Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 |
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Registrant Name | Digital Realty Trust, Inc. | ||
Entity Central Index Key | 1297996 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filer | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 135,679,901 | ||
Entity Public Float | $7.90 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Digital Realty Trust, L.P. | |||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Digital Realty Trust, L.P. | ||
Entity Central Index Key | 1494877 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filer | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Properties: | ||
Land | $671,602 | $693,791 |
Acquired ground leases | 12,196 | 14,618 |
Buildings and improvements | 8,823,814 | 8,680,677 |
Tenant Improvements | 475,000 | 490,492 |
Total investments in properties | 9,982,612 | 9,879,578 |
Accumulated Depreciation and Amortization | -1,874,054 | -1,565,996 |
Net Investment in Properties | 8,108,558 | 8,313,582 |
Investment in unconsolidated joint ventures | 94,729 | 70,504 |
Net investments in real estate | 8,203,287 | 8,384,086 |
Cash and cash equivalents | 41,321 | 56,808 |
Accounts and other receivables, net of allowance for doubtful accounts of $6,302 and $5,576 as of December 31, 2014 and December 31, 2013, respectively | 135,931 | 122,248 |
Deferred rent | 447,643 | 393,504 |
Acquired above market leases, net of accumulated amortization of $88,072 and $80,486 as of December 31, 2014 and December 31, 2013, respectively | 38,605 | 52,264 |
Acquired in-place lease value and deferred leasing costs, net of accumulated amortization of $579,637 and $501,033 as of December 31, 2014 and December 31, 2013, respectively | 456,962 | 489,456 |
Deferred financing costs, net of accumulated amortization of $61,634 and $53,939 as of December 31, 2014 and December 31, 2013, respectively | 30,821 | 36,475 |
Restricted cash | 11,555 | 40,362 |
Assets held for sale | 120,471 | 0 |
Other assets | 40,188 | 51,627 |
Total assets | 9,526,784 | 9,626,830 |
LIABILITIES AND EQUITY | ||
Unsecured senior notes, net of discount | 2,791,758 | 2,364,232 |
Exchangeable senior debentures | 0 | 266,400 |
Mortgage loans, net of premiums | 378,818 | 585,608 |
Accounts payable and other accrued liabilities | 605,923 | 662,687 |
Accrued dividends and distributions | 115,019 | 102,509 |
Acquired below-market leases, net of accumulated amortization of $178,435 and $161,369 as of December 31, 2014 and December 31, 2013, respectively | 104,235 | 130,269 |
Security deposits and prepaid rents | 108,478 | 122,961 |
Obligations associated with assets held for sale | 5,764 | 0 |
Total liabilities | 5,612,546 | 5,980,318 |
Commitments and contingencies | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Common Stock: $0.01 par value, 215,000,000 shares authorized, 135,626,255 and 128,455,350 shares issued and outstanding as of December 31, 2014 and December 31, 2013, respectively | 1,349 | 1,279 |
Additional paid-in capital | 3,970,439 | 3,688,937 |
Accumulated dividends in excess of earnings | -1,096,607 | -785,222 |
Accumulated other comprehensive (loss) income, net | -45,046 | 10,691 |
Total stockholders’ equity | 3,878,256 | 3,610,516 |
Noncontrolling Interests: | ||
Noncontrolling interests in operating partnership | 29,191 | 29,027 |
Noncontrolling interests in consolidated joint ventures | 6,791 | 6,969 |
Total noncontrolling interests | 35,982 | 35,996 |
Total equity | 3,914,238 | 3,646,512 |
Total liabilities and equity | 9,526,784 | 9,626,830 |
Digital Realty Trust, L.P. | ||
Properties: | ||
Land | 671,602 | 693,791 |
Acquired ground leases | 12,196 | 14,618 |
Buildings and improvements | 8,823,814 | 8,680,677 |
Tenant Improvements | 475,000 | 490,492 |
Total investments in properties | 9,982,612 | 9,879,578 |
Accumulated Depreciation and Amortization | -1,874,054 | -1,565,996 |
Net Investment in Properties | 8,108,558 | 8,313,582 |
Investment in unconsolidated joint ventures | 94,729 | 70,504 |
Net investments in real estate | 8,203,287 | 8,384,086 |
Cash and cash equivalents | 41,321 | 56,808 |
Accounts and other receivables, net of allowance for doubtful accounts of $6,302 and $5,576 as of December 31, 2014 and December 31, 2013, respectively | 135,931 | 122,248 |
Deferred rent | 447,643 | 393,504 |
Acquired above market leases, net of accumulated amortization of $88,072 and $80,486 as of December 31, 2014 and December 31, 2013, respectively | 38,605 | 52,264 |
Acquired in-place lease value and deferred leasing costs, net of accumulated amortization of $579,637 and $501,033 as of December 31, 2014 and December 31, 2013, respectively | 456,962 | 489,456 |
Deferred financing costs, net of accumulated amortization of $61,634 and $53,939 as of December 31, 2014 and December 31, 2013, respectively | 30,821 | 36,475 |
Restricted cash | 11,555 | 40,362 |
Assets held for sale | 120,471 | 0 |
Other assets | 40,188 | 51,627 |
Total assets | 9,526,784 | 9,626,830 |
LIABILITIES AND EQUITY | ||
Unsecured senior notes, net of discount | 2,791,758 | 2,364,232 |
Exchangeable senior debentures | 0 | 266,400 |
Mortgage loans, net of premiums | 378,818 | 585,608 |
Accounts payable and other accrued liabilities | 605,923 | 662,687 |
Accrued dividends and distributions | 115,019 | 102,509 |
Acquired below-market leases, net of accumulated amortization of $178,435 and $161,369 as of December 31, 2014 and December 31, 2013, respectively | 104,235 | 130,269 |
Security deposits and prepaid rents | 108,478 | 122,961 |
Obligations associated with assets held for sale | 5,764 | 0 |
Total liabilities | 5,612,546 | 5,980,318 |
Commitments and contingencies | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Common Units: 135,626,255 and 128,455,350 units issued and outstanding as of December 31, 2014 and December 31, 2013, respectively | 2,875,181 | 2,904,994 |
Limited partners, 1,463,814 and 1,491,814 common units, 1,170,610 and 1,077,838 profits interest units and 397,237 and 397,369 class C units outstanding as of December 31, 2014 and December 31, 2013, respectively | 32,578 | 31,261 |
Accumulated other comprehensive (loss) income, net | -48,433 | 8,457 |
Total partners’ capital | 3,907,447 | 3,639,543 |
Noncontrolling Interests: | ||
Noncontrolling interests in consolidated joint ventures | 6,791 | 6,969 |
Total capital | 3,914,238 | 3,646,512 |
Total liabilities and equity | 9,526,784 | 9,626,830 |
Series E Preferred Stock and Unit | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Preferred Stock | 277,172 | 277,172 |
Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Preferred Stock | 277,172 | 277,172 |
Series F Preferred Stock and Unit | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Preferred Stock | 176,191 | 176,191 |
Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Preferred Stock | 176,191 | 176,191 |
Series G Preferred Stock and Unit | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Preferred Stock | 241,468 | 241,468 |
Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Preferred Stock | 241,468 | 241,468 |
Series H Preferred Stock and Unit | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Preferred Stock | 353,290 | 0 |
Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||
Preferred Stock: $0.01 par value per share, 70,000,000 shares authorized: | ||
Preferred Stock | 353,290 | 0 |
Global revolving credit facility | ||
LIABILITIES AND EQUITY | ||
Line of credit | 525,951 | 724,668 |
Global revolving credit facility | Digital Realty Trust, L.P. | ||
LIABILITIES AND EQUITY | ||
Line of credit | 525,951 | 724,668 |
Unsecured term loan | ||
LIABILITIES AND EQUITY | ||
Line of credit | 976,600 | 1,020,984 |
Unsecured term loan | Digital Realty Trust, L.P. | ||
LIABILITIES AND EQUITY | ||
Line of credit | $976,600 | $1,020,984 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts, Premiums and Other Receivables | $6,302,000 | $5,576,000 |
Accumulated amortization | 88,072,000 | 80,486,000 |
Accumulated amortization, deferred leasing costs | 579,637,000 | 501,033,000 |
Accumulated amortization, deferred financing costs | 61,634,000 | 53,939,000 |
Below market leases, accumulated amortization | 178,435,000 | 161,369,000 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 70,000,000 | 70,000,000 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 215,000,000 | 215,000,000 |
Common Stock, Shares, Issued | 135,626,255 | 128,455,350 |
Common Stock, shares outstanding | 135,626,255 | 128,455,350 |
Acquired Above-Market Lease Value | ||
Accumulated amortization | 88,072,000 | 80,486,000 |
Series E Preferred Stock and Unit | ||
Preferred Stock, liquidation preference value | 287,500,000 | 287,500,000 |
Preferred Stock, dividend rate | 7.00% | 7.00% |
Preferred Stock, liquidation preference per share/unit | $25 | $25 |
Preferred Stock, shares issued | 11,500,000 | 11,500,000 |
Preferred Stock, Shares Outstanding | 11,500,000 | 11,500,000 |
Series F Preferred Stock and Unit | ||
Preferred Stock, liquidation preference value | 182,500,000 | 182,500,000 |
Preferred Stock, dividend rate | 6.63% | 6.63% |
Preferred Stock, liquidation preference per share/unit | $25 | $25 |
Preferred Stock, shares issued | 7,300,000 | 7,300,000 |
Preferred Stock, Shares Outstanding | 7,300,000 | 7,300,000 |
Series G Preferred Stock and Unit | ||
Preferred Stock, liquidation preference value | 250,000,000 | 250,000,000 |
Preferred Stock, dividend rate | 5.88% | 5.88% |
Preferred Stock, liquidation preference per share/unit | $25 | $25 |
Preferred Stock, shares issued | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 10,000,000 | 10,000,000 |
Series H Preferred Stock and Unit | ||
Preferred Stock, liquidation preference value | 365,000,000 | 0 |
Preferred Stock, dividend rate | 7.38% | 7.38% |
Preferred Stock, liquidation preference per share/unit | $25 | $25 |
Preferred Stock, shares issued | 14,600,000 | 0 |
Preferred Stock, Shares Outstanding | 14,600,000 | 0 |
Digital Realty Trust, L.P. | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 6,302,000 | 5,576,000 |
Accumulated amortization, deferred leasing costs | 579,637,000 | 501,033,000 |
Accumulated amortization, deferred financing costs | 61,634,000 | 53,939,000 |
Below market leases, accumulated amortization | 178,435,000 | 161,369,000 |
Limited Partners, common units | 1,463,814 | 1,491,814 |
Limited Partners, profits interest units | 1,170,610 | 1,077,838 |
Limited Partners, Class C units outstanding | 397,237 | 397,369 |
Common Units, issued | 135,626,255 | 128,455,350 |
Common Units, outstanding | 135,626,255 | 128,455,350 |
Digital Realty Trust, L.P. | Acquired Above-Market Lease Value | ||
Accumulated amortization | 88,072,000 | 80,486,000 |
Digital Realty Trust, L.P. | Series E Preferred Stock and Unit | ||
Preferred Stock, liquidation preference value | 287,500,000 | 287,500,000 |
Preferred Stock, dividend rate | 7.00% | 7.00% |
Preferred Stock, liquidation preference per share/unit | $25 | $25 |
Preferred Units, issued | 11,500,000 | 11,500,000 |
Preferred Units, Outstanding | 11,500,000 | 11,500,000 |
Digital Realty Trust, L.P. | Series F Preferred Stock and Unit | ||
Preferred Stock, liquidation preference value | 182,500,000 | 182,500,000 |
Preferred Stock, dividend rate | 6.63% | 6.63% |
Preferred Stock, liquidation preference per share/unit | $25 | $25 |
Preferred Units, issued | 7,300,000 | 7,300,000 |
Preferred Units, Outstanding | 7,300,000 | 7,300,000 |
Digital Realty Trust, L.P. | Series G Preferred Stock and Unit | ||
Preferred Stock, liquidation preference value | 250,000,000 | 250,000,000 |
Preferred Stock, dividend rate | 5.88% | 5.88% |
Preferred Stock, liquidation preference per share/unit | $25 | $25 |
Preferred Units, issued | 10,000,000 | 10,000,000 |
Preferred Units, Outstanding | 10,000,000 | 10,000,000 |
Digital Realty Trust, L.P. | Series H Preferred Stock and Unit | ||
Preferred Stock, liquidation preference value | $365,000,000 | $0 |
Preferred Stock, dividend rate | 7.38% | 7.38% |
Preferred Stock, liquidation preference per share/unit | $25 | $25 |
Preferred Units, issued | 14,600,000 | 0 |
Preferred Units, Outstanding | 14,600,000 | 0 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Revenues: | |||
Rental | $1,256,086 | $1,155,051 | $990,715 |
Tenant reimbursements | 350,234 | 323,286 | 272,309 |
Fee income | 7,268 | 3,520 | 8,428 |
Other | 2,850 | 402 | 7,615 |
Total operating revenues | 1,616,438 | 1,482,259 | 1,279,067 |
Operating Expenses: | |||
Rental property operating and maintenance | 503,140 | 456,596 | 381,227 |
Property taxes | 91,538 | 90,321 | 69,475 |
Insurance | 8,643 | 8,743 | 9,600 |
Construction management | 378 | 764 | 1,596 |
Change in fair value of contingent consideration | -8,093 | -1,762 | -1,051 |
Depreciation and amortization | 538,513 | 475,464 | 382,553 |
General and administrative | 93,188 | 65,653 | 57,209 |
Transactions | 1,303 | 4,605 | 11,120 |
Impairment of investments in real estate | 126,470 | 0 | 0 |
Other | 2,692 | 63 | 1,260 |
Total operating expenses | 1,357,772 | 1,100,447 | 912,989 |
Operating income | 258,666 | 381,812 | 366,078 |
Other Income (Expenses): | |||
Equity in earnings of unconsolidated joint ventures | 13,289 | 9,796 | 8,135 |
Gain on insurance settlement | 0 | 5,597 | 0 |
Gain on sale of property | 15,945 | 0 | 0 |
Gain on contribution of properties to unconsolidated joint ventures | 95,404 | 115,609 | 0 |
Gain on sale of investment | 14,551 | 0 | 0 |
Interest and other income | 2,663 | 139 | 1,892 |
Interest expense | -191,085 | -189,399 | -157,108 |
Tax expense | -5,238 | -1,292 | -2,647 |
Loss from early extinguishment of debt | -780 | -1,813 | -303 |
Net income | 203,415 | 320,449 | 216,047 |
Net income attributable to noncontrolling interests | -3,232 | -5,961 | -5,713 |
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. | 200,183 | 314,488 | 210,334 |
Preferred stock dividends/Preferred units distributions | -67,465 | -42,905 | -38,672 |
Net income available to common stockholders/unitholders | 132,718 | 271,583 | 171,662 |
Net income per share/unit available to common stockholders/unitholders: | |||
Basic, in dollars per share | $1 | $2.12 | $1.48 |
Diluted, in dollars per share | $0.99 | $2.12 | $1.48 |
Weighted average common shares/units outstanding: | |||
Basic, in shares | 133,369,047 | 127,941,134 | 115,717,667 |
Diluted, in shares | 133,637,235 | 128,127,641 | 116,006,577 |
Digital Realty Trust, L.P. | |||
Operating Revenues: | |||
Rental | 1,256,086 | 1,155,051 | 990,715 |
Tenant reimbursements | 350,234 | 323,286 | 272,309 |
Fee income | 7,268 | 3,520 | 8,428 |
Other | 2,850 | 402 | 7,615 |
Total operating revenues | 1,616,438 | 1,482,259 | 1,279,067 |
Operating Expenses: | |||
Rental property operating and maintenance | 503,140 | 456,596 | 381,227 |
Property taxes | 91,538 | 90,321 | 69,475 |
Insurance | 8,643 | 8,743 | 9,600 |
Construction management | 378 | 764 | 1,596 |
Change in fair value of contingent consideration | -8,093 | -1,762 | -1,051 |
Depreciation and amortization | 538,513 | 475,464 | 382,553 |
General and administrative | 93,188 | 65,653 | 57,209 |
Transactions | 1,303 | 4,605 | 11,120 |
Impairment of investments in real estate | 126,470 | 0 | 0 |
Other | 2,692 | 63 | 1,260 |
Total operating expenses | 1,357,772 | 1,100,447 | 912,989 |
Operating income | 258,666 | 381,812 | 366,078 |
Other Income (Expenses): | |||
Equity in earnings of unconsolidated joint ventures | 13,289 | 9,796 | 8,135 |
Gain on insurance settlement | 0 | 5,597 | 0 |
Gain on sale of property | 15,945 | 0 | |
Gain on contribution of properties to unconsolidated joint ventures | 95,404 | 115,609 | 0 |
Gain on sale of investment | 14,551 | 0 | 0 |
Interest and other income | 2,663 | 139 | 1,892 |
Interest expense | -191,085 | -189,399 | -157,108 |
Tax expense | -5,238 | -1,292 | -2,647 |
Loss from early extinguishment of debt | -780 | -1,813 | -303 |
Net income | 203,415 | 320,449 | 216,047 |
Net loss attributable to noncontrolling interests in consolidated joint ventures | -465 | -595 | 444 |
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. | 202,950 | 319,854 | 216,491 |
Preferred stock dividends/Preferred units distributions | -67,465 | -42,905 | -38,672 |
Net income available to common stockholders/unitholders | $135,485 | $276,949 | $177,819 |
Net income per share/unit available to common stockholders/unitholders: | |||
Basic, in dollars per share | $1 | $2.12 | $1.48 |
Diluted, in dollars per share | $0.99 | $2.12 | $1.48 |
Weighted average common shares/units outstanding: | |||
Basic, in shares | 136,122,661 | 130,462,534 | 119,861,380 |
Diluted, in shares | 136,390,849 | 130,649,041 | 120,150,290 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $203,415 | $320,449 | $216,047 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -52,373 | 14,636 | 48,303 |
Increase (decrease) in fair value of interest rate swaps | -7,936 | 2,473 | -7,693 |
Reclassification to interest expense from interest rate swaps | 3,419 | 6,258 | 4,547 |
Comprehensive income | 146,525 | 343,816 | 261,204 |
Comprehensive income attributable to noncontrolling interests | -2,079 | -6,446 | -7,181 |
Comprehensive income attributable to Digital Realty Trust, Inc. | 144,446 | 337,370 | 254,023 |
Digital Realty Trust, L.P. | |||
Net income | 203,415 | 320,449 | 216,047 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -52,373 | 14,636 | 48,303 |
Increase (decrease) in fair value of interest rate swaps | -7,936 | 2,473 | -7,693 |
Reclassification to interest expense from interest rate swaps | 3,419 | 6,258 | 4,547 |
Comprehensive income | $146,525 | $343,816 | $261,204 |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Total | Preferred Stock | Common stock | Additional Paid-in Capital | Accumulated Dividends in Excess of Earnings | Accumulated Other Comprehensive Income (Loss), net | Total Stockholders’ Equity | Noncontrolling Interests in Operating Partnership | Noncontrolling Interests in Consolidated Joint Ventures | Total Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | ||||||||||
Balance at Dec. 31, 2011 | $2,580,411 | $569,781 | $1,057 | $2,496,651 | ($488,692) | ($55,880) | $2,522,917 | $45,057 | $12,437 | $57,494 |
Balance (shares) at Dec. 31, 2011 | 106,039,279 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of units to common stock | 22 | 23,735 | 23,757 | -23,757 | -23,757 | |||||
Conversion of units to common stock (shares) | 2,234,860 | |||||||||
Issuance of restricted stock, net of forfeitures (shares) | 94,709 | |||||||||
Net proceeds from sale of common stock (shares) | 12,456,818 | |||||||||
Net proceeds from sale of common stock | 859,727 | 125 | 859,602 | 859,727 | ||||||
Exercise of stock options | 4,195 | 2 | 4,193 | 4,195 | ||||||
Exercise of stock options (shares) | 208,200 | |||||||||
Issuance of preferred stock, net of offering costs | 176,071 | 176,071 | 176,071 | |||||||
Conversion of preferred stock (shares) | 4,106,917 | |||||||||
Conversion of preferred stock | -173,141 | 41 | 173,100 | |||||||
Amortization of unearned compensation on share-based awards | 15,938 | 15,938 | 15,938 | |||||||
Reclassification of vested share based awards | -8,544 | -8,544 | 8,544 | 8,544 | ||||||
Dividends declared on preferred stock | -38,672 | -38,672 | -38,672 | |||||||
Dividends and distributions on common stock and common and incentive units | -352,408 | -339,074 | -339,074 | -13,334 | -13,334 | |||||
Contributions from noncontrolling interests in consolidated joint ventures | 4,302 | 4,302 | 4,302 | |||||||
Purchase of noncontrolling interests of a consolidated joint venture | -12,384 | -2,033 | -2,033 | -10,351 | -10,351 | |||||
Net income (loss) | 216,047 | 210,334 | 210,334 | 6,157 | -444 | 5,713 | ||||
Other comprehensive income—foreign currency translation adjustments | 48,303 | 46,722 | 46,722 | 1,581 | 1,581 | |||||
Other comprehensive income—fair value of interest rate swaps | -7,693 | -7,426 | -7,426 | -267 | -267 | |||||
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense | 4,547 | 4,393 | 4,393 | 154 | 154 | |||||
Balance at Dec. 31, 2012 | 3,498,384 | 572,711 | 1,247 | 3,562,642 | -656,104 | -12,191 | 3,468,305 | 24,135 | 5,944 | 30,079 |
Balance (shares) at Dec. 31, 2012 | 125,140,783 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of units to common stock | 1 | 630 | 631 | -631 | -631 | |||||
Conversion of units to common stock (shares) | 57,138 | |||||||||
Issuance of restricted stock, net of forfeitures (shares) | 112,245 | |||||||||
Common stock offering costs | -504 | -504 | -504 | |||||||
Exercise of stock options | 230 | 230 | 230 | |||||||
Exercise of stock options (shares) | 5,569 | |||||||||
