1,912,492 ​ ​ — ​ ​ 1,464,840 ​ ​ 108,177 ​ ​ 3,485,509 2027 ​ — ​ — ​ 1,166,317 ​ 217,099 ​ 1,383,416 2028 ​ — ​ — ​ 2,089,500 ​ 290,516 ​ 2,380,016 Thereafter ​ — ​ — ​ 6,381,691 ​ 14,875 ​ 6,396,566 Subtotal ​ $ 1,912,492 ​ $ 1,309,250 ​ $ 13,271,593 ​ $ 631,469 ​ $ 17,124,804 Unamortized net discounts ​ — ​ — ​ (30,928) ​ (3,651) ​ (34,579) Unamortized deferred financing costs ​ ​ (11,366) ​ ​ (5,987) ​ ​ (50,463) ​ ​ (2,068) ​ ​ (69,884) Total ​ $ 1,901,126 ​ $ 1,303,263 ​ $ 13,190,202 ​ $ 625,750 ​ $ 17,020,341 (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 0.06 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 $500 million currently 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 resulted in an early extinguishment charge of approximately $1.1 million during the three months ended 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 ​ March 31, 2024 ​ December 31, 2023 2.625% notes due 2024 (1) ​ € 600,000 ​ ​ 677,040 ​ Apr 15, 2024 ​ $ 647,400 ​ $ 662,340 2.750% notes due 2024 ​ £ 250,000 ​ ​ 324,925 ​ Jul 19, 2024 ​ ​ 315,575 ​ ​ 318,275 4.250% notes due 2025 ​ £ 400,000 ​ ​ 634,480 ​ Jan 17, 2025 ​ ​ 504,920 ​ ​ 509,240 0.625% notes due 2025 ​ € 650,000 ​ ​ 720,980 ​ Jul 15, 2025 ​ ​ 701,350 ​ ​ 717,535 2.500% notes due 2026 ​ € 1,075,000 ​ ​ 1,224,640 ​ Jan 16, 2026 ​ ​ 1,159,925 ​ ​ 1,186,693 0.200% notes due 2026 ​ CHF 275,000 ​ ​ 298,404 ​ Dec 15, 2026 ​ ​ 304,915 ​ ​ 326,826 1.700% notes due 2027 ​ CHF 150,000 ​ ​ 162,465 ​ Mar 30, 2027 ​ ​ 166,317 ​ ​ 178,269 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 ​ ​ 539,500 ​ ​ 551,950 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 ​ ​ 299,371 ​ ​ 320,884 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 ​ ​ 441,805 ​ ​ 445,585 1.500% notes due 2030 ​ € 750,000 ​ ​ 831,900 ​ Mar 15, 2030 ​ ​ 809,250 ​ ​ 827,925 3.750% notes due 2030 ​ £ 550,000 ​ ​ 719,825 ​ Oct 17, 2030 ​ ​ 694,265 ​ ​ 700,205 1.250% notes due 2031 ​ € 500,000 ​ ​ 560,950 ​ Feb 01, 2031 ​ ​ 539,500 ​ ​ 551,950 0.625% notes due 2031 ​ € 1,000,000 ​ ​ 1,220,700 ​ Jul 15, 2031 ​ ​ 1,079,000 ​ ​ 1,103,900 1.000% notes due 2032 ​ € 750,000 ​ ​ 874,500 ​ Jan 15, 2032 ​ ​ 809,250 ​ ​ 827,925 1.375% notes due 2032 ​ € 750,000 ​ ​ 849,375 ​ Jul 18, 2032 ​ ​ 809,250 ​ ​ 827,925 ​ ​ $ 13,271,593 ​ $ 13,507,427 Unamortized discounts, net of premiums ​ ​ ​ ​ ​ ​ ​ (30,928) ​ ​ (33,324) Deferred financing costs, net ​ ​ ​ ​ ​ ​ ​ (50,463) ​ ​ (51,761) Total unsecured senior notes, net of discount and deferred financing costs ​ $ 13,190,202 ​ $ 13,422,342 (1) Paid at maturity on April 15, 2024. (2) Subject to cross-currency swaps.

Earnings per Common Share or _2

Earnings per Common Share or Unit (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings per Common Share or Unit
Summary of Basic and Diluted Earnings Per Share and Unit	The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts): ​ Digital Realty Trust, Inc. Earnings per Common Share ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Numerator: ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 271,327 ​ $ 58,545 Plus: Loss attributable to redeemable noncontrolling interest (1) ​ ​ (7,649) ​ ​ (2,320) Net income available to common stockholders - diluted EPS ​ ​ 263,678 ​ ​ 60,865 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average shares outstanding—basic ​ 312,292 ​ 291,219 Potentially dilutive common shares: ​ ​ ​ Unvested incentive units ​ 196 ​ 176 Unvested restricted stock ​ ​ 112 ​ ​ 27 Market performance-based awards ​ 361 ​ 1 Redeemable noncontrolling interest shares (1) ​ ​ 7,837 ​ ​ 11,644 Weighted average shares outstanding—diluted ​ 320,798 ​ 303,065 Income per share: ​ ​ Basic ​ $ 0.87 ​ $ 0.20 Diluted ​ $ 0.82 ​ $ 0.20 ​ Digital Realty Trust, L.P. Earnings per Unit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Numerator: ​ ​ ​ ​ ​ ​ Net income available to common unitholders ​ $ 277,527 ​ $ 60,045 Plus: Loss attributable to redeemable noncontrolling interest (1) ​ ​ (7,649) ​ ​ (2,320) Net income available to common unitholders - diluted EPS ​ ​ 269,878 ​ ​ 62,365 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted average units outstanding—basic ​ 318,469 ​ 297,180 Potentially dilutive common units: ​ ​ Unvested incentive units ​ 196 ​ 176 Unvested restricted units ​ ​ 112 ​ ​ 27 Market performance-based awards ​ 361 ​ 1 Redeemable noncontrolling interest shares (1) ​ ​ 7,837 ​ ​ 11,644 Weighted average units outstanding—diluted ​ 326,975 ​ 309,026 Income per unit: ​ ​ Basic ​ $ 0.87 ​ $ 0.20 Diluted ​ $ 0.82 ​ $ 0.20 (1) (1) As part of the acquisition of Teraco in 2022, certain of Teraco's minority indirect shareholders (“Rollover Shareholders”) have the right to put their shares in an upstream parent company of Teraco (“Remaining Interest”) to the Company in exchange for cash or the equivalent value of shares of the Company common stock, or a combination thereof. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by Digital Realty Trust, Inc.’s average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026.
Schedule of Antidilutive Securities Excluded from Calculations	All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 6,176 5,961 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,438 2,129 Potentially dilutive Series K Cumulative Redeemable Preferred Stock ​ 1,512 ​ 2,239 Potentially dilutive Series L Cumulative Redeemable Preferred Stock ​ 2,481 ​ 2,239 Total 11,607 12,568 ​

Equity and Capital (Tables)

Equity and Capital (Tables)	3 Months Ended
	Mar. 31, 2024
Class of Stock
Ownership Interest In The Operating Partnership	The following table shows the ownership interest in the Operating Partnership as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Number of ​ Percentage of ​ Number of ​ Percentage of (Units in thousands) units total ​ units total Digital Realty Trust, Inc. ​ 312,421 ​ 97.9 % ​ 311,608 ​ 98.0 % Noncontrolling interests consist of: ​ ​ ​ ​ Common units held by third parties 4,343 1.4 % ​ 4,343 1.3 % Incentive units held by employees and directors (see Note 12. ''Incentive Plans'') 2,245 0.7 % ​ 2,106 0.7 % ​ 319,009 100.0 % ​ 318,057 100.0 %
Summary of Activity for Noncontrolling Interests in the Operating Partnership	The following table shows activity for noncontrolling interests in the Operating Partnership for the three months ended March 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ (Units in thousands) Common Units Incentive Units Total As of December 31, 2023 4,343 2,106 6,449 Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (72) (72) Incentive units issued upon achievement of market performance condition — 72 72 Grant of incentive units to employees and directors — 141 141 Cancellation / forfeitures of incentive units held by employees and directors — (2) (2) As of March 31, 2024 4,343 2,245 6,588 (1) These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid-in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc. ​
Schedule of Dividends and Distributions	We have declared and paid the following dividends on our common and preferred stock for the three months ended March 31, 2024 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J ​ Series K ​ Series L ​ ​ ​ ​ ​ ​ ​ Preferred ​ Preferred ​ Preferred ​ Common Date dividend declared Dividend payment date Stock Stock Stock ​ Stock February 28, 2024 ​ March 28, 2024 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 382,208 Annual rate of dividend per share ​ ​ ​ $ 1.31250 ​ $ 1.46250 ​ $ 1.30000 ​ $ 4.88000
Digital Realty Trust, L.P.
Class of Stock
Schedule of Dividends and Distributions	All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the three months ended March 31, 2024 (in thousands, except for per unit data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J ​ Series K ​ Series L ​ ​ ​ ​ ​ ​ ​ Preferred ​ Preferred ​ Preferred ​ Common Date distribution declared Distribution payment date Units Units ​ Units ​ Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2024 ​ March 28, 2024 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 390,356 Annual rate of distribution per unit ​ ​ ​ $ 1.31250 ​ $ 1.46250 ​ $ 1.30000 ​ $ 4.88000 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss), Net (Tables)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net.
Schedule of 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, 2023 ​ $ (638,583) ​ $ (112,810) ​ $ (751,393) Net current period change ​ (156,116) ​ 57,418 ​ (98,698) Balance as of March 31, 2024 ​ $ (794,699) ​ $ (55,392) ​ $ (850,091) ​ 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, 2023 ​ $ (656,063) ​ $ (116,605) ​ $ (772,668) Net current period change ​ (159,617) ​ 58,706 ​ (100,911) Balance as of March 31, 2024 ​ $ (815,680) ​ $ (57,899) ​ $ (873,579) ​

Incentive Plans (Tables)

Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Incentive Plans
Market Performance Based Awards	​ ​ ​ ​ ​ ​ ​ ​ ​ Market ​ ​ ​ Performance ​ RMS Relative ​ Vesting Level Market Performance ​ Percentage Below Threshold Level ≤ -500 basis points ​ 0 % Threshold Level -500 basis points ​ 25 % Target Level 0 basis points ​ 50 % High Level ≥ 500 basis points ​ 100 %
Schedule of compensation expense and unearned compensation	Below is a summary of our compensation expense and our unearned compensation (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ period to ​ ​ Deferred Compensation ​ Unearned Compensation recognize ​ ​ Expensed ​ Capitalized ​ As of ​ As of unearned ​ Three Months Ended March 31, March 31, ​ December 31, compensation Type of incentive award 2024 2023 2024 2023 2024 2023 (in years) Long-term incentive units ​ $ 3.7 ​ $ 2.8 ​ $ — ​ $ — ​ $ 31.8 ​ $ 16.6 2.8 Performance-based awards ​ 2.2 ​ 4.1 ​ — ​ 0.1 ​ 34.6 ​ 19.9 2.9 Service-based restricted stock units ​ 7.6 ​ 7.7 ​ 1.5 ​ 1.1 ​ 100.6 ​ 66.4 3.0 Interxion awards ​ ​ — ​ ​ 0.7 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​
Summary of Long-Term Incentive Unit Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ Grant Date Fair Unvested LTIP Units ​ Units Value Unvested, beginning of period 238,360 ​ $ 121.99 Granted 252,009 ​ 137.00 Vested (161,612) ​ 132.68 Cancelled or expired (49,997) ​ 243.00 Unvested, end of period 278,760 ​ $ 107.66
Summary of Restricted Stock Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ Grant Date Fair Unvested Restricted Stock Units Shares Value Unvested, beginning of period 621,863 ​ $ 132.07 Granted 349,756 ​ 141.76 Vested (57,208) ​ 121.49 Cancelled or expired (58,599) ​ 122.58 Unvested, end of period 855,812 ​ $ 137.39 ​