Issuance of preferred stock, net of offering costs | 241,468 | 241,468 | 241,468 | |||||||
Conversion of preferred stock (shares) | 3,139,615 | |||||||||
Conversion of preferred stock | -119,348 | 31 | 119,317 | |||||||
Amortization of unearned compensation on share-based awards | 15,621 | 15,621 | 15,621 | |||||||
Reclassification of vested share based awards | -8,999 | -8,999 | 8,999 | 8,999 | ||||||
Dividends declared on preferred stock | -42,905 | -42,905 | -42,905 | |||||||
Dividends and distributions on common stock and common and incentive units | -410,028 | -400,701 | -400,701 | -9,327 | -9,327 | |||||
Contributions from noncontrolling interests in consolidated joint ventures | 430 | 430 | 430 | |||||||
Net income (loss) | 320,449 | 314,488 | 314,488 | 5,366 | 595 | 5,961 | ||||
Other comprehensive income—foreign currency translation adjustments | 14,636 | 14,321 | 14,321 | 315 | 315 | |||||
Other comprehensive income—fair value of interest rate swaps | 2,473 | 2,423 | 2,423 | 50 | 50 | |||||
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense | 6,258 | 6,138 | 6,138 | 120 | 120 | |||||
Balance at Dec. 31, 2013 | 3,646,512 | 694,831 | 1,279 | 3,688,937 | -785,222 | 10,691 | 3,610,516 | 29,027 | 6,969 | 35,996 |
Balance (shares) at Dec. 31, 2013 | 128,455,350 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of units to common stock | 1 | 1,654 | 1,655 | -1,655 | -1,655 | |||||
Conversion of units to common stock (shares) | 134,073 | |||||||||
Issuance of restricted stock, net of forfeitures (shares) | 124,163 | |||||||||
Common stock offering costs | -625 | -625 | -625 | |||||||
Exercise of stock options | 711 | 711 | 711 | |||||||
Exercise of stock options (shares) | 42,757 | 42,757 | ||||||||
Issuance of common stock in exchange for cash and debentures (shares/units) | 6,869,912 | |||||||||
Issuance of common stock in exchange for cash and debentures | 266,400 | 69 | 266,331 | 266,400 | ||||||
Issuance of preferred stock, net of offering costs | 353,290 | 353,290 | 353,290 | |||||||
Amortization of unearned compensation on share-based awards | 23,737 | 23,737 | 23,737 | |||||||
Reclassification of vested share based awards | -10,306 | -10,306 | 10,306 | 10,306 | ||||||
Dividends declared on preferred stock | -67,465 | -67,465 | -67,465 | |||||||
Dividends and distributions on common stock and common and incentive units | -454,204 | -444,103 | -444,103 | -10,101 | -10,101 | |||||
Distributions to noncontrolling interests in consolidated joint ventures, net of contributions | -643 | -643 | -643 | |||||||
Net income (loss) | 203,415 | 200,183 | 200,183 | 2,767 | 465 | 3,232 | ||||
Other comprehensive income—foreign currency translation adjustments | -52,373 | -51,312 | -51,312 | -1,061 | -1,061 | |||||
Other comprehensive income—fair value of interest rate swaps | -7,936 | -7,775 | -7,775 | -161 | -161 | |||||
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense | 3,419 | 3,350 | 3,350 | 69 | 69 | |||||
Balance at Dec. 31, 2014 | $3,914,238 | $1,048,121 | $1,349 | $3,970,439 | ($1,096,607) | ($45,046) | $3,878,256 | $29,191 | $6,791 | $35,982 |
Balance (shares) at Dec. 31, 2014 | 135,626,255 |
Consolidated_Statements_Of_Cap
Consolidated Statements Of Capital (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance (units) | 128,455,350 | 128,455,350 | |||||
Conversion of limited partner common units to general partner common units | $1,655 | $631 | $23,757 | ||||
Net proceeds from issuance of common units | 859,727 | ||||||
Issuance of common stock in exchange for cash and debentures | 266,400 | ||||||
Net proceeds from issuance of preferred units | 353,290 | 241,468 | 176,071 | ||||
Amortization of unearned compensation on share-based awards | 23,737 | 15,621 | 15,938 | ||||
Distributions to noncontrolling interests in consolidated joint ventures, net of contributions | -643 | ||||||
Net income (loss) | -34,794 | 46,717 | 55,667 | 51,681 | 203,415 | 320,449 | 216,047 |
Other comprehensive income—foreign currency translation adjustments | -52,373 | 14,636 | 48,303 | ||||
Other comprehensive income—fair value of interest rate swaps | -7,936 | 2,473 | -7,693 | ||||
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense | 3,419 | 6,258 | 4,547 | ||||
Balance (units) | 135,626,255 | 128,455,350 | 135,626,255 | 128,455,350 | |||
Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 3,646,512 | 3,498,384 | 3,646,512 | 3,498,384 | 2,580,411 | ||
Net proceeds from issuance of common units | -625 | -504 | 859,727 | ||||
Issuance of common units in connection with the exercise of stock options | 711 | 230 | 4,195 | ||||
Issuance of common stock in exchange for cash and debentures | 266,400 | ||||||
Net proceeds from issuance of preferred units | 353,290 | 241,468 | 176,071 | ||||
Amortization of unearned compensation on share-based awards | 23,737 | 15,621 | 15,938 | ||||
Distributions | -521,669 | -452,933 | -391,080 | ||||
Purchase of noncontrolling interests of a consolidated joint venture | -12,384 | ||||||
Contributions from noncontrolling interests in consolidated joint ventures | 430 | 4,302 | |||||
Distributions to noncontrolling interests in consolidated joint ventures, net of contributions | -643 | ||||||
Net income (loss) | -34,794 | 46,717 | 55,667 | 51,681 | 203,415 | 320,449 | 216,047 |
Other comprehensive income—foreign currency translation adjustments | -52,373 | 14,636 | 48,303 | ||||
Other comprehensive income—fair value of interest rate swaps | -7,936 | 2,473 | -7,693 | ||||
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense | 3,419 | 6,258 | 4,547 | ||||
Balance | 3,914,238 | 3,646,512 | 3,914,238 | 3,646,512 | 3,498,384 | ||
Accumulated Other Comprehensive Income (Loss), net | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 8,457 | -14,910 | 8,457 | -14,910 | -60,067 | ||
Other comprehensive income—foreign currency translation adjustments | -52,373 | 14,636 | 48,303 | ||||
Other comprehensive income—fair value of interest rate swaps | -7,936 | 2,473 | -7,693 | ||||
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense | 3,419 | 6,258 | 4,547 | ||||
Balance | -48,433 | 8,457 | -48,433 | 8,457 | -14,910 | ||
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 6,969 | 5,944 | 6,969 | 5,944 | 12,437 | ||
Purchase of noncontrolling interests of a consolidated joint venture | -10,351 | ||||||
Contributions from noncontrolling interests in consolidated joint ventures | 430 | 4,302 | |||||
Distributions to noncontrolling interests in consolidated joint ventures, net of contributions | -643 | ||||||
Net income (loss) | 465 | 595 | -444 | ||||
Balance | 6,791 | 6,969 | 6,791 | 6,969 | 5,944 | ||
General Partner | Preferred Units | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 694,831 | 572,711 | 694,831 | 572,711 | 569,781 | ||
Balance (units) | 28,800,000 | 23,736,505 | 28,800,000 | 23,736,505 | 23,603,419 | ||
Net proceeds from issuance of preferred units | 353,290 | 241,468 | 176,071 | ||||
Net proceeds from issuance of preferred units (units) | 14,600,000 | 10,000,000 | 7,300,000 | ||||
Conversion of preferred units | -119,348 | -173,141 | |||||
Conversion of preferred units (units) | -4,936,505 | -7,166,914 | |||||
Distributions | -67,465 | -42,905 | -38,672 | ||||
Net income (loss) | 67,465 | 42,905 | 38,672 | ||||
Balance | 1,048,121 | 694,831 | 1,048,121 | 694,831 | 572,711 | ||
Balance (units) | 43,400,000 | 28,800,000 | 43,400,000 | 28,800,000 | 23,736,505 | ||
General Partner | Common Units | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 2,904,994 | 2,907,785 | 2,904,994 | 2,907,785 | 2,009,016 | ||
Balance (units) | 128,455,350 | 125,140,783 | 128,455,350 | 125,140,783 | 106,039,279 | ||
Conversion of limited partner common units to general partner common units | 1,655 | 631 | 23,757 | ||||
Conversion of limited partner common units to general partner common units (units) | 134,073 | 57,138 | 2,234,860 | ||||
Issuance of restricted common units, net of forfeitures (units) | 124,163 | 112,245 | 94,709 | ||||
Net proceeds from issuance of common units | -625 | -504 | 859,727 | ||||
Net proceeds from issuance of common units (units) | 12,456,818 | ||||||
Issuance of common units in connection with the exercise of stock options | 711 | 230 | 4,195 | ||||
Issuance of common units in connection with the exercise of stock options (units) | 42,757 | 5,569 | 208,200 | ||||
Issuance of common stock in exchange for cash and debentures | 266,400 | ||||||
Issuance of common stock in exchange for cash and debentures (shares/units) | 6,869,912 | ||||||
Conversion of preferred units | 119,348 | 173,141 | |||||
Conversion of preferred units (units) | 3,139,615 | 4,106,917 | |||||
Amortization of unearned compensation on share-based awards | 23,737 | 15,621 | 15,938 | ||||
Reclassification of vested share based awards | -10,306 | -8,999 | -8,544 | ||||
Distributions | -444,103 | -400,701 | -339,074 | ||||
Purchase of noncontrolling interests of a consolidated joint venture | -2,033 | ||||||
Net income (loss) | 132,718 | 271,583 | 171,662 | ||||
Balance | 2,875,181 | 2,904,994 | 2,875,181 | 2,904,994 | 2,907,785 | ||
Balance (units) | 135,626,255 | 128,455,350 | 135,626,255 | 128,455,350 | 125,140,783 | ||
Limited Partners | Common Units | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 31,261 | 26,854 | 31,261 | 26,854 | 49,244 | ||
Balance (units) | 2,967,021 | 2,851,400 | 2,967,021 | 2,851,400 | 4,936,130 | ||
Conversion of limited partner common units to general partner common units | -1,655 | -631 | -23,757 | ||||
Conversion of limited partner common units to general partner common units (units) | -134,073 | -57,138 | -2,234,860 | ||||
Issuance of common units, net of forfeitures (units) | 180,713 | 172,759 | 150,130 | ||||
Reclassification of vested share based awards | 10,306 | 8,999 | 8,544 | ||||
Distributions | -10,101 | -9,327 | -13,334 | ||||
Net income (loss) | 2,767 | 5,366 | 6,157 | ||||
Balance | $32,578 | $31,261 | $32,578 | $31,261 | $26,854 | ||
Balance (units) | 3,013,661 | 2,967,021 | 3,013,661 | 2,967,021 | 2,851,400 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $203,415 | $320,449 | $216,047 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of property | -15,945 | 0 | |
Gain on insurance settlement | 0 | -5,597 | 0 |
Gain on contribution of investment properties to unconsolidated joint venture | -95,404 | -115,609 | 0 |
Gain on sale of investment | -14,551 | 0 | 0 |
Impairment of investments in real estate | 126,470 | 0 | 0 |
Equity in earnings of unconsolidated joint ventures | -13,289 | -9,796 | -8,135 |
Change in fair value of contingent consideration | -8,093 | -1,762 | -1,051 |
Distributions from unconsolidated joint ventures | 9,684 | 30,358 | 20,323 |
Write-off of net assets due to early lease terminations | 2,692 | 60 | 1,260 |
Depreciation and amortization of buildings and improvements, tenant improvements and acquired ground leases | 456,204 | 397,592 | 316,064 |
Amortization of share-based unearned compensation | 18,019 | 11,527 | 12,631 |
Allowance for doubtful accounts | 726 | 1,967 | 1,173 |
Amortization of deferred financing costs | 8,969 | 10,658 | 8,701 |
Write-off of deferred financing costs, included in loss on early extinguishment of debt | 780 | 1,813 | 254 |
Amortization of debt discount/premium | 1,837 | 875 | 372 |
Amortization of acquired in place lease value and deferred leasing costs | 82,310 | 77,872 | 66,489 |
Amortization of acquired above market leases and acquired below market leases | -9,983 | -11,719 | -10,262 |
Changes in assets and liabilities: | |||
Restricted cash | 13,523 | 4,850 | 7,576 |
Accounts and other receivables | -11,426 | -527 | -60,115 |
Deferred rent | -77,483 | -83,541 | -77,059 |
Deferred leasing costs | -32,068 | -16,409 | -15,148 |
Other assets | -11,675 | -3,530 | -9,496 |
Accounts payable and other accrued liabilities | 24,775 | 34,127 | 22,142 |
Security deposits and prepaid rents | -3,599 | 12,732 | 51,182 |
Net cash provided by operating activities | 655,888 | 656,390 | 542,948 |
Cash flows from investing activities: | |||
Acquisitions of real estate | -24,305 | -170,322 | -1,560,130 |
Proceeds from sale of assets, net of sales costs | 37,945 | 11,015 | 0 |
Proceeds from contribution of investment properties to unconsolidated joint venture | 178,933 | 328,569 | 0 |
Proceeds from sale of investment | 31,635 | 0 | 0 |
Investment in unconsolidated joint ventures | -20,627 | -24,452 | -54,827 |
Investment in equity securities | 0 | -17,100 | 0 |
Deposits paid for acquisitions of real estate | 0 | 0 | -1,053 |
Receipt of value added tax refund | 18,992 | 11,277 | 19,800 |
Refundable value added tax paid | -29,585 | -15,785 | -34,448 |
Change in restricted cash | 14,899 | -1,507 | 2,168 |
Improvements to and advances for investments in real estate | -852,386 | -1,189,510 | -845,761 |
Improvement advances to tenants | -20,059 | -7,270 | -5,523 |
Collection of advances from tenants for improvements | 20,378 | 5,851 | 3,841 |
Proceeds from insurance settlement | 0 | 8,625 | 0 |
Net cash used in investing activities | -644,180 | -1,060,609 | -2,475,933 |
Cash flows from financing activities: | |||
Principal payments on unsecured notes | 0 | -33,000 | 0 |
Repayments on other secured loans | 0 | 0 | -10,500 |
Principal payments on mortgage loans | -177,882 | -236,619 | -166,317 |
Earnout payment related to the acquisition of the Sentrum Portfolio | -11,011 | -25,783 | 0 |
Change in restricted cash | 289 | 640 | 1,932 |
Payment of loan fees and costs | -4,860 | -18,371 | -9,638 |
Capital (distributions to) contributions received from noncontrolling interests in consolidated joint ventures | -643 | 430 | 4,302 |
Gross proceeds from the issuance of common stock | 0 | 0 | 894,221 |
Gross proceeds from the issuance of preferred stock | 365,000 | 250,000 | 182,500 |
Common stock offering costs paid | -625 | -504 | -34,494 |
Preferred stock offering costs paid | -11,710 | -8,532 | -6,429 |
Proceeds from exercise of stock options | 711 | 230 | 4,195 |
Payment of distributions to preferred unitholders | -67,465 | -42,905 | -38,672 |
Payment of distributions to common unitholders | -441,694 | -400,953 | -334,429 |
Purchase of noncontrolling interests in consolidated joint ventures | 0 | 0 | -12,384 |
Net cash (used in) provided by financing activities | -27,195 | 404,746 | 1,948,635 |
Net (decrease) increase in cash and cash equivalents | -15,487 | 527 | 15,650 |
Cash and cash equivalents at beginning of period | 56,808 | 56,281 | 40,631 |
Cash and cash equivalents at end of period | 41,321 | 56,808 | 56,281 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, including amounts capitalized | 200,829 | 192,754 | 166,151 |
Cash paid for income taxes | 3,099 | 2,461 | 2,084 |
Supplementary disclosure of noncash investing and financing activities: | |||
Change in net assets related to foreign currency translation adjustments | -52,373 | 14,636 | 48,303 |
Accrual of dividends and distributions | 115,019 | 102,509 | 93,434 |
(Decrease) increase in accounts payable and other accrued liabilities related to change in fair value of interest rate swaps | -7,936 | 2,473 | -7,693 |
Acquisition measurement period adjustment included in accounts payable and other accrued liabilities | 0 | 22,393 | 0 |
Noncontrolling interests in operating partnership redeemed for or converted to shares of common stock | 1,655 | 631 | 23,757 |
Preferred stock/units converted to shares of common stock/units | 0 | 119,348 | 173,141 |
Accrual for additions to investments in real estate and tenant improvement advances included in accounts payable and accrued expenses | 153,080 | 216,520 | 229,743 |
Additional accrual of contingent purchase price for investments in real estate | 0 | 6,356 | 90,739 |
Accrual for potential earnout contingency | 12,338 | 0 | 0 |
Issuance of common units associated with exchange of exchangeable senior debentures | 261,166 | 0 | 0 |
Allocation of purchase price of real estate/investment in partnership to: | |||
Investments in real estate | 24,305 | 183,119 | 1,435,645 |
Acquired above market leases | 0 | 203 | 44,402 |
Acquired below market leases | 0 | -5,781 | -81,791 |
Acquired in place lease value and deferred leasing costs | 0 | 20,811 | 168,764 |
Mortgage loan assumed, net of premium | 0 | -28,030 | -6,890 |
Cash paid for acquisition of real estate | 24,305 | 170,322 | 1,560,130 |
3.625% Notes Due 2022 | |||
Cash flows from financing activities: | |||
Borrowings on unsecured senior notes | 0 | 0 | 296,052 |
4.25% Notes Due 2025 | |||
Cash flows from financing activities: | |||
Borrowings on unsecured senior notes | 0 | 630,026 | 0 |
4.750% Notes Due 2023 | |||
Cash flows from financing activities: | |||
Borrowings on unsecured senior notes | 495,872 | 0 | 0 |
Digital Realty Trust, L.P. | |||
Cash flows from operating activities: | |||
Net income (loss) | 203,415 | 320,449 | 216,047 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of property | -15,945 | ||
Gain on insurance settlement | 0 | -5,597 | 0 |
Gain on contribution of investment properties to unconsolidated joint venture | -95,404 | -115,609 | 0 |
Gain on sale of investment | -14,551 | 0 | 0 |
Impairment of investments in real estate | 126,470 | 0 | 0 |
Equity in earnings of unconsolidated joint ventures | -13,289 | -9,796 | -8,135 |
Change in fair value of contingent consideration | -8,093 | -1,762 | -1,051 |
Distributions from unconsolidated joint ventures | 9,684 | 30,358 | 20,323 |
Write-off of net assets due to early lease terminations | 2,692 | 60 | 1,260 |
Depreciation and amortization of buildings and improvements, tenant improvements and acquired ground leases | 456,204 | 397,592 | 316,064 |
Amortization of share-based unearned compensation | 18,019 | 11,527 | 12,631 |
Allowance for doubtful accounts | 726 | 1,967 | 1,173 |
Amortization of deferred financing costs | 8,969 | 10,658 | 8,701 |
Write-off of deferred financing costs, included in loss on early extinguishment of debt | 780 | 1,813 | 254 |
Amortization of debt discount/premium | 1,837 | 875 | 372 |
Amortization of acquired in place lease value and deferred leasing costs | 82,310 | 77,872 | 66,489 |
Amortization of acquired above market leases and acquired below market leases | -9,983 | -11,719 | -10,262 |
Changes in assets and liabilities: | |||
Restricted cash | 13,523 | 4,850 | 7,576 |
Accounts and other receivables | -11,426 | -527 | -60,115 |
Deferred rent | -77,483 | -83,541 | -77,059 |
Deferred leasing costs | -32,068 | -16,409 | -15,148 |
Other assets | -11,675 | -3,530 | -9,496 |
Accounts payable and other accrued liabilities | 24,775 | 34,127 | 22,142 |
Security deposits and prepaid rents | -3,599 | 12,732 | 51,182 |
Net cash provided by operating activities | 655,888 | 656,390 | 542,948 |
Cash flows from investing activities: | |||
Acquisitions of real estate | -24,305 | -170,322 | -1,560,130 |
Proceeds from sale of assets, net of sales costs | 37,945 | 11,015 | 0 |
Proceeds from contribution of investment properties to unconsolidated joint venture | 178,933 | 328,569 | 0 |
Proceeds from sale of investment | 31,635 | 0 | 0 |
Investment in unconsolidated joint ventures | -20,627 | -24,452 | -54,827 |
Investment in equity securities | 0 | -17,100 | 0 |
Deposits paid for acquisitions of real estate | 0 | 0 | -1,053 |
Receipt of value added tax refund | 18,992 | 11,277 | 19,800 |
Refundable value added tax paid | -29,585 | -15,785 | -34,448 |
Change in restricted cash | 14,899 | -1,507 | 2,168 |
Improvements to and advances for investments in real estate | -852,386 | -1,189,510 | -845,761 |
Improvement advances to tenants | -20,059 | -7,270 | -5,523 |
Collection of advances from tenants for improvements | 20,378 | 5,851 | 3,841 |
Proceeds from insurance settlement | 0 | 8,625 | 0 |
Net cash used in investing activities | -644,180 | -1,060,609 | -2,475,933 |
Cash flows from financing activities: | |||
Principal payments on unsecured notes | 0 | -33,000 | 0 |
Repayments on other secured loans | 0 | 0 | -10,500 |
Principal payments on mortgage loans | -177,882 | -236,619 | -166,317 |
Earnout payment related to the acquisition of the Sentrum Portfolio | -11,011 | -25,783 | 0 |
Change in restricted cash | 289 | 640 | 1,932 |
Payment of loan fees and costs | -4,860 | -18,371 | -9,638 |
Capital (distributions to) contributions received from noncontrolling interests in consolidated joint ventures | -643 | 430 | 4,302 |
General partner contributions | 353,376 | 241,194 | 1,039,993 |
Redemption of preferred stock | 0 | 0 | 0 |
Payment of distributions to preferred unitholders | -67,465 | -42,905 | -38,672 |
Payment of distributions to common unitholders | -441,694 | -400,953 | -334,429 |