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments
Schedule of effective portion of gains and losses on derivative instruments	The effect of these net investment hedges on accumulated other comprehensive loss and the condensed consolidated income statements for the three months ended March 31, 2024 and 2023 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 2023 Cross-currency interest rate swaps (included component) (1) ​ ​ $ (52,030) ​ $ 14,365 Cross-currency interest rate swaps (excluded component) (2) ​ ​ ​ 5,649 ​ ​ (9,478) Total ​ ​ $ (46,381) ​ $ 4,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of ​ Three Months Ended March 31, ​ gain or (loss) ​ 2024 2023 Cross-currency interest rate swaps (excluded component) (2) Interest expense ​ $ 6,103 ​ $ 5,589 (1) Included component represents foreign exchange spot rates. (2) 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 income and the condensed consolidated income statements for the three months ended March 31, 2024 and 2023 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 2023 Interest rate swaps ​ ​ $ (12,324) ​ $ 1,084 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of ​ Three Months Ended March 31, ​ gain or (loss) ​ 2024 2023 Interest rate swaps Interest expense ​ $ 4,227 ​ $ 549
Schedule of fair value of derivative instruments in Balance sheets	The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ Assets (1) Liabilities (2) Assets (1) Liabilities (2) Cross-currency interest rate swaps ​ $ 10,060 ​ $ 120,432 ​ $ — ​ $ 156,753 Interest rate swaps ​ ​ 17,089 ​ ​ — ​ ​ 8,538 ​ ​ — ​ ​ $ 27,149 ​ $ 120,432 ​ $ 8,538 ​ $ 156,753 (1) As presented in our condensed consolidated balance sheets within Other assets. (2) As presented in our condensed consolidated balance sheets within Accounts payable and other accrued liabilities.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 ​ As of December 31, 2023 ​ ​ under the fair value ​ Estimated Fair ​ ​ ​ ​ Estimated Fair ​ ​ ​ ​ hierarchy Value Carrying Value Value Carrying Value Global Revolving Credit Facilities (1) Level 2 ​ $ 1,912,492 ​ $ 1,912,492 ​ $ 1,825,228 ​ $ 1,825,228 Unsecured term loans (1) Level 2 ​ ​ 1,309,250 ​ ​ 1,309,250 ​ ​ 1,567,925 ​ ​ 1,567,925 Unsecured senior notes (2) Level 2 ​ ​ 12,146,003 ​ ​ 13,271,593 ​ 12,417,619 ​ 13,507,427 Secured and other debt (2) Level 2 ​ ​ 620,505 ​ ​ 631,469 ​ 625,473 ​ 637,072 ​ ​ ​ ​ $ 15,988,250 ​ $ 17,124,804 ​ $ 16,436,245 ​ $ 17,537,652 (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)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information
Schedule of cash, cash equivalents, and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (Amounts in thousands) March 31, 2024 December 31, 2023 Cash and cash equivalents ​ $ 1,193,784 ​ $ 1,625,495 Restricted cash (included in Other assets) ​ 5,304 ​ 10,975 Total ​ $ 1,199,088 ​ $ 1,636,470

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment and Geographic Information
Schedule of Investment and operating revenues of geographical areas	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Revenues ​ ​ Three Months Ended March 31, (Amounts in millions) ​ 2024 ​ 2023 Inside the United States ​ $ 704.8 ​ ​ $ 712.5 ​ Outside the United States ​ ​ 626.3 ​ ​ ​ 626.2 ​ Revenue Outside of U.S. % ​ ​ 47.1 % ​ ​ 46.8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Properties, net ​ Operating lease right-of-use assets, net ​ ​ As of March 31, ​ As of December 31, ​ As of March 31, ​ As of December 31, (Amounts in millions) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Inside the United States ​ $ 10,307.6 ​ ​ $ 10,429.2 ​ ​ $ 594.3 ​ ​ $ 610.2 ​ Outside the United States ​ ​ 13,450.2 ​ ​ ​ 13,806.9 ​ ​ ​ 639.1 ​ ​ ​ 804.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Assets in Foreign Operations ​ $ 6,612.6 ​ ​ $ 6,778.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investments in Properties (Deta

Investments in Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments in Properties
Land	$ 1,098,238	$ 1,087,278
Acquired ground lease	89	91
Buildings and improvements	25,179,025	25,388,788
Tenant improvements	845,444	830,211
Total investments in operating properties	27,122,796	27,306,368
Accumulated depreciation and amortization	(7,976,093)	(7,823,685)
Investments in operating properties, net	19,146,703	19,482,683
Construction in progress and space held for development	4,496,840	4,635,215
Land held for future development	114,240	118,190
Investments in properties, net	$ 23,757,783	$ 24,236,088

Investments in Properties - Acq

Investments in Properties - Acquisitions (Details) $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($) a Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of data centers | Center	2
Number of data centers under construction | Center	2
Site in Paris
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land acquired | a	16
Payments to acquire real estate	$ 80
Right-of-use assets derecognized	145
Lease liabilities derecognized	$ 150

Investments in Properties - Dis

Investments in Properties - Dispositions (Details) $ in Thousands								1 Months Ended	3 Months Ended
	Apr. 16, 2024 USD ($)	Mar. 01, 2024 USD ($)	Mar. 01, 2024 USD ($) Center	Mar. 01, 2024 USD ($) item	Jan. 11, 2024 USD ($) item Center	Jul. 25, 2023 property	Jul. 13, 2023 property	Jan. 31, 2024 USD ($) Center	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Planned campuses to support the construction of data centers | item					10
Potential IT load capacity in number of megawatts | item					500
Number of data centers | Center								2
Equity in (loss) earnings of unconsolidated entities									$ (16,008)	$ 14,897
Joint Venture with Blackstone Inc
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures					20%
Joint Venture With Mitsubishi Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures		35%	35%	35%
Joint Venture with GI Partners
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	25%
Digital Core REIT (DCRU)
Schedule of Equity Method Investments [Line Items]
Number of data centers | property									10
Hyperscale data center buildings in the Northern Virginia | Joint Venture with Blackstone Inc
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures									20%
Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia | Joint Venture with Blackstone Inc
Schedule of Equity Method Investments [Line Items]
Number of hyperscale data center campuses develop through joint venture | item					4
Data Center Joint Venture | Brookfield Infrastructure Partners L.P
Schedule of Equity Method Investments [Line Items]
Equity in (loss) earnings of unconsolidated entities								$ 8,900
Data Centers in Dallas Metro Area | Joint Venture With Mitsubishi Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures		35%	35%	35%
Joint Venture with TPG Real Estate | Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Number of properties sold | property						3
Percentage of interest in property sold						80%
Joint Venture with Blackstone Inc | Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia
Schedule of Equity Method Investments [Line Items]
Number of hyperscale data center campuses develop through joint venture | Center					4
Planned campuses to support the construction of data centers | Center					10
Potential IT load capacity in number of megawatts | item					500
Proceeds from partnership contribution					$ 231,000
Gain on disposition					$ (300)
Brookfield Infrastructure Partners L.P | Data Center Joint Venture
Schedule of Equity Method Investments [Line Items]
Proceeds from partnership contribution								271,000
Gain on disposition								$ 194,200
Number of properties sold | Center								4
Number of data centers | Center								2
Gain on sale of investments								$ 203,100
Brookfield Infrastructure Partners L.P | Data Center Joint Venture | Singapore and Frankfurt
Schedule of Equity Method Investments [Line Items]
Number of leased data centers acquired | Center								3
Payments to acquire real estate								$ 57,000
Brookfield Infrastructure Partners L.P | Data Center Joint Venture | Americas
Schedule of Equity Method Investments [Line Items]
Number of properties for which lease is amended | Center								3
Brookfield Infrastructure Partners L.P | Data Center Joint Venture | Digital Core REIT (DCRU)
Schedule of Equity Method Investments [Line Items]
Number of data centers | Center								2
Joint Venture With Mitsubishi Joint Venture | Data Centers in Dallas Metro Area
Schedule of Equity Method Investments [Line Items]
Planned campuses to support the construction of data centers			2	2
Gain on disposition		$ 7,100
Number of data centers | Center			2
Percentage of property pre- leased prior to construction		100%	100%	100%
Purchase Price		$ 261,000	$ 261,000	$ 261,000
Gross Proceeds		$ 153,000	$ 153,000	$ 153,000
Percentage of ownership Interest in partnership		65%	65%	65%
Joint Venture with GI Partners | Hyperscale data center buildings in the Chicago metro area
Schedule of Equity Method Investments [Line Items]
Proceeds from partnership contribution	$ 385,000
Number of properties sold | property							2
Percentage of ownership Interest in partnership							65%
Percentage of interest in property sold	75%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) customer	Mar. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Rent expense | $	$ 37	$ 38.4
Percentage of total revenue from our largest customer (approximates)	12%
Number of other customers that makes up more than 6% of our total revenue | customer	0
Maximum
Lessor, Lease, Description [Line Items]
Percent of total revenue from other individual customers	6%

Receivables - Accounts and Othe

Receivables - Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables
Accounts receivable - trade	$ 658,527	$ 694,252
Allowance for doubtful accounts	(43,873)	(41,204)
Accounts receivable - trade, net	614,654	653,048
Accounts receivable - customer recoveries	208,997	233,499
Value-added tax receivables	200,225	257,911
Accounts receivable - installation fees	80,329	65,203
Other receivables	113,071	68,449
Accounts and other receivables, net	$ 1,217,276	$ 1,278,110

Receivables - Deferred rent, ne

Receivables - Deferred rent, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables
Deferred rent receivables	$ 622,871	$ 657,009
Allowance for deferred rent receivables	(11,201)	(32,582)
Deferred rent, net	$ 611,670	$ 624,427

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
% Ownership	31%
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 2,365,821	$ 2,295,889
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in Americas
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 1,413,065	1,363,226
Unconsolidated Joint Ventures | Ascenty
Schedule of Equity Method Investments [Line Items]
% Ownership	51%
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	20%
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 | Mitsubishi
Schedule of Equity Method Investments [Line Items]
% Ownership	35%
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 | Unconsolidated Joint Ventures in APAC
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 541,862	569,996
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 | Unconsolidated Joint Ventures in EMEA
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 86,495	28,334
Unconsolidated Joint Ventures | Blackstone
Schedule of Equity Method Investments [Line Items]
% Ownership	20%
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 | Unconsolidated Joint Ventures in Global
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 324,399	$ 334,333
Unconsolidated Joint Ventures | Digital Core REIT
Schedule of Equity Method Investments [Line Items]
% Ownership	38%

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions

1 Months Ended

3 Months Ended

Apr. 19, 2024 USD ($)

Mar. 01, 2024 USD ($)

Mar. 01, 2024 Center

Mar. 01, 2024 item

Jan. 12, 2024 USD ($)

Jan. 11, 2024 item Center

Nov. 10, 2023 item

Jul. 25, 2023 property

Jul. 13, 2023 property

Jan. 31, 2024 Center

Mar. 31, 2024 USD ($) property $ / shares shares

Mar. 31, 2023 USD ($)

Apr. 16, 2024

Dec. 31, 2023 USD ($) $ / shares shares

Schedule of Equity Method Investments [Line Items]

Number of data centers | Center

2

Planned campuses to support the construction of data centers | item

10

Potential IT load capacity in number of megawatts | item

500

Data center facility in Frankfurt, Germany | Subsequent Event

Schedule of Equity Method Investments [Line Items]

Ownership interest held in operating properties sold

24.90%

Consideration on sale of ownership

$ 126,000

Gain on sale

0

Amount loaned to the consolidated subsidiary that owns the data center

$ 80,000

Joint Venture With Blackstone Joint Venture | Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia

Schedule of Equity Method Investments [Line Items]

Number of hyperscale data center campuses develop through joint venture | Center

4

Planned campuses to support the construction of data centers | Center

10

Potential IT load capacity in number of megawatts | item

500

Realty Income | Hyperscale data center buildings in the Northern Virginia

Schedule of Equity Method Investments [Line Items]

Percentage of interest in partnership

80%

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

Percentage of interest in property sold

80%

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%

Number of properties sold | property

2

Percentage of interest in property sold

75%

Joint Venture With Mitsubishi Joint Venture | Data Centers in Dallas Metro Area

Schedule of Equity Method Investments [Line Items]

Percentage of interest in partnership

65%

65%

65%

Number of data centers | Center

2

Planned campuses to support the construction of data centers

2

2

Remaining development cost to be funded by each partner in pro rata share

$ 140,000

GI Partners Joint Venture

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

25%

GI Partners Joint Venture | Hyperscale data center buildings in the Chicago metro area

Schedule of Equity Method Investments [Line Items]

Call option to increase ownership interest in joint venture

80%

Additional cash contribution by Joint Venture partner

$ 68,000

Percentage of Interest Acquired in Joint Venture

15%

GI Partners | Hyperscale data center buildings in the Chicago metro area

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

35%

Ascenty | Subsidiary of Operating Partnership subsidiary

Schedule of Equity Method Investments [Line Items]