Purchase of noncontrolling interests in consolidated joint ventures | 0 | 0 | -12,384 |
Net cash (used in) provided by financing activities | -27,195 | 404,746 | 1,948,635 |
Net (decrease) increase in cash and cash equivalents | -15,487 | 527 | 15,650 |
Cash and cash equivalents at beginning of period | 56,808 | 56,281 | 40,631 |
Cash and cash equivalents at end of period | 41,321 | 56,808 | 56,281 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, including amounts capitalized | 200,829 | 192,754 | 166,151 |
Cash paid for income taxes | 3,099 | 2,461 | 2,084 |
Supplementary disclosure of noncash investing and financing activities: | |||
Change in net assets related to foreign currency translation adjustments | -52,373 | 14,636 | 48,303 |
Accrual of dividends and distributions | 115,019 | 102,509 | 93,434 |
(Decrease) increase in accounts payable and other accrued liabilities related to change in fair value of interest rate swaps | -7,936 | 2,473 | -7,693 |
Acquisition measurement period adjustment included in accounts payable and other accrued liabilities | 0 | 22,393 | 0 |
Preferred stock/units converted to shares of common stock/units | 0 | 119,348 | 173,141 |
Accrual for additions to investments in real estate and tenant improvement advances included in accounts payable and accrued expenses | 153,080 | 216,520 | 229,743 |
Additional accrual of contingent purchase price for investments in real estate | 0 | 6,356 | 90,739 |
Accrual for potential earnout contingency | 12,338 | 0 | 0 |
Issuance of common units associated with exchange of exchangeable senior debentures | 261,166 | 0 | 0 |
Allocation of purchase price of real estate/investment in partnership to: | |||
Investments in real estate | 24,305 | 183,119 | 1,435,645 |
Acquired above market leases | 0 | 203 | 44,402 |
Acquired below market leases | 0 | -5,781 | -81,791 |
Acquired in place lease value and deferred leasing costs | 0 | 20,811 | 168,764 |
Mortgage loan assumed, net of premium | 0 | -28,030 | -6,890 |
Cash paid for acquisition of real estate | 24,305 | 170,322 | 1,560,130 |
Digital Realty Trust, L.P. | 3.625% Notes Due 2022 | |||
Cash flows from financing activities: | |||
Borrowings on unsecured senior notes | 0 | 0 | 296,052 |
Digital Realty Trust, L.P. | 4.25% Notes Due 2025 | |||
Cash flows from financing activities: | |||
Borrowings on unsecured senior notes | 0 | 630,026 | 0 |
Digital Realty Trust, L.P. | 4.750% Notes Due 2023 | |||
Cash flows from financing activities: | |||
Borrowings on unsecured senior notes | 495,872 | 0 | 0 |
Global revolving credit facility | |||
Cash flows from financing activities: | |||
Borrowings on lines of credit | 1,124,608 | 1,806,832 | 1,743,777 |
Repayments on revolving credit facility | -1,297,785 | -1,781,435 | -1,317,466 |
Global revolving credit facility | Digital Realty Trust, L.P. | |||
Cash flows from financing activities: | |||
Borrowings on lines of credit | 1,124,608 | 1,806,832 | 1,743,777 |
Repayments on revolving credit facility | -1,297,785 | -1,781,435 | -1,317,466 |
Unsecured term loan | |||
Cash flows from financing activities: | |||
Borrowings on lines of credit | 0 | 264,690 | 751,985 |
Unsecured term loan | Digital Realty Trust, L.P. | |||
Cash flows from financing activities: | |||
Borrowings on lines of credit | $0 | $264,690 | $751,985 |
Consolidated_Statements_Of_Cas1
Consolidated Statements Of Cash Flows (Parenthetical) | 12 Months Ended |
Dec. 31, 2014 | |
5.25% Notes Due 2021 | Senior Notes | |
Interest rate | 5.25% |
5.25% Notes Due 2021 | Digital Realty Trust, L.P. | Senior Notes | |
Interest rate | 5.25% |
3.625% Notes Due 2022 | Senior Notes | |
Interest rate | 3.63% |
Maturity date | 2022 |
3.625% Notes Due 2022 | Digital Realty Trust, L.P. | Senior Notes | |
Interest rate | 3.63% |
Maturity date | 2022 |
4.25% Notes Due 2025 | Senior Notes | |
Interest rate | 4.25% |
Maturity date | 2025 |
4.25% Notes Due 2025 | Digital Realty Trust, L.P. | Senior Notes | |
Interest rate | 4.25% |
Maturity date | 2025 |
4.750% Notes Due 2023 | Senior Notes | |
Interest rate | 4.75% |
Maturity date | 2023 |
4.750% Notes Due 2023 | Digital Realty Trust, L.P. | Senior Notes | |
Interest rate | 4.75% |
Maturity date | 2023 |
Organization_And_Description_O
Organization And Description Of Business | 12 Months Ended |
Dec. 31, 2014 | |
Organization And Description Of Business | Organization and Description of Business |
Digital Realty Trust, Inc. through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership) and the subsidiaries of the Operating Partnership (collectively, we, our, us or the Company) is engaged in the business of owning, acquiring, developing and managing technology-related real estate. The Company is focused on providing customer driven datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from financial services, cloud and information technology services, to manufacturing, energy, health care and consumer products. As of December 31, 2014, our portfolio consisted of 131 properties, including 14 properties held as investments in unconsolidated joint ventures and developable land, of which 105 are located throughout North America, 21 are located in Europe, three are located in Australia and two are located in Asia. We are diversified in major markets where corporate datacenter and technology tenants are concentrated, including the Boston, Chicago, Dallas, Los Angeles, New York Metro, Northern Virginia, Phoenix, San Francisco and Silicon Valley metropolitan areas in the United States, Amsterdam, Dublin, London and Paris markets in Europe and Singapore, Sydney, Melbourne, Hong Kong and Osaka markets in the Asia Pacific region. The portfolio consists of Internet gateway and corporate datacenter properties, technology manufacturing properties and regional or national offices of technology companies. | |
The Operating Partnership was formed on July 21, 2004 in anticipation of Digital Realty Trust, Inc.’s initial public offering (IPO) on November 3, 2004 and commenced operations on that date. As of December 31, 2014, Digital Realty Trust, Inc. owns a 97.8% common interest and a 100.0% preferred interest in the Operating Partnership. As sole general partner of the Operating Partnership, Digital Realty Trust, Inc. has the full, exclusive and complete responsibility for the Operating Partnership’s day-to-day management and control. The limited partners of the Operating Partnership do not have rights to replace Digital Realty Trust, Inc. as the general partner nor do they have participating rights, although they do have certain protective rights. | |
Digital Realty Trust, L.P. | |
Organization And Description Of Business | Organization and Description of Business |
Digital Realty Trust, Inc. through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership) and the subsidiaries of the Operating Partnership (collectively, we, our, us or the Company) is engaged in the business of owning, acquiring, developing and managing technology-related real estate. The Company is focused on providing customer driven datacenter solutions for domestic and international tenants across a variety of industry verticals ranging from financial services, cloud and information technology services, to manufacturing, energy, health care and consumer products. As of December 31, 2014, our portfolio consisted of 131 properties, including 14 properties held as investments in unconsolidated joint ventures and developable land, of which 105 are located throughout North America, 21 are located in Europe, three are located in Australia and two are located in Asia. We are diversified in major markets where corporate datacenter and technology tenants are concentrated, including the Boston, Chicago, Dallas, Los Angeles, New York Metro, Northern Virginia, Phoenix, San Francisco and Silicon Valley metropolitan areas in the United States, Amsterdam, Dublin, London and Paris markets in Europe and Singapore, Sydney, Melbourne, Hong Kong and Osaka markets in the Asia Pacific region. The portfolio consists of Internet gateway and corporate datacenter properties, technology manufacturing properties and regional or national offices of technology companies. | |
The Operating Partnership was formed on July 21, 2004 in anticipation of Digital Realty Trust, Inc.’s initial public offering (IPO) on November 3, 2004 and commenced operations on that date. As of December 31, 2014, Digital Realty Trust, Inc. owns a 97.8% common interest and a 100.0% preferred interest in the Operating Partnership. As sole general partner of the Operating Partnership, Digital Realty Trust, Inc. has the full, exclusive and complete responsibility for the Operating Partnership’s day-to-day management and control. The limited partners of the Operating Partnership do not have rights to replace Digital Realty Trust, Inc. as the general partner nor do they have participating rights, although they do have certain protective rights. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies | ||
(a) Principles of Consolidation and Basis of Presentation | |||
The accompanying consolidated financial statements include all of the accounts of Digital Realty Trust, Inc., the Operating Partnership and the subsidiaries of the Operating Partnership. Intercompany balances and transactions have been eliminated. | |||
The notes to the consolidated financial statements of Digital Realty Trust, Inc. and the Operating Partnership have been combined to provide the following benefits: | |||
• | enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; | ||
• | eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and | ||
• | creating time and cost efficiencies through the preparation of one set of notes instead of two separate sets of notes. | ||
There are few differences between the Company and the Operating Partnership, which are reflected in these consolidated financial statements. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. Digital Realty Trust, Inc.’s only material asset is its ownership of partnership interests of the Operating Partnership. As a result, Digital Realty Trust, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries. Digital Realty Trust, Inc. itself does not hold any indebtedness but guarantees the unsecured debt of the Operating Partnership and certain of its subsidiaries, as disclosed in these notes. The Operating Partnership holds substantially all the assets of the Company and holds the ownership interests in the Company’s joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by Digital Realty Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units. | |||
The presentation of noncontrolling interests in operating partnership, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Digital Realty Trust, Inc. and those of the Operating Partnership. The common limited partnership interests held by the limited partners in the Operating Partnership are presented as limited partners’ capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as noncontrolling interests in operating partnership within equity in Digital Realty Trust, Inc.’s consolidated financial statements. The common and preferred partnership interests held by Digital Realty Trust, Inc. in the Operating Partnership are presented as general partner’s capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as preferred stock, common stock, additional paid-in capital and accumulated dividends in excess of earnings within stockholders’ equity in Digital Realty Trust, Inc.’s consolidated financial statements. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity issued at the Digital Realty Trust, Inc. and the Operating Partnership levels. | |||
To help investors understand the significant differences between the Company and the Operating Partnership, these consolidated financial statements present the following separate sections for each of the Company and the Operating Partnership: | |||
• | consolidated face financial statements; and | ||
• | the following notes to the consolidated financial statements: | ||
• | Debt of the Company and Debt of the Operating Partnership; | ||
• | Income per Share and Income per Unit; | ||
• | Equity and Accumulated Other Comprehensive Loss, Net of the Company and Capital and Accumulated Other Comprehensive Income (Loss) of the Operating Partnership; and | ||
• | Quarterly Financial Information. | ||
In the sections that combine disclosure of Digital Realty Trust, Inc. and the Operating Partnership, these notes refer to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership. | |||
(b) Cash Equivalents | |||
For the purpose of the consolidated statements of cash flows, we consider short-term investments with original maturities of 90 days or less to be cash equivalents. As of December 31, 2014 and 2013, cash equivalents consist of investments in money market instruments. | |||
(c) Investments in Real Estate | |||
Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: | |||
Acquired ground leases | Terms of the related lease | ||
Buildings and improvements | 5-39 years | ||
Tenant improvements | Shorter of the estimated useful lives or the terms of the related leases | ||
Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. | |||
Assets that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. We classify assets as held for sale once management has the authority to approve and commits to a plan to sell, the assets are available for immediate sale, an active program to locate a buyer has commenced and the sale of the assets are probable and transfer of the assets are expected to occur within one year. Upon the classification of assets as held for sale or sold, the depreciation and amortization of the assets will cease. | |||
(d) Investment in Unconsolidated Joint Ventures | |||
The Company’s investment in unconsolidated joint ventures is accounted for using the equity method, whereby the investment is increased for capital contributed and our share of the joint ventures’ net income and decreased by distributions we receive and our share of any losses of the joint ventures. | |||
We amortize the difference between the cost of our investments in unconsolidated joint ventures and the book value of the underlying equity into equity in earnings from unconsolidated affiliates on a straight-line basis consistent with the lives of the underlying assets. | |||
(e) Impairment of Long-Lived Assets | |||
We review each of our properties for indicators that its carrying amount may not be recoverable. Examples of such indicators may include a significant decrease in the market price of the property, a significant adverse change in the extent or manner in which the property is being used in its physical condition or expected to be used based on the underwriting at the time of acquisition, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of the property, or a history of operating or cash flow losses of the property. When such impairment indicators exist, we review an estimate of the future probability weighted undiscounted net cash flows (excluding interest charges) expected to result from the real estate investment’s use and eventual disposition and compare that estimate to the carrying value of the property. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition, potential sales proceeds and other factors. If our undiscounted net cash flow evaluation indicates that we are unable to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. | |||
In the third and fourth quarters of 2014, we identified certain properties in our portfolio that fall outside of our targeted investment strategy, which are candidates for near-term disposition. We have implemented a marketing strategy for those properties identified as held for sale as of December 31, 2014. We are in the process of developing our marketing strategy for those assets that did not meet the held for sale criteria as of December 31, 2014. We plan to carefully evaluate the disposition options revealed through our marketing efforts, and to pursue those which provide the best opportunity to optimize shareholder value. In connection with initiating this process, we evaluated the recoverability of the carrying values of each of these properties and determined that the carrying values of five properties was no longer recoverable due to reducing their expected holding period. As a result, for the year ended December 31, 2014, we reduced the carrying values of the properties to their estimated fair value by recording an impairment loss of approximately $126.5 million. Estimated fair value was determined using the guidance in ASC 820, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There were no impairment losses for the years ended December 31, 2013 and 2012. | |||
(f) Purchase Accounting for Acquisition of Investments in Real Estate | |||
Purchase accounting is applied to the assets and liabilities related to all real estate investments acquired from third parties. In accordance with current accounting guidance, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting primarily of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases, value of tenant relationships and acquired ground leases, based in each case on their fair values. Loan premiums, in the case of above market rate loans, or loan discounts, in the case of below market loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate. | |||
The fair values of the tangible assets of an acquired property are determined based on comparable land sales for land and replacement costs adjusted for physical and market obsolescence for the improvements. The fair values of the tangible assets of an acquired property are also determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property based on assumptions that a market participant would use, which is similar to methods used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related costs. | |||
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) estimated fair market lease rates from the perspective of a market participant for the corresponding in-place leases, measured, for above-market leases, over a period equal to the remaining non-cancelable term of the lease and, for below-market leases, over a period equal to the initial term plus any below market fixed rate renewal periods. The leases we have acquired do not currently include any below market fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values, also referred to as acquired lease obligations, are amortized as an increase to rental income over the initial terms of the respective leases and any below market fixed rate renewal periods. | |||
In addition to the intangible value for above market leases and the intangible negative value for below market leases, there is intangible value related to having tenants leasing space in the purchased property, which is referred to as in-place lease value and tenant relationship value. Such value results primarily from the buyer of a leased property avoiding the costs associated with leasing the property and also avoiding rent losses and unreimbursed operating expenses during the lease up period. The estimated avoided costs and avoided revenue losses are calculated and this aggregate value is allocated between in-place lease value and tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease; however, the value of tenant relationships has not been separated from in-place lease value for our real estate because such value and its consequence to amortization expense is immaterial for these particular acquisitions. The value of in-place leases exclusive of the value of above-market in-place leases is amortized to expense over the estimated term (including renewal and extension assumptions) of the respective leases. If a lease were to be terminated prior to its estimated term, all unamortized amounts relating to that lease would be written off. | |||
(g) Capitalization of Costs | |||
Direct and indirect project costs that are clearly associated with the development of properties are capitalized as incurred. Project costs include all costs directly associated with the development of a property, including construction costs, interest, property taxes, insurance, legal fees and costs of personnel working on the project. Indirect costs that do not clearly relate to the projects under development are not capitalized and are charged to expense as incurred. | |||
Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. If and when development of a property is suspended pursuant to a formal change in the planned use of the property, we will evaluate whether the accumulated costs exceed the estimated value of the project and write off the amount of any such excess accumulated costs. For a development project that is suspended for reasons other than a formal change in the planned use of such property, the accumulated project costs are evaluated for impairment consistent with our impairment policies for long-lived assets. Capitalized costs are allocated to the specific components of a project that are benefited. | |||
During the years ended December 31, 2014, 2013 and 2012, we capitalized interest of approximately $20.4 million, $26.3 million and $21.5 million, respectively. During the years ended December 31, 2014, 2013 and 2012, we capitalized amounts relating to compensation expense of employees direct and incremental to construction and successful leasing activities of approximately $50.1 million, $38.4 million and $31.6 million, respectively. Cash flows used for capitalized leasing costs of $49.0 million, $57.5 million and $40.1 million are included in improvements to and advances for investments in real estate in cash flows from investing activities in the consolidated statements of cash flows for the years ended December 31, 2014, 2013 and 2012, respectively. | |||
(h) Deferred Leasing Costs | |||
Leasing commissions and other direct and indirect costs associated with the acquisition of tenants are capitalized and amortized on a straight line basis over the terms of the related leases. | |||
(i) Foreign Currency Translation | |||
Assets and liabilities of our subsidiaries outside the United States with non-U.S. dollar functional currencies are translated into U.S. dollars using exchange rates as of the balance sheet dates. Income and expenses are translated using the average exchange rates for the reporting period. Foreign currency translation adjustments are recorded as a component of other comprehensive income. | |||
(j) Deferred Financing Costs | |||
Loan fees and costs are capitalized and amortized over the life of the related loans on a straight-line basis, which approximates the effective interest method. Such amortization is included as a component of interest expense. | |||
(k) Restricted Cash | |||
Restricted cash consists of deposits for real estate taxes and insurance and other amounts as required by our loan agreements including funds for leasing costs and improvements related to unoccupied space. | |||
(l) Offering Costs | |||
Underwriting commissions and other offering costs are reflected as a reduction in additional paid-in capital, or in the case of preferred stock, as a reduction of the carrying value of preferred stock. | |||
(m) Share Based Compensation | |||
The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition. The estimated fair value of the long-term incentive units and Class D Units (discussed in note 13) granted by us is being amortized on a straight-line basis over the expected service period. | |||
The fair value of share-based compensation awards that contain a market condition is measured using a Monte Carlo simulation method and not adjusted based on actual achievement of the market condition. | |||
(n) Accounting for Derivative Instruments and Hedging Activities | |||
We account for our derivative instruments and hedging activities in accordance with the accounting standard for derivative and hedging activities. The accounting standard requires us to measure every derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record them in the balance sheet as either an asset or liability. | |||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The amount of gain recognized in income related to the ineffective portion of the hedging relationships for the year ended December 31, 2014 was approximately $0.8 million. During the years ended December 31, 2013 and 2012, respectively, there were no ineffective portions to our interest rate swaps. | |||
We actively manage our ratio of fixed-to-floating rate debt. To manage our fixed and floating rate debt in a cost-effective manner, we, from time to time, enter into interest rate swap agreements as cash flow hedges, under which we agree to exchange various combinations of fixed and/or variable interest rates based on agreed upon notional amounts. We do not enter into derivative instruments for trading purposes. | |||
(o) Income Taxes | |||
Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. | |||
The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s U.S. consolidated taxable REIT subsidiaries are subject to both federal and state income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for its taxable REIT subsidiaries, certain states and non-U.S. jurisdictions, as appropriate. | |||
We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2014 and 2013, we have no assets or liabilities for uncertain tax positions. We classify interest and penalties from significant uncertain tax positions as interest expense and operating expense, respectively, in our consolidated income statements. For the years ended December 31, 2014, 2013 and 2012, we had no such interest or penalties. The tax year 2011 and thereafter remain open to examination by the major taxing jurisdictions with which the Company files tax returns. | |||
See Note 10 for further discussion on income taxes. | |||
(p) Presentation of Transactional-based Taxes | |||
We account for transactional-based taxes, such as value added tax, or VAT, for our international properties on a net basis. | |||
(q) Revenue Recognition | |||
All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is included in deferred rent in the accompanying consolidated balance sheets and contractually due but unpaid rents are included in accounts and other receivables. | |||
Tenant reimbursements for real estate taxes, common area maintenance, and other recoverable costs are recognized in the period that the expenses are incurred. Lease termination fees, which are included in other revenue in the accompanying consolidated income statements, are recognized over the new remaining term of the lease, effective as of the date the lease modification is finalized, and assuming collection is probable. | |||
A provision for loss is made if the collection of the receivable balances related to contractual rent, rent recorded on a straight-line basis, tenant reimbursements and lease termination fees are considered to be doubtful. | |||
(r) Asset Retirement Obligations | |||
We record accruals for estimated retirement obligations as required by current accounting guidance. The amount of asset retirement obligations relates primarily to estimated asbestos removal costs at the end of the economic life of properties that were built before 1984. As of December 31, 2014 and 2013, the amount included in accounts payable and other accrued liabilities on our consolidated balance sheets was approximately $1.7 million and $1.7 million, respectively. | |||
(s) Fee Income | |||
Occasionally, customers engage the company for certain services. The nature of these services historically involves property management, construction management, and assistance with financing. The proper revenue recognition of these services can be different, depending on whether the arrangements are service revenue or contractor type revenue. | |||
Service revenues are typically recognized on an equal monthly basis based on the minimum fee to be earned. The monthly amounts could be adjusted depending on if certain performance milestones are met. | |||
Fee income also includes management fees. These fees arise from contractual agreements with entities in which we have a noncontrolling interest. The management fees are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. | |||
(t) Assets and Liabilities Measured at Fair Value | |||
Fair value under U.S. GAAP is a market-based measurement, not an entity-specific measurement. Therefore, our fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, we use a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the lowest level input that is significant would be used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||
(u) Transactions Expense | |||
Transactions expense includes acquisition-related expenses and other business development expenses, which are expensed as incurred. Acquisition-related expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to acquisitions and significant transactions. | |||
(v) Management’s Estimates | |||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made. On an on-going basis, we evaluate our estimates, including those related to the valuation of our real estate properties, contingent consideration, accounts receivable and deferred rent receivable, performance-based equity compensation plans and the completeness of accrued liabilities We base our estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could vary under different assumptions or conditions. | |||
(w) Segment and Geographic Information | |||
All of our properties generate similar revenues and expenses related to tenant rent and reimbursements and operating expenses. The delivery of our products is consistent across all properties and although services are provided to a wide range of customers, the types of real estate services provided to them are standardized throughout the portfolio. As such, the properties in our portfolio have similar economic characteristics and the nature of the products and services provided to our customers and the method to distribute such services are consistent throughout the portfolio. Consequently, our properties qualify for aggregation into one reporting segment. | |||
Operating revenues from properties in the United States were $1.2 billion, $1.1 billion and $1.1 billion and outside the United States were $383.0 million, $349.1 million and $228.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. We had long-lived assets located in the United States of $5.4 billion, $5.6 billion and $5.0 billion and outside the United States of $2.7 billion, $2.7 billion and $2.5 billion as of December 31, 2014, 2013 and 2012, respectively. | |||
Operating revenues from properties located in the United Kingdom were $215.7 million, $197.0 million and $117.2 million, or 13.3%, 13.3% and 9.2% of total operating revenues for the years ended December 31, 2014, 2013 and 2012, respectively. No other foreign country comprised more than 10% of total operating revenues for each of these years. We had long-lived assets located in the United Kingdom of $1.7 billion, $1.8 billion and $1.7 billion, or 21.3%, 21.1% and 22.3% of total long-lived assets as of December 31, 2014, 2013 and 2012, respectively. No other foreign country comprised more than 10% of total long-lived assets as of each of December 31, 2014, 2013 and 2012. | |||
(x) Reclassifications | |||
Certain immaterial reclassifications to prior year amounts have been made to conform to the current year presentation. The Company has revised the presentation in its 2013 consolidated balance sheet to properly reflect the impact of certain cash received prior to year-end as a reduction to accounts receivable, rather than as prepaid rent. The impact of this revision decreased the amounts previously reported in the 2013 balance sheet for accounts and other receivables and security deposits and prepaid rents by $58.9 million. In addition, during the years ended December 31, 2013 and 2012, $(1.8) million and $(1.1) million were reclassified from rental property operating and maintenance expense to change in fair value of contingent consideration, respectively. | |||
(y) Recent Accounting Pronouncements | |||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-8, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. Under the previous guidance, the Company's current year disposals and assets classified as held for sale would have qualified for discontinued operations presentation. However, under the new guidance, the actual and planned disposals do not represent a strategic shift that will have a major effect on operations and financial results. As a result, discontinued operations presentation is not provided for these actual and planned disposals. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. As permitted by the standard, the Company has elected to early adopt the provisions of ASU 2014-8 as of January 1, 2014 and is applying the provisions prospectively. | |||
In May 2014, the FASB issued an update (ASU 2014-09) establishing ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. | |||
In June 2014, the FASB issued an update (ASU 2014-12) to ASC Topic 718, Compensation - Stock Compensation. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2014-12 on our consolidated financial statements. | |||
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In accordance with the guidance, all legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective in the first quarter of 2016, and early adoption is permitted. We are currently evaluating the potential impact of the adoption of ASU 2015-02 on our consolidated financial statements. | |||
Digital Realty Trust, L.P. | |||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies | ||
(a) Principles of Consolidation and Basis of Presentation | |||
The accompanying consolidated financial statements include all of the accounts of Digital Realty Trust, Inc., the Operating Partnership and the subsidiaries of the Operating Partnership. Intercompany balances and transactions have been eliminated. | |||
The notes to the consolidated financial statements of Digital Realty Trust, Inc. and the Operating Partnership have been combined to provide the following benefits: | |||
• | enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; | ||
• | eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and | ||
• | creating time and cost efficiencies through the preparation of one set of notes instead of two separate sets of notes. | ||
There are few differences between the Company and the Operating Partnership, which are reflected in these consolidated financial statements. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. Digital Realty Trust, Inc.’s only material asset is its ownership of partnership interests of the Operating Partnership. As a result, Digital Realty Trust, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries. Digital Realty Trust, Inc. itself does not hold any indebtedness but guarantees the unsecured debt of the Operating Partnership and certain of its subsidiaries, as disclosed in these notes. The Operating Partnership holds substantially all the assets of the Company and holds the ownership interests in the Company’s joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by Digital Realty Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units. | |||
The presentation of noncontrolling interests in operating partnership, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Digital Realty Trust, Inc. and those of the Operating Partnership. The common limited partnership interests held by the limited partners in the Operating Partnership are presented as limited partners’ capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as noncontrolling interests in operating partnership within equity in Digital Realty Trust, Inc.’s consolidated financial statements. The common and preferred partnership interests held by Digital Realty Trust, Inc. in the Operating Partnership are presented as general partner’s capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as preferred stock, common stock, additional paid-in capital and accumulated dividends in excess of earnings within stockholders’ equity in Digital Realty Trust, Inc.’s consolidated financial statements. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity issued at the Digital Realty Trust, Inc. and the Operating Partnership levels. | |||
To help investors understand the significant differences between the Company and the Operating Partnership, these consolidated financial statements present the following separate sections for each of the Company and the Operating Partnership: | |||
• | consolidated face financial statements; and | ||
• | the following notes to the consolidated financial statements: | ||
• | Debt of the Company and Debt of the Operating Partnership; | ||
• | Income per Share and Income per Unit; | ||
• | Equity and Accumulated Other Comprehensive Loss, Net of the Company and Capital and Accumulated Other Comprehensive Income (Loss) of the Operating Partnership; and | ||
• | Quarterly Financial Information. | ||
In the sections that combine disclosure of Digital Realty Trust, Inc. and the Operating Partnership, these notes refer to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership. | |||
(b) Cash Equivalents | |||
For the purpose of the consolidated statements of cash flows, we consider short-term investments with original maturities of 90 days or less to be cash equivalents. As of December 31, 2014 and 2013, cash equivalents consist of investments in money market instruments. | |||
(c) Investments in Real Estate | |||
Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: | |||
Acquired ground leases | Terms of the related lease | ||
Buildings and improvements | 5-39 years | ||
Tenant improvements | Shorter of the estimated useful lives or the terms of the related leases | ||
Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. | |||
Assets that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. We classify assets as held for sale once management has the authority to approve and commits to a plan to sell, the assets are available for immediate sale, an active program to locate a buyer has commenced and the sale of the assets are probable and transfer of the assets are expected to occur within one year. Upon the classification of assets as held for sale or sold, the depreciation and amortization of the assets will cease. | |||
(d) Investment in Unconsolidated Joint Ventures | |||
The Company’s investment in unconsolidated joint ventures is accounted for using the equity method, whereby the investment is increased for capital contributed and our share of the joint ventures’ net income and decreased by distributions we receive and our share of any losses of the joint ventures. | |||
We amortize the difference between the cost of our investments in unconsolidated joint ventures and the book value of the underlying equity into equity in earnings from unconsolidated affiliates on a straight-line basis consistent with the lives of the underlying assets. | |||
(e) Impairment of Long-Lived Assets | |||
We review each of our properties for indicators that its carrying amount may not be recoverable. Examples of such indicators may include a significant decrease in the market price of the property, a significant adverse change in the extent or manner in which the property is being used in its physical condition or expected to be used based on the underwriting at the time of acquisition, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of the property, or a history of operating or cash flow losses of the property. When such impairment indicators exist, we review an estimate of the future probability weighted undiscounted net cash flows (excluding interest charges) expected to result from the real estate investment’s use and eventual disposition and compare that estimate to the carrying value of the property. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition, potential sales proceeds and other factors. If our undiscounted net cash flow evaluation indicates that we are unable to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. | |||
In the third and fourth quarters of 2014, we identified certain properties in our portfolio that fall outside of our targeted investment strategy, which are candidates for near-term disposition. We have implemented a marketing strategy for those properties identified as held for sale as of December 31, 2014. We are in the process of developing our marketing strategy for those assets that did not meet the held for sale criteria as of December 31, 2014. We plan to carefully evaluate the disposition options revealed through our marketing efforts, and to pursue those which provide the best opportunity to optimize shareholder value. In connection with initiating this process, we evaluated the recoverability of the carrying values of each of these properties and determined that the carrying values of five properties was no longer recoverable due to reducing their expected holding period. As a result, for the year ended December 31, 2014, we reduced the carrying values of the properties to their estimated fair value by recording an impairment loss of approximately $126.5 million. Estimated fair value was determined using the guidance in ASC 820, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There were no impairment losses for the years ended December 31, 2013 and 2012. | |||