Ownership interest by noncontrolling interest

2%

Noncontrolling interests in consolidated entities

$ 19,000

$ 18,000

Digital Core REIT (DCRU)

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

31%

Number of units owned | shares

408

406

Closing price per unit | $ / shares

$ 0.60

$ 0.65

Fair value of shares

$ 245,000

$ 264,000

Digital Core REIT (DCRU) | Fee income and other

Schedule of Equity Method Investments [Line Items]

Fees earned pursuant to these contractual agreements

$ 2,900

$ 2,300

Sreit [Member] | Hyperscale data center buildings in the Northern Virginia

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

20%

20%

Joint Venture With Blackstone Joint Venture

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

20%

Joint Venture With Blackstone Joint Venture | Hyperscale data center buildings in the Northern Virginia

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

20%

Remaining development cost to be funded by each partner in pro rata share

$ 3,000,000

Joint Venture With Blackstone Joint Venture | Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia

Schedule of Equity Method Investments [Line Items]

Number of hyperscale data center campuses develop through joint venture | item

4

Joint Venture With Mitsubishi Joint Venture

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

35%

35%

35%

Joint Venture With Mitsubishi Joint Venture | Data Centers in Dallas Metro Area

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

35%

35%

35%

North America | Digital Core REIT (DCRU)

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

10%

Digital Core REIT (DCRU)

Schedule of Equity Method Investments [Line Items]

Number of data centers | property

10

Digital Core REIT (DCRU) | Subsidiary of Operating Partnership subsidiary

Schedule of Equity Method Investments [Line Items]

Ownership interest by noncontrolling interest

25%

Digital Core REIT (DCRU) | Digital Core REIT (DCRU) | Data center facility in Frankfurt, Germany | Subsequent Event

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

49.90%

Acquired Intangible Assets an_3

Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Customer relationship value
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,822,165	$ 2,926,808
Accumulated Amortization	(966,840)	(952,943)
Total	1,855,325	1,973,865
Acquired in-place lease value
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,049,877	1,089,743
Accumulated Amortization	(840,176)	(859,167)
Total	209,701	230,576
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	118,165	108,744
Accumulated Amortization	(33,886)	(33,483)
Total	84,279	75,261
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	130,299	153,205
Accumulated Amortization	(129,417)	(150,344)
Total	882	2,861
Acquired below-market leases
Finite-Lived Intangible Assets [Line Items]
Below-market lease, Gross Carrying Amount	(260,302)	(273,951)
Below-market lease, Accumulated Amortization	220,901	226,840
Total	$ (39,401)	$ (47,111)

Acquired Intangible Assets an_4

Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Customer relationship value, acquired in-place lease value and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible assets	$ 59	$ 68.5
Rental and other services | Below-market leases, net of above-market leases
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in revenue	$ 1.4	$ 1.7

Acquired Intangible Assets An_5

Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Customer relationship value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 128,749
2025	171,123
2026	170,486
2027	170,094
2028	147,514
Thereafter	1,067,359
Total	1,855,325	$ 1,973,865
Acquired in-place lease value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	36,667
2025	47,737
2026	46,616
2027	37,506
2028	17,885
Thereafter	23,290
Total	209,701	230,576
Other
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	2,034
2025	2,712
2026	2,712
2027	2,712
2028	2,730
Thereafter	7,231
Total	20,131
Power grid rights
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Total	64,100
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	288
2025	302
2026	184
2027	48
2028	46
Thereafter	14
Total	882	$ 2,861
Acquired below-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	(4,361)
2025	(5,730)
2026	(4,974)
2027	(4,363)
2028	(4,160)
Thereafter	(15,813)
Total	$ (39,401)

Debt of the Operating Partner_3

Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-average interest rate	2.87%	2.89%
Amount Outstanding	$ 17,124,804	$ 17,537,652
Global Revolving Credit Facilities
Debt Instrument [Line Items]
Weighted-average interest rate	4.31%	4.33%
Amount Outstanding	$ 1,912,492	$ 1,825,228
Unsecured term loans
Debt Instrument [Line Items]
Weighted-average interest rate	4.45%	4.76%
Amount Outstanding	$ 1,309,250	$ 1,567,925
Unsecured senior notes
Debt Instrument [Line Items]
Weighted-average interest rate	2.25%	2.24%
Amount Outstanding	$ 13,271,593	$ 13,507,427
Secured and other debt
Debt Instrument [Line Items]
Weighted-average interest rate	8.12%	8.07%
Amount Outstanding	$ 631,469	$ 637,072

Debt of the Operating Partner_4

Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 17,124,804	$ 17,537,652
% of Total	2.87%	2.89%
U.S. dollar
Debt Instrument [Line Items]
Amount Outstanding	$ 2,547,589	$ 2,784,875
% of Total	14.90%	15.90%
British pound sterling
Debt Instrument [Line Items]
Amount Outstanding	$ 1,956,565	$ 1,973,305
% of Total	11.40%	11.20%
Euro
Debt Instrument [Line Items]
Amount Outstanding	$ 10,742,146	$ 10,835,878
% of Total	62.70%	61.80%
Other
Debt Instrument [Line Items]
Amount Outstanding	$ 1,878,504	$ 1,943,594
% of Total	11%	11.10%