(f) Purchase Accounting for Acquisition of Investments in Real Estate | |||
Purchase accounting is applied to the assets and liabilities related to all real estate investments acquired from third parties. In accordance with current accounting guidance, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting primarily of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases, value of tenant relationships and acquired ground leases, based in each case on their fair values. Loan premiums, in the case of above market rate loans, or loan discounts, in the case of below market loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate. | |||
The fair values of the tangible assets of an acquired property are determined based on comparable land sales for land and replacement costs adjusted for physical and market obsolescence for the improvements. The fair values of the tangible assets of an acquired property are also determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property based on assumptions that a market participant would use, which is similar to methods used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related costs. | |||
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) estimated fair market lease rates from the perspective of a market participant for the corresponding in-place leases, measured, for above-market leases, over a period equal to the remaining non-cancelable term of the lease and, for below-market leases, over a period equal to the initial term plus any below market fixed rate renewal periods. The leases we have acquired do not currently include any below market fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values, also referred to as acquired lease obligations, are amortized as an increase to rental income over the initial terms of the respective leases and any below market fixed rate renewal periods. | |||
In addition to the intangible value for above market leases and the intangible negative value for below market leases, there is intangible value related to having tenants leasing space in the purchased property, which is referred to as in-place lease value and tenant relationship value. Such value results primarily from the buyer of a leased property avoiding the costs associated with leasing the property and also avoiding rent losses and unreimbursed operating expenses during the lease up period. The estimated avoided costs and avoided revenue losses are calculated and this aggregate value is allocated between in-place lease value and tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease; however, the value of tenant relationships has not been separated from in-place lease value for our real estate because such value and its consequence to amortization expense is immaterial for these particular acquisitions. The value of in-place leases exclusive of the value of above-market in-place leases is amortized to expense over the estimated term (including renewal and extension assumptions) of the respective leases. If a lease were to be terminated prior to its estimated term, all unamortized amounts relating to that lease would be written off. | |||
(g) Capitalization of Costs | |||
Direct and indirect project costs that are clearly associated with the development of properties are capitalized as incurred. Project costs include all costs directly associated with the development of a property, including construction costs, interest, property taxes, insurance, legal fees and costs of personnel working on the project. Indirect costs that do not clearly relate to the projects under development are not capitalized and are charged to expense as incurred. | |||
Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. If and when development of a property is suspended pursuant to a formal change in the planned use of the property, we will evaluate whether the accumulated costs exceed the estimated value of the project and write off the amount of any such excess accumulated costs. For a development project that is suspended for reasons other than a formal change in the planned use of such property, the accumulated project costs are evaluated for impairment consistent with our impairment policies for long-lived assets. Capitalized costs are allocated to the specific components of a project that are benefited. | |||
During the years ended December 31, 2014, 2013 and 2012, we capitalized interest of approximately $20.4 million, $26.3 million and $21.5 million, respectively. During the years ended December 31, 2014, 2013 and 2012, we capitalized amounts relating to compensation expense of employees direct and incremental to construction and successful leasing activities of approximately $50.1 million, $38.4 million and $31.6 million, respectively. Cash flows used for capitalized leasing costs of $49.0 million, $57.5 million and $40.1 million are included in improvements to and advances for investments in real estate in cash flows from investing activities in the consolidated statements of cash flows for the years ended December 31, 2014, 2013 and 2012, respectively. | |||
(h) Deferred Leasing Costs | |||
Leasing commissions and other direct and indirect costs associated with the acquisition of tenants are capitalized and amortized on a straight line basis over the terms of the related leases. | |||
(i) Foreign Currency Translation | |||
Assets and liabilities of our subsidiaries outside the United States with non-U.S. dollar functional currencies are translated into U.S. dollars using exchange rates as of the balance sheet dates. Income and expenses are translated using the average exchange rates for the reporting period. Foreign currency translation adjustments are recorded as a component of other comprehensive income. | |||
(j) Deferred Financing Costs | |||
Loan fees and costs are capitalized and amortized over the life of the related loans on a straight-line basis, which approximates the effective interest method. Such amortization is included as a component of interest expense. | |||
(k) Restricted Cash | |||
Restricted cash consists of deposits for real estate taxes and insurance and other amounts as required by our loan agreements including funds for leasing costs and improvements related to unoccupied space. | |||
(l) Offering Costs | |||
Underwriting commissions and other offering costs are reflected as a reduction in additional paid-in capital, or in the case of preferred stock, as a reduction of the carrying value of preferred stock. | |||
(m) Share Based Compensation | |||
The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition. The estimated fair value of the long-term incentive units and Class D Units (discussed in note 13) granted by us is being amortized on a straight-line basis over the expected service period. | |||
The fair value of share-based compensation awards that contain a market condition is measured using a Monte Carlo simulation method and not adjusted based on actual achievement of the market condition. | |||
(n) Accounting for Derivative Instruments and Hedging Activities | |||
We account for our derivative instruments and hedging activities in accordance with the accounting standard for derivative and hedging activities. The accounting standard requires us to measure every derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record them in the balance sheet as either an asset or liability. | |||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The amount of gain recognized in income related to the ineffective portion of the hedging relationships for the year ended December 31, 2014 was approximately $0.8 million. During the years ended December 31, 2013 and 2012, respectively, there were no ineffective portions to our interest rate swaps. | |||
We actively manage our ratio of fixed-to-floating rate debt. To manage our fixed and floating rate debt in a cost-effective manner, we, from time to time, enter into interest rate swap agreements as cash flow hedges, under which we agree to exchange various combinations of fixed and/or variable interest rates based on agreed upon notional amounts. We do not enter into derivative instruments for trading purposes. | |||
(o) Income Taxes | |||
Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. | |||
The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s U.S. consolidated taxable REIT subsidiaries are subject to both federal and state income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for its taxable REIT subsidiaries, certain states and non-U.S. jurisdictions, as appropriate. | |||
We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2014 and 2013, we have no assets or liabilities for uncertain tax positions. We classify interest and penalties from significant uncertain tax positions as interest expense and operating expense, respectively, in our consolidated income statements. For the years ended December 31, 2014, 2013 and 2012, we had no such interest or penalties. The tax year 2011 and thereafter remain open to examination by the major taxing jurisdictions with which the Company files tax returns. | |||
See Note 10 for further discussion on income taxes. | |||
(p) Presentation of Transactional-based Taxes | |||
We account for transactional-based taxes, such as value added tax, or VAT, for our international properties on a net basis. | |||
(q) Revenue Recognition | |||
All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is included in deferred rent in the accompanying consolidated balance sheets and contractually due but unpaid rents are included in accounts and other receivables. | |||
Tenant reimbursements for real estate taxes, common area maintenance, and other recoverable costs are recognized in the period that the expenses are incurred. Lease termination fees, which are included in other revenue in the accompanying consolidated income statements, are recognized over the new remaining term of the lease, effective as of the date the lease modification is finalized, and assuming collection is probable. | |||
A provision for loss is made if the collection of the receivable balances related to contractual rent, rent recorded on a straight-line basis, tenant reimbursements and lease termination fees are considered to be doubtful. | |||
(r) Asset Retirement Obligations | |||
We record accruals for estimated retirement obligations as required by current accounting guidance. The amount of asset retirement obligations relates primarily to estimated asbestos removal costs at the end of the economic life of properties that were built before 1984. As of December 31, 2014 and 2013, the amount included in accounts payable and other accrued liabilities on our consolidated balance sheets was approximately $1.7 million and $1.7 million, respectively. | |||
(s) Fee Income | |||
Occasionally, customers engage the company for certain services. The nature of these services historically involves property management, construction management, and assistance with financing. The proper revenue recognition of these services can be different, depending on whether the arrangements are service revenue or contractor type revenue. | |||
Service revenues are typically recognized on an equal monthly basis based on the minimum fee to be earned. The monthly amounts could be adjusted depending on if certain performance milestones are met. | |||
Fee income also includes management fees. These fees arise from contractual agreements with entities in which we have a noncontrolling interest. The management fees are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. | |||
(t) Assets and Liabilities Measured at Fair Value | |||
Fair value under U.S. GAAP is a market-based measurement, not an entity-specific measurement. Therefore, our fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, we use a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the lowest level input that is significant would be used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||
(u) Transactions Expense | |||
Transactions expense includes acquisition-related expenses and other business development expenses, which are expensed as incurred. Acquisition-related expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to acquisitions and significant transactions. | |||
(v) Management’s Estimates | |||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made. On an on-going basis, we evaluate our estimates, including those related to the valuation of our real estate properties, contingent consideration, accounts receivable and deferred rent receivable, performance-based equity compensation plans and the completeness of accrued liabilities We base our estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could vary under different assumptions or conditions. | |||
(w) Segment and Geographic Information | |||
All of our properties generate similar revenues and expenses related to tenant rent and reimbursements and operating expenses. The delivery of our products is consistent across all properties and although services are provided to a wide range of customers, the types of real estate services provided to them are standardized throughout the portfolio. As such, the properties in our portfolio have similar economic characteristics and the nature of the products and services provided to our customers and the method to distribute such services are consistent throughout the portfolio. Consequently, our properties qualify for aggregation into one reporting segment. | |||
Operating revenues from properties in the United States were $1.2 billion, $1.1 billion and $1.1 billion and outside the United States were $383.0 million, $349.1 million and $228.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. We had long-lived assets located in the United States of $5.4 billion, $5.6 billion and $5.0 billion and outside the United States of $2.7 billion, $2.7 billion and $2.5 billion as of December 31, 2014, 2013 and 2012, respectively. | |||
Operating revenues from properties located in the United Kingdom were $215.7 million, $197.0 million and $117.2 million, or 13.3%, 13.3% and 9.2% of total operating revenues for the years ended December 31, 2014, 2013 and 2012, respectively. No other foreign country comprised more than 10% of total operating revenues for each of these years. We had long-lived assets located in the United Kingdom of $1.7 billion, $1.8 billion and $1.7 billion, or 21.3%, 21.1% and 22.3% of total long-lived assets as of December 31, 2014, 2013 and 2012, respectively. No other foreign country comprised more than 10% of total long-lived assets as of each of December 31, 2014, 2013 and 2012. | |||
(x) Reclassifications | |||
Certain immaterial reclassifications to prior year amounts have been made to conform to the current year presentation. The Company has revised the presentation in its 2013 consolidated balance sheet to properly reflect the impact of certain cash received prior to year-end as a reduction to accounts receivable, rather than as prepaid rent. The impact of this revision decreased the amounts previously reported in the 2013 balance sheet for accounts and other receivables and security deposits and prepaid rents by $58.9 million. In addition, during the years ended December 31, 2013 and 2012, $(1.8) million and $(1.1) million were reclassified from rental property operating and maintenance expense to change in fair value of contingent consideration, respectively. | |||
(y) Recent Accounting Pronouncements | |||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-8, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. Under the previous guidance, the Company's current year disposals and assets classified as held for sale would have qualified for discontinued operations presentation. However, under the new guidance, the actual and planned disposals do not represent a strategic shift that will have a major effect on operations and financial results. As a result, discontinued operations presentation is not provided for these actual and planned disposals. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. As permitted by the standard, the Company has elected to early adopt the provisions of ASU 2014-8 as of January 1, 2014 and is applying the provisions prospectively. | |||
In May 2014, the FASB issued an update (ASU 2014-09) establishing ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. | |||
In June 2014, the FASB issued an update (ASU 2014-12) to ASC Topic 718, Compensation - Stock Compensation. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2014-12 on our consolidated financial statements. | |||
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In accordance with the guidance, all legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective in the first quarter of 2016, and early adoption is permitted. We are currently evaluating the potential impact of the adoption of ASU 2015-02 on our consolidated financial statements. |
Investments_In_Real_Estate
Investments In Real Estate | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments In Real Estate | Investments in Real Estate | |||||||||||||||||||||||
A summary of our investments in properties as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Property Type | Land | Acquired | Building and | Tenant | Accumulated | Net | ||||||||||||||||||
Ground | Improvements (1) | Improvements | Depreciation | Investment | ||||||||||||||||||||
Lease | and | in Properties | ||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Internet Gateway Datacenters | $ | 112,265 | $ | — | $ | 1,459,952 | $ | 99,842 | $ | (541,023 | ) | $ | 1,131,036 | |||||||||||
Corporate Datacenters | 525,191 | 12,196 | 7,117,767 | 368,859 | (1,286,024 | ) | 6,737,989 | |||||||||||||||||
Technology Manufacturing | 25,471 | — | 67,238 | 4,764 | (20,506 | ) | 76,967 | |||||||||||||||||
Technology Office | 5,368 | — | 42,356 | 1,459 | (14,759 | ) | 34,424 | |||||||||||||||||
Other | 3,307 | — | 136,501 | 76 | (11,742 | ) | 128,142 | |||||||||||||||||
$ | 671,602 | $ | 12,196 | $ | 8,823,814 | $ | 475,000 | $ | (1,874,054 | ) | $ | 8,108,558 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Property Type | Land | Acquired | Building and | Tenant | Accumulated | Net | ||||||||||||||||||
Ground | Improvements(1) | Improvements | Depreciation | Investment | ||||||||||||||||||||
Lease | and | in Properties | ||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Internet Gateway Datacenters | $ | 117,863 | $ | — | $ | 1,466,489 | $ | 100,481 | $ | (474,867 | ) | $ | 1,209,966 | |||||||||||
Corporate Datacenters | 542,108 | 13,296 | 6,963,052 | 382,219 | (1,048,229 | ) | 6,852,446 | |||||||||||||||||
Technology Manufacturing | 25,471 | 1,322 | 73,807 | 6,333 | (24,177 | ) | 82,756 | |||||||||||||||||
Technology Office | 4,971 | — | 48,143 | 1,459 | (10,725 | ) | 43,848 | |||||||||||||||||
Other | 3,378 | — | 129,186 | — | (7,998 | ) | 124,566 | |||||||||||||||||
$ | 693,791 | $ | 14,618 | $ | 8,680,677 | $ | 490,492 | $ | (1,565,996 | ) | $ | 8,313,582 | ||||||||||||
-1 | Balance includes, as of December 31, 2014 and 2013, $1.0 billion and $1.1 billion of direct and accrued costs associated with development in progress, respectively. | |||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||
We acquired the following real estate properties during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Location | Metropolitan Area | Date Acquired | Amount | |||||||||||||||||||||
(in millions)(1) | ||||||||||||||||||||||||
Crawley 2 (2) | London | September 16, 2014 | $ | 23 | ||||||||||||||||||||
Total Acquisitions—Year Ended December 31, 2014 | $ | 23 | ||||||||||||||||||||||
Location | Metropolitan Area | Date Acquired | Amount | |||||||||||||||||||||
(in millions)(1) | ||||||||||||||||||||||||
17201 Waterview Parkway | Dallas, Texas | January 31, 2013 | $ | 8.5 | ||||||||||||||||||||
1900 S. Price Road | Phoenix, Arizona | January 31, 2013 | 24 | |||||||||||||||||||||
371 Gough Road | Toronto, Canada | March 12, 2013 | 8.4 | |||||||||||||||||||||
1500 Towerview Road | Minneapolis, Minnesota | March 27, 2013 | 37 | |||||||||||||||||||||
CarTech(2) | London, England | April 2, 2013 | 3.6 | |||||||||||||||||||||
MetCenter Business Park(3) | Austin, Texas | May 20, 2013 | 31.9 | |||||||||||||||||||||
Liverpoolweg 10(4) | Amsterdam, Netherlands | June 27, 2013 | 3.9 | |||||||||||||||||||||
Saito Industrial Park(2) | Osaka, Japan | August 9, 2013 | 9.6 | |||||||||||||||||||||
Principal Park(2) | London, England | September 23, 2013 | 19.3 | |||||||||||||||||||||