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
	Jan. 09, 2024 USD ($)	Mar. 31, 2024 USD ($) Option	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument
Repayments on secured / unsecured debt		$ 240,000	$ 3,081
U.S. Term Loan
Debt Instrument
Subtotal	$ 500,000
Repayments on secured / unsecured debt	$ 240,000
Premium paid for early extinguishment of debt		1,100
Digital Realty Trust, L.P.
Debt Instrument
2024		963,209
2025		2,516,088
2026		3,485,509
2027		1,383,416
2028		2,380,016
Thereafter		6,396,566
Subtotal		17,124,804			$ 17,537,652
Unamortized net discounts		(34,579)
Unamortized deferred financing costs		(69,884)
Total		17,020,341
Repayments on secured / unsecured debt		240,000	$ 3,081
Digital Realty Trust, L.P. | Global Revolving Credit Facilities
Debt Instrument
2026		1,912,492
Subtotal		1,912,492			1,825,228
Unamortized deferred financing costs		(11,366)
Total		$ 1,901,126
Number of extension option | Option		2
Maturity extension option term		6 months
Percentage of extension fee		6%		6%
Digital Realty Trust, L.P. | Unsecured Term Loans
Debt Instrument
2025		$ 1,309,250
Subtotal		1,309,250			1,567,925
Unamortized deferred financing costs		(5,987)
Total		$ 1,303,263
Number of extension option | Option		2
Maturity extension option term		1 year
Debt face amount | €				€ 375
Percentage of extension fee		12.50%		12.50%
Digital Realty Trust, L.P. | Unsecured Senior Notes
Debt Instrument
2024		$ 962,975
2025		1,206,270
2026		1,464,840
2027		1,166,317
2028		2,089,500
Thereafter		6,381,691
Subtotal		13,271,593			13,507,427
Unamortized net discounts		(30,928)
Unamortized deferred financing costs		(50,463)			$ (51,761)
Total		13,190,202
Digital Realty Trust, L.P. | Secured and Other Debt
Debt Instrument
2024		234
2025		568
2026		108,177
2027		217,099
2028		290,516
Thereafter		14,875
Subtotal		631,469
Unamortized net discounts		(3,651)
Unamortized deferred financing costs		(2,068)
Total		$ 625,750
Digital Realty Trust, L.P. | U.S. Term Loan
Debt Instrument
Number of extension option | Option		1
Maturity extension option term		12 months
Debt face amount		$ 500,000
Percentage of extension fee		18.75%		18.75%

Debt of the Operating Partner_6

Debt of the Operating Partnership - Unsecured Senior Notes (Details) - Digital Realty Trust, L.P. € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 GBP (£)	Mar. 31, 2024 CHF (SFr)	Dec. 31, 2023 USD ($)
Debt of the Operating Partnership [Line Items]
Long-term debt, gross	$ 17,124,804				$ 17,537,652
Deferred financing costs	(69,884)
Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Long-term debt, gross	13,271,593				13,507,427
Unamortized discounts, net of premiums	(30,928)				(33,324)
Deferred financing costs	(50,463)				(51,761)
Total unsecured senior notes, net of discount and deferred financing costs	13,190,202				13,422,342
Secured and Other Debt
Debt of the Operating Partnership [Line Items]
Long-term debt, gross	$ 631,469				637,072
2.625% notes due 2024 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.625%	2.625%	2.625%	2.625%
Aggregate principal amount	$ 677,040	€ 600,000
Long-term debt, gross	$ 647,400				662,340
2.750% notes due 2024 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.75%	2.75%	2.75%	2.75%
4.250% notes due 2025 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.25%	4.25%	4.25%	4.25%
Aggregate principal amount	$ 634,480		£ 400,000
Long-term debt, gross	$ 504,920				509,240
0.625% notes due 2025 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%	0.625%
Aggregate principal amount	$ 720,980	€ 650,000
Long-term debt, gross	$ 701,350				717,535
2.500% notes due 2026 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.50%	2.50%	2.50%	2.50%
Aggregate principal amount	$ 1,224,640	€ 1,075,000
Long-term debt, gross	$ 1,159,925				1,186,693
0.200% notes due 2026 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.20%	0.20%	0.20%	0.20%
Aggregate principal amount	$ 298,404			SFr 275,000
Long-term debt, gross	$ 304,915				326,826
1.700% notes due 2027 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.70%	1.70%	1.70%	1.70%
Aggregate principal amount	$ 162,465			SFr 150,000
Long-term debt, gross	$ 166,317				178,269
3.700% notes due 2027 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.70%	3.70%	3.70%	3.70%
Aggregate principal amount	$ 1,000,000
Long-term debt, gross	$ 1,000,000				1,000,000
5.550% notes due 2028 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	5.55%	5.55%	5.55%	5.55%
Aggregate principal amount	$ 900,000
Long-term debt, gross	$ 900,000				900,000
1.125% notes due 2028 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.125%	1.125%	1.125%	1.125%
Aggregate principal amount	$ 548,550	€ 500,000
Long-term debt, gross	$ 539,500				551,950
4.450% notes due 2028 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.45%	4.45%	4.45%	4.45%
Aggregate principal amount	$ 650,000
Long-term debt, gross	$ 650,000				650,000
0.550% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.55%	0.55%	0.55%	0.55%
Aggregate principal amount	$ 292,478			SFr 270,000
Long-term debt, gross	$ 299,371				320,884
3.600% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.60%	3.60%	3.60%	3.60%
Aggregate principal amount	$ 900,000
Long-term debt, gross	$ 900,000				900,000
3.300% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.30%	3.30%	3.30%	3.30%
Aggregate principal amount	$ 454,895		£ 350,000
Long-term debt, gross	$ 441,805				445,585
1.500% Notes due 2030 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.50%	1.50%	1.50%	1.50%
Aggregate principal amount	$ 831,900	€ 750,000
Long-term debt, gross	$ 809,250				827,925
3.750% notes due 2030 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.75%	3.75%	3.75%	3.75%
Aggregate principal amount	$ 719,825		£ 550,000
Long-term debt, gross	$ 694,265				700,205
1.250% Notes due 2031 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.25%	1.25%	1.25%	1.25%
Aggregate principal amount	$ 560,950	€ 500,000
Long-term debt, gross	$ 539,500				551,950
0.625% notes due 2031 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%	0.625%
Aggregate principal amount	$ 1,220,700	€ 1,000,000
Long-term debt, gross	$ 1,079,000				1,103,900
1.000% Notes due 2032 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1%	1%	1%	1%
Aggregate principal amount	$ 874,500	€ 750,000
Long-term debt, gross	$ 809,250				827,925
1.375% notes due 2032 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.375%	1.375%	1.375%	1.375%
Aggregate principal amount	$ 849,375	€ 750,000
Long-term debt, gross	809,250				827,925
2.750% notes due 2023 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Aggregate principal amount	324,925		£ 250,000
Long-term debt, gross	$ 315,575				$ 318,275

Debt of the Operating Partner_7

Debt of the Operating Partnership - Narrative (Details) - Unsecured senior notes - Digital Realty Trust, L.P.	3 Months Ended
	Mar. 31, 2024
Maximum
Debt Instrument
Leverage ratio	60%
Secured debt leverage ratio	40%
Minimum
Debt Instrument
Interest coverage ratio	1.50
Total unencumbered assets	150%

Earnings per Common Share or _3

Earnings per Common Share or Unit - Summary of Basic and Diluted Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income available to common stockholders	$ 271,327	$ 58,545
Plus: Loss attributable to redeemable noncontrolling interest	(7,649)	(2,320)
Net income available to common stockholders - diluted EPS	$ 263,678	$ 60,865
Denominator:
Weighted average units outstanding-basic (shares/units)	312,292	291,219
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	196	176
Unvested restricted stock (shares/units)	112	27
Market performance-based awards (shares/units)	361	1
Redeemable noncontrolling interest shares (shares/units)	7,837	11,644
Weighted average shares/units outstanding-diluted (shares/units)	320,798	303,065
Income per unit:
Basic (in dollars per share)	$ 0.87	$ 0.20
Diluted (in dollars per share)	$ 0.82	$ 0.20
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
Digital Realty Trust, L.P.
Numerator:
Net income available to common stockholders	$ 277,527	$ 60,045
Plus: Loss attributable to redeemable noncontrolling interest	(7,649)	(2,320)
Net income available to common stockholders - diluted EPS	$ 269,878	$ 62,365
Denominator:
Weighted average units outstanding-basic (shares/units)	318,469	297,180
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	196	176
Unvested restricted stock (shares/units)	112	27
Market performance-based awards (shares/units)	361	1
Redeemable noncontrolling interest shares (shares/units)	7,837	11,644
Weighted average shares/units outstanding-diluted (shares/units)	326,975	309,026
Income per unit:
Basic (in dollars per share)	$ 0.87	$ 0.20
Diluted (in dollars per share)	$ 0.82	$ 0.20

Earnings per Common Share or _4

Earnings per Common Share or Unit - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	11,607	12,568
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)	6,176	5,961
Series J Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,438	2,129
Series K Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,512	2,239
Series L Cumulative Redeemable Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	2,481	2,239

Equity and Capital - Equity Dis

Equity and Capital - Equity Distribution Agreement (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 23, 2024	Apr. 01, 2022
2023 Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Aggregate maximum offering price				$ 1,500,000,000
Net proceeds from sale of stock	$ 99,000,000	$ 0
Number of shares entered for agreement	0.6
Average price per share	$ 133.43
Payment of stock issuance costs	$ 600,000
2024 Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Aggregate maximum offering price	2,000,000,000
Value of shares remain unsold at the time of termination			$ 258,300,000
Amount of shares reserved for future issuance	$ 2,000,000,000

Equity and Capital - Noncontrol

Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Class of Stock
Number of units (units)	312,421	311,608
Percentage of total	97.90%	98%
Common stock conversion ratio	1
Digital Realty Trust, L.P.
Class of Stock
Redeemable noncontrolling interests - operating partnership	$ 906	$ 834.1
Common units held by third parties
Class of Stock
Common units held by third parties (units)	4,343	4,343
Percentage of total	1.40%	1.30%
Incentive units held by employees and directors (see Note 13. Incentive Plan)
Class of Stock
Incentive units held by employees and directors (units)	2,245	2,106
Percentage of total	0.70%	0.70%
Noncontrolling Interests in Operating Partnership
Class of Stock
Number of units (units)	319,009	318,057
Percentage of total	100%	100%

Equity and Capital - Summary of

Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 shares
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	6,449
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(72)
Incentive units issued upon achievement of market performance condition (units)	72
Grant of incentive units to employees and directors (units)	141
Cancellation / forfeitures of incentive units held by employees and directors (units)	(2)
Ending balance (units)	6,588
Common Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	4,343
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	0
Incentive units issued upon achievement of market performance condition (units)	0
Grant of incentive units to employees and directors (units)	0
Cancellation / forfeitures of incentive units held by employees and directors (units)	0
Ending balance (units)	4,343
Incentive Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	2,106
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(72)
Incentive units issued upon achievement of market performance condition (units)	72
Grant of incentive units to employees and directors (units)	141
Cancellation / forfeitures of incentive units held by employees and directors (units)	(2)
Ending balance (units)	2,245

Equity and Capital - Schedule o

Equity and Capital - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Dividends Payable [Line Items]
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Series J Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit)	1.31250
Series K Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit)	1.46250
Series L Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit)	1.30000
Common Units
Dividends Payable [Line Items]
Common stock dividend per share amount (in dollars per share/unit)	$ 4.88000
February 28, 2024 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 2,625
February 28, 2024 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
February 28, 2024 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
February 28, 2024 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units	$ 382,208
Digital Realty Trust, L.P.
Dividends Payable [Line Items]
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Digital Realty Trust, L.P. | Series J Preferred Units
Dividends Payable [Line Items]
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]
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]
Preferred stock dividend per share amount (in dollars per share/unit)	1.30000
Digital Realty Trust, L.P. | Common Units
Dividends Payable [Line Items]
Common stock dividend per share amount (in dollars per share/unit)	$ 4.88000
Digital Realty Trust, L.P. | February 28, 2024 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 2,625
Digital Realty Trust, L.P. | February 28, 2024 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | February 28, 2024 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | February 28, 2024 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units	$ 390,356

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss), Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	$ 19,601,507
Ending balance	19,489,487
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(638,583)
Net current period change	(156,116)
Ending balance	(794,699)
Increase (decrease) in fair value of derivatives, net of reclassification
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(112,810)
Net current period change	57,418
Ending balance	(55,392)
Accumulated other comprehensive income (loss), net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(751,393)
Net current period change	(98,698)
Ending balance	(850,091)
Digital Realty Trust, L.P.
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	19,601,507
Ending balance	19,489,487
Digital Realty Trust, L.P. | Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(656,063)
Net current period change	(159,617)
Ending balance	(815,680)
Digital Realty Trust, L.P. | Increase (decrease) in fair value of derivatives, net of reclassification
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(116,605)
Net current period change	58,706
Ending balance	(57,899)
Digital Realty Trust, L.P. | Accumulated other comprehensive income (loss), net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(772,668)
Net current period change	(100,911)
Ending balance	$ (873,579)