De President, Hoofddorp(2) | Amsterdam, Netherlands | September 24, 2013 | 6.7 | |||||||||||||||||||||
636 Pierce Street(5) | New York Metro | December 19, 2013 | 35.3 | |||||||||||||||||||||
Total Acquisitions—Year Ended December 31, 2013 | $ | 188.2 | ||||||||||||||||||||||
-1 | Purchase prices are all in U.S. dollars and exclude capitalized closing costs on land acquisitions. Purchase prices for acquisitions outside the United States are based on the exchange rate at the date of acquisition. | |||||||||||||||||||||||
-2 | Represents currently vacant land which is not included in our operating property count. | |||||||||||||||||||||||
-3 | MetCenter Business Park consists of three buildings at 8201 E. Riverside Drive and three buildings at 7401 E. Ben White Boulevard in the Austin metropolitan area. MetCenter Business Park is considered one property for our property count. | |||||||||||||||||||||||
-4 | Acquisition of a partially-built data center in Groningen, Netherlands for a purchase price of $3.9 million. We paid an additional $2.6 million in October 2013 upon completion of construction by the tenant, with the final payment of $1.4 million made in December 2013. | |||||||||||||||||||||||
-5 | In connection with the acquisition, we assumed a $26.4 million secured mortgage loan. | |||||||||||||||||||||||
Dispositions | ||||||||||||||||||||||||
On April 7, 2014, the Operating Partnership sold 6 Braham Street to the tenant pursuant to a sale of the ownership interests in the Operating Partnership’s wholly owned subsidiary that owned the building for £25.0 million (or approximately $41.5 million based on the exchange rate as of April 7, 2014). The transaction after costs and various tenant prepayments resulted in net proceeds of approximately £22.6 million (or approximately $37.5 million based on the exchange rate as of April 7, 2014) and a net gain of approximately $15.9 million. The transaction includes substantially all of the assets of 6 Braham Street and we expect no further cash flows following the sale date. | ||||||||||||||||||||||||
The property was identified as held for sale in March 2014. 6 Braham Street was not a significant component of our United Kingdom portfolio nor does the sale of 6 Braham represent a significant shift in our strategy. | ||||||||||||||||||||||||
We have identified certain non-core investment properties we intend to sell as part of our capital recycling strategy. Our capital recycling program is designed to identify non-strategic and underperforming assets that can be sold to generate proceeds that will support the funding of our core investment activity. We expect our capital recycling initiative will likewise have a meaningfully positive impact on overall return on invested capital. In addition, our capital recycling program does not represent a strategic shift, as we are not entirely exiting regions or property types. During this process, we are evaluating the carrying value of certain investment properties identified for potential sale to ensure the carrying value is recoverable in light of a potentially shorter holding period. As a result of our evaluation, during the year ended December 31, 2014, we recognized $126.5 million of impairment losses on five properties located in the Midwest, Northeast and West regions. The fair value of the five properties were primarily based on discounted cash flow analysis, and in certain cases, we supplemented the analysis by obtaining broker opinions of value. As of December 31, 2014, these properties do not meet the criteria to be classified as held for sale. | ||||||||||||||||||||||||
As of December 31, 2014, the Company has taken the necessary actions to conclude that five properties to be disposed of as part of our capital recycling strategy met the criteria to be classified as held for sale. As of December 31, 2014, these five properties had an aggregate carrying value of $120.5 million within total assets and $5.8 million within total liabilities and are shown as assets held for sale and obligations associated with assets held for sale on the consolidated balance sheet. The five properties are not representative of a significant component of our portfolio, nor does the potential sales represent a significant shift in our strategy. | ||||||||||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||||||
Investments In Real Estate | Investments in Real Estate | |||||||||||||||||||||||
A summary of our investments in properties as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Property Type | Land | Acquired | Building and | Tenant | Accumulated | Net | ||||||||||||||||||
Ground | Improvements (1) | Improvements | Depreciation | Investment | ||||||||||||||||||||
Lease | and | in Properties | ||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Internet Gateway Datacenters | $ | 112,265 | $ | — | $ | 1,459,952 | $ | 99,842 | $ | (541,023 | ) | $ | 1,131,036 | |||||||||||
Corporate Datacenters | 525,191 | 12,196 | 7,117,767 | 368,859 | (1,286,024 | ) | 6,737,989 | |||||||||||||||||
Technology Manufacturing | 25,471 | — | 67,238 | 4,764 | (20,506 | ) | 76,967 | |||||||||||||||||
Technology Office | 5,368 | — | 42,356 | 1,459 | (14,759 | ) | 34,424 | |||||||||||||||||
Other | 3,307 | — | 136,501 | 76 | (11,742 | ) | 128,142 | |||||||||||||||||
$ | 671,602 | $ | 12,196 | $ | 8,823,814 | $ | 475,000 | $ | (1,874,054 | ) | $ | 8,108,558 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Property Type | Land | Acquired | Building and | Tenant | Accumulated | Net | ||||||||||||||||||
Ground | Improvements(1) | Improvements | Depreciation | Investment | ||||||||||||||||||||
Lease | and | in Properties | ||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Internet Gateway Datacenters | $ | 117,863 | $ | — | $ | 1,466,489 | $ | 100,481 | $ | (474,867 | ) | $ | 1,209,966 | |||||||||||
Corporate Datacenters | 542,108 | 13,296 | 6,963,052 | 382,219 | (1,048,229 | ) | 6,852,446 | |||||||||||||||||
Technology Manufacturing | 25,471 | 1,322 | 73,807 | 6,333 | (24,177 | ) | 82,756 | |||||||||||||||||
Technology Office | 4,971 | — | 48,143 | 1,459 | (10,725 | ) | 43,848 | |||||||||||||||||
Other | 3,378 | — | 129,186 | — | (7,998 | ) | 124,566 | |||||||||||||||||
$ | 693,791 | $ | 14,618 | $ | 8,680,677 | $ | 490,492 | $ | (1,565,996 | ) | $ | 8,313,582 | ||||||||||||
-1 | Balance includes, as of December 31, 2014 and 2013, $1.0 billion and $1.1 billion of direct and accrued costs associated with development in progress, respectively. | |||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||
We acquired the following real estate properties during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Location | Metropolitan Area | Date Acquired | Amount | |||||||||||||||||||||
(in millions)(1) | ||||||||||||||||||||||||
Crawley 2 (2) | London | September 16, 2014 | $ | 23 | ||||||||||||||||||||
Total Acquisitions—Year Ended December 31, 2014 | $ | 23 | ||||||||||||||||||||||
Location | Metropolitan Area | Date Acquired | Amount | |||||||||||||||||||||
(in millions)(1) | ||||||||||||||||||||||||
17201 Waterview Parkway | Dallas, Texas | January 31, 2013 | $ | 8.5 | ||||||||||||||||||||
1900 S. Price Road | Phoenix, Arizona | January 31, 2013 | 24 | |||||||||||||||||||||
371 Gough Road | Toronto, Canada | March 12, 2013 | 8.4 | |||||||||||||||||||||
1500 Towerview Road | Minneapolis, Minnesota | March 27, 2013 | 37 | |||||||||||||||||||||
CarTech(2) | London, England | April 2, 2013 | 3.6 | |||||||||||||||||||||
MetCenter Business Park(3) | Austin, Texas | May 20, 2013 | 31.9 | |||||||||||||||||||||
Liverpoolweg 10(4) | Amsterdam, Netherlands | June 27, 2013 | 3.9 | |||||||||||||||||||||
Saito Industrial Park(2) | Osaka, Japan | August 9, 2013 | 9.6 | |||||||||||||||||||||
Principal Park(2) | London, England | September 23, 2013 | 19.3 | |||||||||||||||||||||
De President, Hoofddorp(2) | Amsterdam, Netherlands | September 24, 2013 | 6.7 | |||||||||||||||||||||
636 Pierce Street(5) | New York Metro | December 19, 2013 | 35.3 | |||||||||||||||||||||
Total Acquisitions—Year Ended December 31, 2013 | $ | 188.2 | ||||||||||||||||||||||
-1 | Purchase prices are all in U.S. dollars and exclude capitalized closing costs on land acquisitions. Purchase prices for acquisitions outside the United States are based on the exchange rate at the date of acquisition. | |||||||||||||||||||||||
-2 | Represents currently vacant land which is not included in our operating property count. | |||||||||||||||||||||||
-3 | MetCenter Business Park consists of three buildings at 8201 E. Riverside Drive and three buildings at 7401 E. Ben White Boulevard in the Austin metropolitan area. MetCenter Business Park is considered one property for our property count. | |||||||||||||||||||||||
-4 | Acquisition of a partially-built data center in Groningen, Netherlands for a purchase price of $3.9 million. We paid an additional $2.6 million in October 2013 upon completion of construction by the tenant, with the final payment of $1.4 million made in December 2013. | |||||||||||||||||||||||
-5 | In connection with the acquisition, we assumed a $26.4 million secured mortgage loan. | |||||||||||||||||||||||
Dispositions | ||||||||||||||||||||||||
On April 7, 2014, the Operating Partnership sold 6 Braham Street to the tenant pursuant to a sale of the ownership interests in the Operating Partnership’s wholly owned subsidiary that owned the building for £25.0 million (or approximately $41.5 million based on the exchange rate as of April 7, 2014). The transaction after costs and various tenant prepayments resulted in net proceeds of approximately £22.6 million (or approximately $37.5 million based on the exchange rate as of April 7, 2014) and a net gain of approximately $15.9 million. The transaction includes substantially all of the assets of 6 Braham Street and we expect no further cash flows following the sale date. | ||||||||||||||||||||||||
The property was identified as held for sale in March 2014. 6 Braham Street was not a significant component of our United Kingdom portfolio nor does the sale of 6 Braham represent a significant shift in our strategy. | ||||||||||||||||||||||||
We have identified certain non-core investment properties we intend to sell as part of our capital recycling strategy. Our capital recycling program is designed to identify non-strategic and underperforming assets that can be sold to generate proceeds that will support the funding of our core investment activity. We expect our capital recycling initiative will likewise have a meaningfully positive impact on overall return on invested capital. In addition, our capital recycling program does not represent a strategic shift, as we are not entirely exiting regions or property types. During this process, we are evaluating the carrying value of certain investment properties identified for potential sale to ensure the carrying value is recoverable in light of a potentially shorter holding period. As a result of our evaluation, during the year ended December 31, 2014, we recognized $126.5 million of impairment losses on five properties located in the Midwest, Northeast and West regions. The fair value of the five properties were primarily based on discounted cash flow analysis, and in certain cases, we supplemented the analysis by obtaining broker opinions of value. As of December 31, 2014, these properties do not meet the criteria to be classified as held for sale. | ||||||||||||||||||||||||
As of December 31, 2014, the Company has taken the necessary actions to conclude that five properties to be disposed of as part of our capital recycling strategy met the criteria to be classified as held for sale. As of December 31, 2014, these five properties had an aggregate carrying value of $120.5 million within total assets and $5.8 million within total liabilities and are shown as assets held for sale and obligations associated with assets held for sale on the consolidated balance sheet. The five properties are not representative of a significant component of our portfolio, nor does the potential sales represent a significant shift in our strategy. |
Investment_In_Unconsolidated_J
Investment In Unconsolidated Joint Ventures | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Investment In Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, our investment in unconsolidated joint ventures consists of effective 50% interests in three joint ventures that own data center properties at 2001 Sixth Avenue in Seattle, Washington, 2020 Fifth Avenue in Seattle, Washington and 33 Chun Choi Street in Hong Kong, and 20% interests in two joint ventures, one of which owns 10 data center properties with an investment fund managed by Prudential Real Estate Investors (PREI®) and the other which owns one data center property with an affiliate of Griffin Capital Essential Asset REIT, Inc. (GCEAR). The following tables present summarized financial information for the joint ventures for the years ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||||
2014 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 37,620 | $ | 42,537 | $ | 104,523 | $ | 110,749 | $ | (68,212 | ) | $ | 39,807 | $ | (14,707 | ) | $ | 25,100 | $ | 11,982 | |||||||||||||||||
2020 Fifth Avenue | 50 | % | 47,239 | 55,123 | 47,000 | 47,795 | 7,328 | 8,308 | (1,086 | ) | 7,222 | 4,844 | |||||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 143,014 | 165,912 | — | 10,210 | 155,702 | 8,671 | (2,625 | ) | 6,046 | 2,976 | |||||||||||||||||||||||||||
PREI ® | 20 | % | 429,358 | 492,494 | 208,000 | 296,480 | 196,014 | 39,467 | (6,144 | ) | 33,323 | 12,378 | |||||||||||||||||||||||||||
GCEAR | 20 | % | 122,521 | 186,041 | 102,025 | 104,661 | 81,380 | 6,050 | (2,311 | ) | 3,739 | (1,603 | ) | ||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 779,752 | $ | 942,107 | $ | 461,548 | $ | 569,895 | $ | 372,212 | $ | 102,303 | $ | (26,873 | ) | $ | 75,430 | $ | 30,577 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 94,729 | $ | 13,289 | |||||||||||||||||||||||||||||||||||
2013 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 33,980 | $ | 39,674 | $ | 105,953 | $ | 111,943 | $ | (72,269 | ) | $ | 37,625 | $ | (11,981 | ) | $ | 25,644 | $ | 12,346 | |||||||||||||||||
700/750 Central Expressway | 50 | % | — | — | — | — | — | 55 | (1 | ) | 54 | 58 | |||||||||||||||||||||||||||
2020 Fifth Avenue | 50 | % | 47,901 | 53,389 | 47,000 | 47,525 | 5,864 | 7,513 | (522 | ) | 6,991 | 5,756 | |||||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 102,428 | 122,890 | — | 8,382 | 114,508 | — | (44 | ) | (44 | ) | (150 | ) | |||||||||||||||||||||||||
PREI ® | 20 | % | 400,528 | 460,062 | 185,000 | 276,212 | 183,850 | 9,577 | (4,479 | ) | 5,098 | 2,641 | |||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 584,837 | $ | 676,015 | $ | 337,953 | $ | 444,062 | $ | 231,953 | $ | 54,770 | $ | (17,027 | ) | $ | 37,743 | $ | 20,651 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 70,504 | $ | 9,796 | |||||||||||||||||||||||||||||||||||
2012 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 33,397 | $ | 40,340 | $ | 107,294 | $ | 113,207 | $ | (72,867 | ) | $ | 35,031 | $ | (10,266 | ) | $ | 24,765 | $ | 11,823 | |||||||||||||||||
700/750 Central Expressway | 50 | % | — | 879 | — | 496 | 383 | 1,798 | (582 | ) | 1,216 | 4,389 | |||||||||||||||||||||||||||
2020 Fifth Avenue | 50 | % | 46,339 | 47,680 | — | 1,543 | 46,137 | — | (38 | ) | (38 | ) | (38 | ) | |||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 33,144 | 72,391 | — | 953 | 71,438 | — | (24 | ) | (24 | ) | (44 | ) | |||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 112,880 | $ | 161,290 | $ | 107,294 | $ | 116,199 | $ | 45,091 | $ | 36,829 | $ | (10,910 | ) | $ | 25,919 | $ | 16,130 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 66,634 | $ | 8,135 | |||||||||||||||||||||||||||||||||||
Our investment in the 2001 Sixth Avenue joint venture included in our consolidated balance sheet exceeds our equity presented in the joint venture’s balance sheet since our purchase accounting adjustments are not pushed down to the joint venture. | |||||||||||||||||||||||||||||||||||||||
In March 2012, we entered into a joint venture with Savvis, Inc., a CenturyLink company. On June 26, 2012, this unconsolidated joint venture acquired a 164,000 square foot property in Hong Kong. The property is located at 33 Chun Choi Street in Hong Kong. As of December 31, 2014, we have contributed approximately $57.4 million to this joint venture. | |||||||||||||||||||||||||||||||||||||||
PREI ® Joint Venture | |||||||||||||||||||||||||||||||||||||||
On September 27, 2013, we formed a joint venture with an investment fund managed by Prudential Real Estate Investors (PREI®). We contributed nine Powered Base Building® data centers valued at approximately $366.4 million plus 20% of $2.8 million of closing costs. The PREI®-managed fund contributed cash equal to their 80% interest in the joint venture assets at fair value and we retained a 20% interest. The joint venture is structured to provide a current annual preferred return from cash flow first to the PREI®-managed interest, then to our interest, after which a portion of any excess cash flows is shared by the partners based on their respective interests and the remaining portion is paid to us as a promote interest. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. Although we are the managing member of the joint venture and manage the day-to-day activities, all significant decisions, including approval of annual budgets, require approval of the PREI-managed member. Thus, we concluded we do not own a controlling interest and will account for our interest in the joint venture as an equity method investment. | |||||||||||||||||||||||||||||||||||||||
The joint venture has arranged a $185.0 million five-year unsecured bank loan at LIBOR plus 180 basis points, representing a loan-to-value ratio of approximately 50%. Proceeds from the debt offset the contribution amounts required of the partners. The transaction generated approximately $328.6 million of net proceeds to us, comprised of our share of the initial draw-down on the bank loan in addition to the PREI® fund’s equity contribution, less our share of closing costs and accordingly we recognized a gain of approximately $115.6 million on the sale of the 80% interest in the nine properties during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||
The operations of properties that we contributed to the joint venture are not recorded as discontinued operations because of our continuing involvement with these investment properties. Differences between the Company’s investment in the joint venture and the amount of the underlying equity in net assets of the joint venture are due to basis differences resulting from the Company’s equity investment recorded at its historical basis versus the fair value of the Company’s contributed interest in the joint venture. Our proportionate share of the earnings or losses related to this unconsolidated joint venture is reflected as equity in earnings of unconsolidated joint ventures on the accompanying consolidated income statements. | |||||||||||||||||||||||||||||||||||||||
On March 5, 2014, we contributed the 636 Pierce Street property, which we acquired in December 2013, to our unconsolidated joint venture with the PREI® fund that was formed in September 2013. The property was valued at approximately $40.4 million and subject to $26.1 million in debt, which the joint venture assumed. The PREI® fund contributed approximately $11.4 million in cash for their 80% share of the net asset value of $14.3 million. Subsequent to the closing, the joint venture refinanced the existing debt with $23.0 million drawn from the joint venture’s bank facility. Including the refinance costs, the PREI® fund contributed $17.5 million for the 636 Pierce Street property, bringing their contributed capital in the joint venture to $164.8 million. The transaction generated net proceeds of approximately $11.4 million and resulted in a $1.9 million gain. | |||||||||||||||||||||||||||||||||||||||
Griffin Capital Essential Asset REIT, Inc. Joint Venture | |||||||||||||||||||||||||||||||||||||||
On September 9, 2014, we formed a joint venture with an affiliate of Griffin Capital Essential Asset REIT, Inc. (GCEAR). We contributed to the joint venture the property located at 43915 Devin Shafron Drive (Building A) in Ashburn, Virginia, which is a Turn-Key Flex® data center property valued at approximately $185.5 million (excluding approximately $2.1 million of closing costs). GCEAR contributed cash to the joint venture and will hold an 80% interest in the joint venture. We retained a 20% interest in the joint venture. The joint venture agreement provides for a current annual preferred return from cash flow first to GCEAR and then to us, after which a portion of any excess cash flows is shared by the partners based on their respective interests and the remaining portion is paid to us as a promote interest. We will perform the day-to-day accounting and property management functions for the joint venture and the property and, as such, will earn management fees. Although we are the managing member of the joint venture and manage the day-to-day activities, certain major decisions, including approval of annual budgets, require approval of the GCEAR member. Thus, we concluded we do not own a controlling interest and will account for our interest in the joint venture as an equity method investment. | |||||||||||||||||||||||||||||||||||||||
The joint venture arranged a $102.0 million five-year secured bank loan at LIBOR plus 225 basis points, representing a loan-to-value ratio of approximately 55%. The joint venture entered into an interest rate swap agreement to effectively fix the interest rate on approximately $51.0 million of borrowings under the loan through September 2019. Two one-year extensions of the maturity date are available under the loan agreement, which the joint venture may exercise if certain conditions are met. Proceeds from this loan offset the initial cash capital contribution amount required from GCEAR and was used to provide us with a special distribution on account of a portion of the contribution value of the property. The transaction generated approximately $167.5 million of net proceeds to us, comprised of our share of the initial draw-down on the bank loan in addition to GCEAR’s equity contribution, less our share of closing costs. Accordingly we recognized a gain of approximately $93.5 million on the sale of the 80% interest in the joint venture during the year ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||
Differences between the Company’s investment in the joint ventures and the amount of the underlying equity in net assets of the joint ventures result from the Company’s equity investment recorded at its historical basis versus the fair value of the Company’s contributed interest recorded at the joint venture level. Our proportionate share of the earnings or losses related to these unconsolidated joint ventures is reflected as equity in earnings of unconsolidated joint ventures on the accompanying consolidated income statements and reflects the amortization of such basis differences. | |||||||||||||||||||||||||||||||||||||||
We amortize the difference between the cost of our investment in the joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was approximately $0.5 million and $0.1 million for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||
Sale of Investment | |||||||||||||||||||||||||||||||||||||||
On October 17, 2014, we closed on the sale of our investment in a developer of data centers in the Southwestern U.S. and Mexico, generating net proceeds of approximately $31.7 million. We recognized a gain on sale of approximately $14.6 million in the fourth quarter of 2014. The original investment of $17.1 million was included in other assets on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||||
Digital Realty Trust, L.P. | |||||||||||||||||||||||||||||||||||||||
Investment In Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, our investment in unconsolidated joint ventures consists of effective 50% interests in three joint ventures that own data center properties at 2001 Sixth Avenue in Seattle, Washington, 2020 Fifth Avenue in Seattle, Washington and 33 Chun Choi Street in Hong Kong, and 20% interests in two joint ventures, one of which owns 10 data center properties with an investment fund managed by Prudential Real Estate Investors (PREI®) and the other which owns one data center property with an affiliate of Griffin Capital Essential Asset REIT, Inc. (GCEAR). The following tables present summarized financial information for the joint ventures for the years ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||||
2014 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 37,620 | $ | 42,537 | $ | 104,523 | $ | 110,749 | $ | (68,212 | ) | $ | 39,807 | $ | (14,707 | ) | $ | 25,100 | $ | 11,982 | |||||||||||||||||
2020 Fifth Avenue | 50 | % | 47,239 | 55,123 | 47,000 | 47,795 | 7,328 | 8,308 | (1,086 | ) | 7,222 | 4,844 | |||||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 143,014 | 165,912 | — | 10,210 | 155,702 | 8,671 | (2,625 | ) | 6,046 | 2,976 | |||||||||||||||||||||||||||
PREI ® | 20 | % | 429,358 | 492,494 | 208,000 | 296,480 | 196,014 | 39,467 | (6,144 | ) | 33,323 | 12,378 | |||||||||||||||||||||||||||
GCEAR | 20 | % | 122,521 | 186,041 | 102,025 | 104,661 | 81,380 | 6,050 | (2,311 | ) | 3,739 | (1,603 | ) | ||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 779,752 | $ | 942,107 | $ | 461,548 | $ | 569,895 | $ | 372,212 | $ | 102,303 | $ | (26,873 | ) | $ | 75,430 | $ | 30,577 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 94,729 | $ | 13,289 | |||||||||||||||||||||||||||||||||||
2013 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 33,980 | $ | 39,674 | $ | 105,953 | $ | 111,943 | $ | (72,269 | ) | $ | 37,625 | $ | (11,981 | ) | $ | 25,644 | $ | 12,346 | |||||||||||||||||
700/750 Central Expressway | 50 | % | — | — | — | — | — | 55 | (1 | ) | 54 | 58 | |||||||||||||||||||||||||||
2020 Fifth Avenue | 50 | % | 47,901 | 53,389 | 47,000 | 47,525 | 5,864 | 7,513 | (522 | ) | 6,991 | 5,756 | |||||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 102,428 | 122,890 | — | 8,382 | 114,508 | — | (44 | ) | (44 | ) | (150 | ) | |||||||||||||||||||||||||
PREI ® | 20 | % | 400,528 | 460,062 | 185,000 | 276,212 | 183,850 | 9,577 | (4,479 | ) | 5,098 | 2,641 | |||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 584,837 | $ | 676,015 | $ | 337,953 | $ | 444,062 | $ | 231,953 | $ | 54,770 | $ | (17,027 | ) | $ | 37,743 | $ | 20,651 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 70,504 | $ | 9,796 | |||||||||||||||||||||||||||||||||||
2012 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 33,397 | $ | 40,340 | $ | 107,294 | $ | 113,207 | $ | (72,867 | ) | $ | 35,031 | $ | (10,266 | ) | $ | 24,765 | $ | 11,823 | |||||||||||||||||
700/750 Central Expressway | 50 | % | — | 879 | — | 496 | 383 | 1,798 | (582 | ) | 1,216 | 4,389 | |||||||||||||||||||||||||||
2020 Fifth Avenue | 50 | % | 46,339 | 47,680 | — | 1,543 | 46,137 | — | (38 | ) | (38 | ) | (38 | ) | |||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 33,144 | 72,391 | — | 953 | 71,438 | — | (24 | ) | (24 | ) | (44 | ) | |||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 112,880 | $ | 161,290 | $ | 107,294 | $ | 116,199 | $ | 45,091 | $ | 36,829 | $ | (10,910 | ) | $ | 25,919 | $ | 16,130 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 66,634 | $ | 8,135 | |||||||||||||||||||||||||||||||||||
Our investment in the 2001 Sixth Avenue joint venture included in our consolidated balance sheet exceeds our equity presented in the joint venture’s balance sheet since our purchase accounting adjustments are not pushed down to the joint venture. | |||||||||||||||||||||||||||||||||||||||
In March 2012, we entered into a joint venture with Savvis, Inc., a CenturyLink company. On June 26, 2012, this unconsolidated joint venture acquired a 164,000 square foot property in Hong Kong. The property is located at 33 Chun Choi Street in Hong Kong. As of December 31, 2014, we have contributed approximately $57.4 million to this joint venture. | |||||||||||||||||||||||||||||||||||||||
PREI ® Joint Venture | |||||||||||||||||||||||||||||||||||||||
On September 27, 2013, we formed a joint venture with an investment fund managed by Prudential Real Estate Investors (PREI®). We contributed nine Powered Base Building® data centers valued at approximately $366.4 million plus 20% of $2.8 million of closing costs. The PREI®-managed fund contributed cash equal to their 80% interest in the joint venture assets at fair value and we retained a 20% interest. The joint venture is structured to provide a current annual preferred return from cash flow first to the PREI®-managed interest, then to our interest, after which a portion of any excess cash flows is shared by the partners based on their respective interests and the remaining portion is paid to us as a promote interest. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. Although we are the managing member of the joint venture and manage the day-to-day activities, all significant decisions, including approval of annual budgets, require approval of the PREI-managed member. Thus, we concluded we do not own a controlling interest and will account for our interest in the joint venture as an equity method investment. | |||||||||||||||||||||||||||||||||||||||
The joint venture has arranged a $185.0 million five-year unsecured bank loan at LIBOR plus 180 basis points, representing a loan-to-value ratio of approximately 50%. Proceeds from the debt offset the contribution amounts required of the partners. The transaction generated approximately $328.6 million of net proceeds to us, comprised of our share of the initial draw-down on the bank loan in addition to the PREI® fund’s equity contribution, less our share of closing costs and accordingly we recognized a gain of approximately $115.6 million on the sale of the 80% interest in the nine properties during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||||
The operations of properties that we contributed to the joint venture are not recorded as discontinued operations because of our continuing involvement with these investment properties. Differences between the Company’s investment in the joint venture and the amount of the underlying equity in net assets of the joint venture are due to basis differences resulting from the Company’s equity investment recorded at its historical basis versus the fair value of the Company’s contributed interest in the joint venture. Our proportionate share of the earnings or losses related to this unconsolidated joint venture is reflected as equity in earnings of unconsolidated joint ventures on the accompanying consolidated income statements. | |||||||||||||||||||||||||||||||||||||||
On March 5, 2014, we contributed the 636 Pierce Street property, which we acquired in December 2013, to our unconsolidated joint venture with the PREI® fund that was formed in September 2013. The property was valued at approximately $40.4 million and subject to $26.1 million in debt, which the joint venture assumed. The PREI® fund contributed approximately $11.4 million in cash for their 80% share of the net asset value of $14.3 million. Subsequent to the closing, the joint venture refinanced the existing debt with $23.0 million drawn from the joint venture’s bank facility. Including the refinance costs, the PREI® fund contributed $17.5 million for the 636 Pierce Street property, bringing their contributed capital in the joint venture to $164.8 million. The transaction generated net proceeds of approximately $11.4 million and resulted in a $1.9 million gain. | |||||||||||||||||||||||||||||||||||||||
Griffin Capital Essential Asset REIT, Inc. Joint Venture | |||||||||||||||||||||||||||||||||||||||
On September 9, 2014, we formed a joint venture with an affiliate of Griffin Capital Essential Asset REIT, Inc. (GCEAR). We contributed to the joint venture the property located at 43915 Devin Shafron Drive (Building A) in Ashburn, Virginia, which is a Turn-Key Flex® data center property valued at approximately $185.5 million (excluding approximately $2.1 million of closing costs). GCEAR contributed cash to the joint venture and will hold an 80% interest in the joint venture. We retained a 20% interest in the joint venture. The joint venture agreement provides for a current annual preferred return from cash flow first to GCEAR and then to us, after which a portion of any excess cash flows is shared by the partners based on their respective interests and the remaining portion is paid to us as a promote interest. We will perform the day-to-day accounting and property management functions for the joint venture and the property and, as such, will earn management fees. Although we are the managing member of the joint venture and manage the day-to-day activities, certain major decisions, including approval of annual budgets, require approval of the GCEAR member. Thus, we concluded we do not own a controlling interest and will account for our interest in the joint venture as an equity method investment. | |||||||||||||||||||||||||||||||||||||||
The joint venture arranged a $102.0 million five-year secured bank loan at LIBOR plus 225 basis points, representing a loan-to-value ratio of approximately 55%. The joint venture entered into an interest rate swap agreement to effectively fix the interest rate on approximately $51.0 million of borrowings under the loan through September 2019. Two one-year extensions of the maturity date are available under the loan agreement, which the joint venture may exercise if certain conditions are met. Proceeds from this loan offset the initial cash capital contribution amount required from GCEAR and was used to provide us with a special distribution on account of a portion of the contribution value of the property. The transaction generated approximately $167.5 million of net proceeds to us, comprised of our share of the initial draw-down on the bank loan in addition to GCEAR’s equity contribution, less our share of closing costs. Accordingly we recognized a gain of approximately $93.5 million on the sale of the 80% interest in the joint venture during the year ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||
Differences between the Company’s investment in the joint ventures and the amount of the underlying equity in net assets of the joint ventures result from the Company’s equity investment recorded at its historical basis versus the fair value of the Company’s contributed interest recorded at the joint venture level. Our proportionate share of the earnings or losses related to these unconsolidated joint ventures is reflected as equity in earnings of unconsolidated joint ventures on the accompanying consolidated income statements and reflects the amortization of such basis differences. | |||||||||||||||||||||||||||||||||||||||
We amortize the difference between the cost of our investment in the joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was approximately $0.5 million and $0.1 million for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||
Sale of Investment | |||||||||||||||||||||||||||||||||||||||
On October 17, 2014, we closed on the sale of our investment in a developer of data centers in the Southwestern U.S. and Mexico, generating net proceeds of approximately $31.7 million. We recognized a gain on sale of approximately $14.6 million in the fourth quarter of 2014. The original investment of $17.1 million was included in other assets on the consolidated balance sheet. |
Acquired_Intangible_Assets_And
Acquired Intangible Assets And Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Acquired Intangible Assets And Liabilities | Acquired Intangible Assets and Liabilities | |||||||
The following summarizes our acquired intangible assets (acquired in place lease value and acquired above-market lease value) and intangible liabilities (acquired below-market lease value) as of December 31, 2014 and December 31, 2013. | ||||||||
Balance as of | ||||||||
(Amounts in thousands) | December 31, | December 31, | ||||||
2014 | 2013 | |||||||
Acquired in place lease value: | ||||||||
Gross amount | $ | 680,419 | $ | 725,458 | ||||
Accumulated amortization | (452,739 | ) | (423,549 | ) | ||||
Net | $ | 227,680 | $ | 301,909 | ||||
Acquired above market leases: | ||||||||
Gross amount | $ | 126,677 | $ | 132,750 | ||||
Accumulated amortization | (88,072 | ) | (80,486 | ) | ||||
Net | $ | 38,605 | $ | 52,264 | ||||
Acquired below market leases: | ||||||||
Gross amount | $ | 282,670 | $ | 291,638 | ||||
Accumulated amortization | (178,435 | ) | (161,369 | ) | ||||
Net | $ | 104,235 | $ | 130,269 | ||||
Amortization of acquired below-market lease value, net of acquired above-market lease value, resulted in an increase to rental revenues of $10.0 million, $11.7 million and $10.3 million for the years ended December 31, 2014 , 2013 and 2012, respectively. The expected average remaining lives for acquired below market leases and acquired above market leases is 6.2 years and 3.8 years, respectively, as of December 31, 2014. Estimated annual amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years and thereafter, commencing January 1, 2015 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2015 | $ | 9,051 | ||||||
2016 | 7,569 | |||||||
2017 | 6,127 | |||||||
2018 | 4,515 | |||||||
2019 | 2,388 | |||||||
Thereafter | 35,980 | |||||||
Total | $ | 65,630 | ||||||
Amortization of acquired in place lease value (a component of depreciation and amortization expense) was $62.2 million, $62.7 million and $54.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. The expected average amortization period for acquired in place lease value is 5.8 years as of December 31, 2014. The weighted average remaining contractual life for acquired leases excluding renewals or extensions is 4.7 years as of December 31, 2014. Estimated annual amortization of acquired in place lease value for each of the five succeeding years and thereafter, commencing January 1, 2015 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2015 | $ | 40,935 | ||||||
2016 | 32,297 | |||||||
2017 | 27,804 | |||||||
2018 | 25,462 | |||||||
2019 | 22,241 | |||||||
Thereafter | 78,941 | |||||||
Total | $ | 227,680 | ||||||
Digital Realty Trust, L.P. | ||||||||
Acquired Intangible Assets And Liabilities | Acquired Intangible Assets and Liabilities | |||||||
The following summarizes our acquired intangible assets (acquired in place lease value and acquired above-market lease value) and intangible liabilities (acquired below-market lease value) as of December 31, 2014 and December 31, 2013. | ||||||||
Balance as of | ||||||||
(Amounts in thousands) | December 31, | December 31, | ||||||
2014 | 2013 | |||||||
Acquired in place lease value: | ||||||||
Gross amount | $ | 680,419 | $ | 725,458 | ||||
Accumulated amortization | (452,739 | ) | (423,549 | ) | ||||
Net | $ | 227,680 | $ | 301,909 | ||||
Acquired above market leases: | ||||||||
Gross amount | $ | 126,677 | $ | 132,750 | ||||
Accumulated amortization | (88,072 | ) | (80,486 | ) | ||||
Net | $ | 38,605 | $ | 52,264 | ||||
Acquired below market leases: | ||||||||
Gross amount | $ | 282,670 | $ | 291,638 | ||||
Accumulated amortization | (178,435 | ) | (161,369 | ) | ||||
Net | $ | 104,235 | $ | 130,269 | ||||
Amortization of acquired below-market lease value, net of acquired above-market lease value, resulted in an increase to rental revenues of $10.0 million, $11.7 million and $10.3 million for the years ended December 31, 2014 , 2013 and 2012, respectively. The expected average remaining lives for acquired below market leases and acquired above market leases is 6.2 years and 3.8 years, respectively, as of December 31, 2014. Estimated annual amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years and thereafter, commencing January 1, 2015 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2015 | $ | 9,051 | ||||||
2016 | 7,569 | |||||||
2017 | 6,127 | |||||||
2018 | 4,515 | |||||||
2019 | 2,388 | |||||||
Thereafter | 35,980 | |||||||
Total | $ | 65,630 | ||||||
Amortization of acquired in place lease value (a component of depreciation and amortization expense) was $62.2 million, $62.7 million and $54.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. The expected average amortization period for acquired in place lease value is 5.8 years as of December 31, 2014. The weighted average remaining contractual life for acquired leases excluding renewals or extensions is 4.7 years as of December 31, 2014. Estimated annual amortization of acquired in place lease value for each of the five succeeding years and thereafter, commencing January 1, 2015 is as follows: | ||||||||
(Amounts in thousands) | ||||||||
2015 | $ | 40,935 | ||||||
2016 | 32,297 | |||||||
2017 | 27,804 | |||||||
2018 | 25,462 | |||||||
2019 | 22,241 | |||||||
Thereafter | 78,941 | |||||||
Total | $ | 227,680 | ||||||
Debt_Of_The_Company
Debt Of The Company | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt Of The Company | Debt of the Company |