Incentive Plans - Performance B

Incentive Plans - Performance Based Awards (Details) - USD ($) $ in Millions				1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 27, 2025	Feb. 27, 2024	Jan. 01, 2024	Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period					4 years	4 years
Market-based performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period					3 years
Fair value of awards					$ 9.8	$ 8.2
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%)
Market-based performance awards | Threshold Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25%
Performance Threshold					(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%
Market-based performance awards | High Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					100%
Performance Threshold					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 | 2021 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%
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
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 | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)							5,131
Financial-based performance awards | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period			3 years
Share-based compensation arrangement by share-based payment award, grant date fair value			$ 9.8
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%

Incentive Plans - Schedule of C

Incentive Plans - Schedule of Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Long-term incentive units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 3.7	$ 2.8
Unearned Compensation	$ 31.8		$ 16.6
Expected period to recognize unearned compensation (in years)	2 years 9 months 18 days
Market-based performance awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 2.2	4.1
Deferred compensation, capitalized		0.1
Unearned Compensation	$ 34.6		19.9
Expected period to recognize unearned compensation (in years)	2 years 10 months 24 days
Service Based Restricted Stock Units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 7.6	7.7
Deferred compensation, capitalized	1.5	1.1
Unearned Compensation	$ 100.6		$ 66.4
Expected period to recognize unearned compensation (in years)	3 years
Interxion awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed		$ 0.7
Expected period to recognize unearned compensation (in years)	0 years

Incentive Plans - Summary of Lo

Incentive Plans - Summary of Long-Term Incentive Units (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Units
Granted (shares)	141,000
Long-term incentive units
Units
Unvested beginning of period (shares)	238,360
Granted (shares)	252,009
Vested (shares)	(161,612)
Cancelled or expired (shares)	(49,997)
Unvested end of period (shares)	278,760
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 121.99
Granted (in dollars per share) | $ / shares	137
Vested (in dollars per share) | $ / shares	132.68
Cancelled or expired (in dollars per share) | $ / shares	243
Unvested, end of period (in dollars per share) | $ / shares	$ 107.66

Incentive Plans - Summary of ac

Incentive Plans - Summary of activity for Service-Based Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Units
Granted (shares)	141,000
Restricted stock
Units
Unvested beginning of period (shares)	621,863
Granted (shares)	349,756
Vested (shares)	(57,208)
Cancelled or expired (shares)	(58,599)
Unvested end of period (shares)	855,812
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 132.07
Granted (in dollars per share) | $ / shares	141.76
Vested (in dollars per share) | $ / shares	121.49
Cancelled or expired (in dollars per share) | $ / shares	122.58
Unvested, end of period (in dollars per share) | $ / shares	$ 137.39

Incentive Plans - Narrative (De

Incentive Plans - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2024 shares
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)	3.7
Long-term incentive units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Long-term incentive units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Service Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Service Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years

Derivative Instruments - Effect

Derivative Instruments - Effect of Investment Hedges (Details) - Interest Rate Swap - Net Investment Hedging - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Cross-currency interest rate swaps (included components)	$ (52,030)	$ 14,365
Cross-currency interest rate swaps (excluded component)	5,649	(9,478)
Total	(46,381)	4,887
Cross-currency interest rate swaps (excluded component)	$ 6,103	$ 5,589
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense.	Interest Expense.

Derivative Instruments - Cash F

Derivative Instruments - Cash Flow Hedges (Details) - Designated as Hedging Instrument $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)
Cash Flow Hedging
Derivative [Line Items]
Gain (loss) to be reclassified within twelve months	$ 8,300
Interest Rate Swap
Derivative [Line Items]
Notional Amount	1,700,000
Interest Rate Swap | Cash Flow Hedging
Derivative [Line Items]
Unrealized gain (loss)	(12,324)	$ 1,084
Realized loss	$ 4,227	$ 549
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense.	Interest Expense.
Euro term loan | Cash Flow Hedging
Derivative [Line Items]
Percentage of loan held for derivative	50%		50%
Notional Amount | €			€ 750
USD Term Loan | Cash Flow Hedging
Derivative [Line Items]
Percentage of loan held for derivative	100%		100%
Notional Amount	$ 500,000

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Designated as Hedging Instrument
Derivative [Line Items]
Assets	$ 27,149	$ 8,538
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Liabilities	$ 120,432	$ 156,753
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Designated as Hedging Instrument | Cross-currency interest rate swaps
Derivative [Line Items]
Assets	$ 10,060
Liabilities	120,432	$ 156,753
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Assets	$ 17,089	$ 8,538

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 15,988,250	$ 16,436,245
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	17,124,804	17,537,652
Level 2 | Global Revolving Credit Facilities | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,912,492	1,825,228
Level 2 | Global Revolving Credit Facilities | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,912,492	1,825,228
Level 2 | Unsecured term loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,309,250	1,567,925
Level 2 | Unsecured term loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,309,250	1,567,925
Level 2 | Unsecured senior notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	12,146,003	12,417,619
Level 2 | Unsecured senior notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	13,271,593	13,507,427
Level 2 | Secured and other debt. | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	620,505	625,473
Level 2 | Secured and other debt. | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	$ 631,469	$ 637,072

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Commitments and Contingencies.
Reimbursable amount of commitments related to construction contracts	$ 75.6
Commitments related to construction contracts	$ 2,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information
Cash and cash equivalents	$ 1,193,784		$ 1,625,495
Restricted cash (included in other assets)	$ 5,304		$ 10,975
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets
Total	$ 1,199,088	$ 141,630	$ 1,636,470	$ 150,696
Interest, net of amounts capitalized	165,000	140,400
Income taxes, net of refunds	8,500	6,500
Accrued construction related costs	$ 469,300	$ 451,000

Segment and Geographic Inform_3

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	1
Number of Reportable Segments | segment	1
Operating Revenues	$ 1,331,143	$ 1,338,723
Investments in Properties, net	26,123,604		$ 26,531,977
Net Assets in Foreign Operations	6,612,600		6,778,400
Operating lease right-of-use assets, net	1,233,410		1,414,256
United States
Segment Reporting Information [Line Items]
Operating Revenues	704,800	712,500
Investments in Properties, net	10,307,600		10,429,200
Operating lease right-of-use assets, net	594,300		610,200
Outside the United States
Segment Reporting Information [Line Items]
Operating Revenues	626,300	$ 626,200
Investments in Properties, net	13,450,200		13,806,900
Operating lease right-of-use assets, net	$ 639,100		$ 804,100
Outside the United States | Revenue | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk	47.10%	46.80%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 281,508	$ 68,726

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false