In this Note 6, the “Company” refers only to Digital Realty Trust, Inc. and not to any of its subsidiaries. | |
The Company itself does not have any indebtedness. All debt is held directly or indirectly by the Operating Partnership. | |
Guarantee of Debt | |
The Company guarantees the Operating Partnership’s obligations with respect to its 4.500% notes due 2015 (2015 Notes), 5.875% notes due 2020 (2020 Notes), 5.250% notes due 2021 (2021 Notes), 3.625% notes due 2022 (2022 Notes) and its unsecured senior notes sold to Prudential Investment Management, Inc. and certain of its affiliates pursuant to the Amended and Restated Note Purchase and Private Shelf Agreement, as amended, which we refer to as the Prudential Shelf Facility. The Company and the Operating Partnership guarantee the obligations of Digital Stout Holding, LLC, a wholly owned subsidiary of the Operating Partnership, with respect to its 4.750% notes due 2023 (2023 Notes) and 4.250% notes due 2025 (2025 Notes). The Company is also the guarantor of the Operating Partnership’s and its subsidiary borrowers’ obligations under the global revolving credit facility and unsecured term loan. |
Debt_Of_The_Operating_Partners
Debt Of The Operating Partnership (Digital Realty Trust, L.P.) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||||||
Debt Of The Operating Partnership | Debt of the Operating Partnership | |||||||||||||||||||||||
A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2014 and 2013 is as follows (in thousands): | ||||||||||||||||||||||||
Indebtedness | Interest Rate at December 31, 2014 | Maturity Date | Principal Outstanding December 31, 2014 | Principal Outstanding December 31, 2013 | ||||||||||||||||||||
Global revolving credit facility | Various | (1) | Nov 3, 2017 | $ | 525,951 | (2) | $ | 724,668 | (2) | |||||||||||||||
Unsecured term loan | Various | (3)(8) | Apr 16, 2017 | 976,600 | (4) | 1,020,984 | (4) | |||||||||||||||||
Unsecured senior notes: | ||||||||||||||||||||||||
Prudential Shelf Facility: | ||||||||||||||||||||||||
Series C | 9.68% | Jan 6, 2016 | 25,000 | 25,000 | ||||||||||||||||||||
Series D | 4.57% | Jan 20, 2015 | 50,000 | 50,000 | ||||||||||||||||||||
Series E | 5.73% | Jan 20, 2017 | 50,000 | 50,000 | ||||||||||||||||||||
Series F | 4.50% | Feb 3, 2015 | 17,000 | 17,000 | ||||||||||||||||||||
Total Prudential Shelf Facility | 142,000 | 142,000 | ||||||||||||||||||||||
Senior Notes: | ||||||||||||||||||||||||
4.50% notes due 2015 | 4.50% | Jul 15, 2015 | 375,000 | 375,000 | ||||||||||||||||||||
5.875% notes due 2020 | 5.88% | Feb 1, 2020 | 500,000 | 500,000 | ||||||||||||||||||||
5.25% notes due 2021 | 5.25% | Mar 15, 2021 | 400,000 | 400,000 | ||||||||||||||||||||
3.625% notes due 2022 | 3.62% | Oct 1, 2022 | 300,000 | 300,000 | ||||||||||||||||||||
4.75% notes due 2023 | 4.75% | Oct 13, 2023 | 467,310 | (9) | — | |||||||||||||||||||
4.25% notes due 2025 | 4.25% | Jan 17, 2025 | 623,080 | (9) | 662,280 | (9) | ||||||||||||||||||
Unamortized discounts | (15,632 | ) | (15,048 | ) | ||||||||||||||||||||
Total senior notes, net of discount | 2,649,758 | 2,222,232 | ||||||||||||||||||||||
Total unsecured senior notes, net of discount | 2,791,758 | 2,364,232 | ||||||||||||||||||||||
Exchangeable senior debentures: | ||||||||||||||||||||||||
5.50% exchangeable senior debentures due 2029 | 5.50% | Apr 15, 2029 | (5) | — | 266,400 | |||||||||||||||||||
Total exchangeable senior debentures | — | 266,400 | ||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||
Secured Term Debt (6)(7) | 5.65% | Nov 11, 2014 | $ | — | $ | 132,966 | ||||||||||||||||||
200 Paul Avenue 1-4 (7) | 5.74% | Oct 8, 2015 | 68,665 | 70,713 | ||||||||||||||||||||
2045 & 2055 Lafayette Street (7) | 5.93% | Feb 6, 2017 | 62,563 | 63,623 | ||||||||||||||||||||
34551 Ardenwood Boulevard 1-4 (7) | 5.95% | Nov 11, 2016 | 51,339 | 52,152 | ||||||||||||||||||||
1100 Space Park Drive (7) | 5.89% | Dec 11, 2016 | 51,295 | 52,115 | ||||||||||||||||||||
600 West Seventh Street | 5.80% | Mar 15, 2016 | 47,825 | 49,548 | ||||||||||||||||||||
150 South First Street (7) | 6.30% | Feb 6, 2017 | 49,316 | 50,097 | ||||||||||||||||||||
2334 Lundy Place (7) | 5.96% | Nov 11, 2016 | 37,340 | 37,930 | ||||||||||||||||||||
Cressex 1 | 5.68% | Oct 16, 2014 | — | (11) | 28,583 | (9) | ||||||||||||||||||
636 Pierce Street | 5.27% | Apr 15, 2023 | — | (10) | 26,327 | |||||||||||||||||||
Manchester Technopark | 5.68% | Oct 16, 2014 | — | (11) | 8,695 | (9) | ||||||||||||||||||
8025 North Interstate 35 | 4.09% | Mar 6, 2016 | 6,057 | 6,314 | ||||||||||||||||||||
731 East Trade Street | 8.22% | Jul 1, 2020 | 3,836 | 4,186 | ||||||||||||||||||||
Unamortized net premiums | 582 | 2,359 | ||||||||||||||||||||||
Total mortgage loans, net of premiums | 378,818 | 585,608 | ||||||||||||||||||||||
Total indebtedness | $ | 4,673,127 | $ | 4,961,892 | ||||||||||||||||||||
-1 | The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 110 basis points, which is based on the credit rating of our long-term debt. An annual facility fee of 20 basis points, which is based on the credit rating of our long-term debt, is due and payable quarterly on the total commitment amount of the facility. Two six-month extensions are available, which we may exercise if certain conditions are met. | |||||||||||||||||||||||
-2 | Balances as of December 31, 2014 and December 31, 2013 are as follows (balances, in thousands): | |||||||||||||||||||||||
Denomination of Draw | Balance as of December 31, 2014 | Weighted-average | Balance as of December 31, 2013 | Weighted-average | ||||||||||||||||||||
interest rate | interest rate | |||||||||||||||||||||||
Floating Rate Borrowing (a) | ||||||||||||||||||||||||
U.S. dollar ($) | $ | 90,000 | 1.27 | % | $ | 466,000 | 1.27 | % | ||||||||||||||||
British pound sterling (£) | 132,716 | (c) | 1.61 | % | — | — | % | |||||||||||||||||
Euro (€) | 58,071 | (c) | 1.13 | % | 78,335 | (d) | 1.33 | % | ||||||||||||||||
Australian dollar (AUD) | 72,676 | (c) | 3.74 | % | 67,212 | (d) | 3.7 | % | ||||||||||||||||
Hong Kong dollar (HKD) | 79,336 | (c) | 1.34 | % | 57,390 | (d) | 1.31 | % | ||||||||||||||||
Japanese yen (JPY) | 13,201 | (c) | 1.17 | % | 12,858 | (d) | 1.21 | % | ||||||||||||||||
Singapore dollar (SGD) | 6,565 | (c) | 1.64 | % | — | — | ||||||||||||||||||
Canadian dollar (CAD) | 62,386 | (c) | 2.39 | % | 14,873 | (d) | 2.32 | % | ||||||||||||||||
Total | $ | 514,951 | 1.84 | % | $ | 696,668 | 1.53 | % | ||||||||||||||||
Base Rate Borrowing (b) | ||||||||||||||||||||||||
U.S. dollar ($) | $ | 11,000 | 3.35 | % | $ | 28,000 | 3.35 | % | ||||||||||||||||
Total borrowings | $ | 525,951 | 1.87 | % | $ | 724,668 | 1.6 | % | ||||||||||||||||
(a) | The interest rates for floating rate borrowings under the global revolving credit facility equal the applicable index plus a margin of 110 basis points, which is based on the credit rating of our long-term debt. | |||||||||||||||||||||||
(b) | The interest rates for base rate borrowings under the global revolving credit facility equal the U.S. Prime Rate plus a margin of 10 basis points, which is based on the credit rating of our long-term debt. | |||||||||||||||||||||||
(c) | Based on exchange rates of $1.56 to £1.00, $1.21 to €1.00, $0.82 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.75 to 1.00 SGD and $0.86 to 1.00 CAD, respectively, as of December 31, 2014. | |||||||||||||||||||||||
(d) | Based on exchange rates of $1.37 to €1.00, $0.89 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.94 to 1.00 CAD, respectively, as of December 31, 2013. | |||||||||||||||||||||||
-3 | Interest rates are based on our current senior unsecured debt ratings and are 120 basis points over the applicable index for floating rate advances. Two six-month extensions are available, which we may exercise if certain conditions are met. | |||||||||||||||||||||||
-4 | Balances as of December 31, 2014 and December 31, 2013 are as follows (balances, in thousands): | |||||||||||||||||||||||
Denomination of Draw | Balance as of December 31, 2014 | Weighted-average | Balance as of December 31, 2013 | Weighted-average | ||||||||||||||||||||
interest rate | interest rate | |||||||||||||||||||||||
U.S. dollar ($) | $ | 410,905 | 1.36 | % | (b) | $ | 410,905 | 1.37 | % | (d) | ||||||||||||||
Singapore dollar (SGD) | 172,426 | (a) | 1.45 | % | (b) | 180,918 | (c) | 1.4 | % | (d) | ||||||||||||||
British pound sterling (£) | 188,365 | (a) | 1.76 | % | 200,216 | (c) | 1.72 | % | ||||||||||||||||
Euro (€) | 120,375 | (a) | 1.22 | % | 136,743 | (c) | 1.43 | % | ||||||||||||||||
Australian dollar (AUD) | 84,529 | (a) | 3.98 | % | 92,202 | (c) | 3.78 | % | ||||||||||||||||
Total | $ | 976,600 | 1.66 | % | (b) | $ | 1,020,984 | 1.67 | % | (d) | ||||||||||||||
(a) | Based on exchange rates of $0.75 to 1.00 SGD, $1.56 to £1.00, $1.21 to €1.00 and $0.82 to 1.00 AUD, respectively, as of December 31, 2014. | |||||||||||||||||||||||
(b) | As of December 31, 2014, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.01% (Singapore dollar) and 2.00% (Total). See Note 14 for further discussion on interest rate swaps. | |||||||||||||||||||||||
(c) | Based on exchange rates of $0.79 to 1.00 SGD, $1.66 to £1.00, $1.37 to €1.00 and $0.89 to 1.00 AUD, respectively, as of December 31, 2013. | |||||||||||||||||||||||
(d) | As of December 31, 2013, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.00% (Singapore dollar) and 2.00% (Total). See Note 14 for further discussion on interest rate swaps. | |||||||||||||||||||||||
-5 | The 2029 Debentures were redeemed in April 2014. | |||||||||||||||||||||||
-6 | This represents six mortgage loans secured by our interests in 36 NE 2nd Street, 3300 East Birch Street, 100 & 200 Quannapowitt Parkway, 300 Boulevard East, 4849 Alpha Road, and 11830 Webb Chapel Road. Each of these loans is cross-collateralized by the six properties. These were repaid in full in September 2014. | |||||||||||||||||||||||
-7 | The respective borrower’s assets and credit are not available to satisfy the debts and other obligations of affiliates or any other person. | |||||||||||||||||||||||
-8 | We have entered into interest rate swap agreements as a cash flow hedge for interest generated by the U.S. dollar and Singapore dollar tranches of the unsecured term loan. See note 14 for further information. | |||||||||||||||||||||||
-9 | Based on exchange rate of $1.56 to £1.00 as of December 31, 2014 and $1.66 to £1.00 as of December 31, 2013. | |||||||||||||||||||||||
-10 | On March 5, 2014, we contributed this property to our unconsolidated joint venture with an investment fund managed by Prudential Real Estate Investors which was formed in September 2013. Also on March 5, 2014, the joint venture assumed the debt and repaid in full the outstanding balance of $26.3 million on the mortgage loan. | |||||||||||||||||||||||
-11 | These loans were repaid in full in October 2014. | |||||||||||||||||||||||
Global Revolving Credit Facility | ||||||||||||||||||||||||
On August 15, 2013, the Operating Partnership refinanced its global revolving credit facility, increasing its total borrowing capacity to $2.0 billion from $1.8 billion. The global revolving credit facility has an accordion feature that would enable us to increase the borrowing capacity of the credit facility to $2.55 billion, subject to the receipt of lender commitments and other conditions precedent. The refinanced facility matures on November 3, 2017, with two six-month extension options available. The interest rate for borrowings under the expanded facility equals the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 110 basis points. An annual facility fee on the total commitment amount of the facility, based on the credit ratings of our long-term debt, currently 20 basis points, is payable quarterly. Funds may be drawn in U.S., Canadian, Singapore, Australian and Hong Kong dollars, as well as Euro, British pound sterling, Swiss franc, Japanese yen and Mexican peso denominations. As of December 31, 2014, interest rates are based on 1-month LIBOR, 1-month GBP LIBOR, 1-month EURIBOR, 1-month BBR, 1-month HIBOR, 1-month JPY LIBOR, 1-month SIBOR and 1-month CDOR plus a margin of 1.10%. The facility also bore a base borrowing rate of 3.35% (USD) which is based on U.S. Prime Rate plus a margin of 0.10%. We have used and intend to use available borrowings under the global revolving credit facility to acquire additional properties, to fund development opportunities and for general working capital and other corporate purposes, including potentially for the repurchase, redemption or retirement of outstanding debt or equity securities. As of December 31, 2014, we have capitalized approximately $18.0 million of financing costs related to the global revolving credit facility. As of December 31, 2014, approximately $526.0 million was drawn under this facility and $9.3 million of letters of credit were issued, leaving approximately $1.4 billion available for use. | ||||||||||||||||||||||||
The global revolving credit facility contains various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments or merge with another company, and requirements to maintain financial coverage ratios, including with respect to unencumbered assets. In addition, the global revolving credit facility restricts Digital Realty Trust, Inc. from making distributions to its stockholders, or redeeming or otherwise repurchasing shares of its capital stock, after the occurrence and during the continuance of an event of default, except in limited circumstances including as necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax. As of December 31, 2014, we were in compliance with all of such covenants. | ||||||||||||||||||||||||
Unsecured Term Loan | ||||||||||||||||||||||||
On August 15, 2013, we refinanced the senior unsecured multi-currency term loan facility, increasing its total borrowing capacity to $1.0 billion from $750.0 million. Pursuant to the accordion feature, total commitments can be increased to $1.1 billion, subject to the receipt of lender commitments and other conditions precedent. The facility matures on April 16, 2017, with two six-month extension options available. Interest rates are based on our senior unsecured debt ratings and are currently 120 basis points over the applicable index for floating rate advances. Funds may be drawn in U.S, Singapore and Australian dollars, as well as Euro and British pound sterling denominations with the option to add Hong Kong dollars and Japanese yen upon an accordion exercise. Based on exchange rates in effect at December 31, 2014, the balance outstanding is approximately $1.0 billion. We have used borrowings under the term loan for acquisitions, repayment of indebtedness, development, working capital and general corporate purposes. The covenants under this loan are consistent with our global revolving credit facility and, as of December 31, 2014, we were in compliance with all of such covenants. As of December 31, 2014, we have capitalized approximately $8.4 million of financing costs related to the unsecured term loan. | ||||||||||||||||||||||||
Unsecured Senior Notes | ||||||||||||||||||||||||
Prudential Shelf Facility | ||||||||||||||||||||||||
On January 20, 2010, the Operating Partnership closed the sale of $100.0 million aggregate principal amount of its senior unsecured term notes to Prudential Investment Management, Inc. and certain of its affiliates, or, collectively, Prudential, pursuant to a Note Purchase and Private Shelf Agreement, which we refer to as the Prudential shelf facility. The notes were issued in two series referred to as the series D and series E notes. The series D notes have a principal amount of $50.0 million, an interest-only rate of 4.57% per annum and a five-years maturity, and the series E notes have a principal amount of $50.0 million, an interest-only rate of 5.73% per annum and a seven-years maturity. On February 3, 2010, the Operating Partnership closed the sale of an additional $17.0 million aggregate principal amount of its senior unsecured term notes, which we refer to as the series F notes, to Prudential pursuant to the Prudential shelf facility. The series F notes have an interest-only rate of 4.50% per annum and a five-year maturity. We used the proceeds of the series D, series E and series F notes to fund acquisitions, to temporarily repay borrowings under our corporate revolving credit facility, to fund working capital and for general corporate purposes. The sale of the series A ($25.0 million), series B ($33.0 million) and series C ($25.0 million) were completed in July 2008, November 2008 and January 2009, respectively. We may prepay the notes of any series, in whole or in part, at any time at a price equal to the principal amount and accrued interest of the notes being prepaid, plus a make-whole provision. On December 8, 2010, the Operating Partnership and Prudential entered into an amendment to the Note Purchase and Private Shelf Agreement, increasing the capacity of the Prudential shelf facility from $200.0 million to $250.0 million. Our ability to make additional issuances of notes under the Prudential shelf facility expired on July 24, 2011, with $50.0 million remaining unissued under the shelf facility. On July 25, 2011, we repaid the $25.0 million of 7.00% Series A unsecured notes under the Prudential shelf facility at maturity. On November 5, 2013, we repaid the $33.0 million of 9.32% Series B unsecured notes under the Prudential shelf facility at maturity. As of December 31, 2014 and 2013, there was $142.0 million and $142.0 million of unsecured senior notes outstanding, respectively. | ||||||||||||||||||||||||
On August 15, 2013, concurrent with the refinancing of the global revolving credit facility, the Operating Partnership and Digital Realty Trust, Inc. and the other subsidiary guarantors set forth therein entered into Amendment No.1to the Amended and Restated Note Purchase and Private Shelf Agreement with Prudential to conform the restrictive and financial covenants of the original Prudential shelf facility that apply to the outstanding Series B, C, D, E and F Notes under the Prudential shelf facility to those in the global revolving credit facility described above and, subject to the completion of specified conditions, to authorize the potential issuance and sale of up to $50.0 million of additional senior unsecured fixed-rate term notes. The Prudential shelf facility contains restrictive covenants that are identical to those in our global revolving credit facility. | ||||||||||||||||||||||||
Senior Notes | ||||||||||||||||||||||||
4.500% Notes due 2015 | ||||||||||||||||||||||||
On July 8, 2010, the Operating Partnership issued $375.0 million aggregate principal amount of notes, maturing on July 15, 2015 with an interest rate of 4.50% per annum (the 2015 Notes). The purchase price paid by the initial purchasers was 99.697% of the principal amount. The 2015 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. Interest on the 2015 Notes is payable on January 15 and July 15 of each year, beginning on January 15, 2011. The net proceeds from the offering after deducting the original issue discount of approximately $1.1 million and underwriting commissions and expenses of approximately $3.1 million was approximately $370.8 million. | ||||||||||||||||||||||||
The indenture governing the 2015 Notes contains 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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2014, we were in compliance with each of these financial covenants. | ||||||||||||||||||||||||
We entered into a registration rights agreement whereby the Operating Partnership agreed to conduct an offer to exchange the 2015 Notes for a new series of publicly registered notes with substantially identical terms. If the Operating Partnership did not fulfill certain of its obligations under the registration rights agreement, it would have been required to pay liquidated damages to the holders of the 2015 Notes. No separate contingent obligation was recorded as no liquidated damages became probable. We filed a registration statement with the U.S. Securities and Exchange Commission in October 2010 in connection with the exchange offer, which was declared effective in December 2010. We completed the exchange offer on January 19, 2011. | ||||||||||||||||||||||||
5.875% Notes due 2020 | ||||||||||||||||||||||||
On January 28, 2010, the Operating Partnership issued $500.0 million aggregate principal amount of notes, maturing on February 1, 2020 with an interest rate of 5.875% per annum (the 2020 Notes). The purchase price paid by the initial purchasers was 98.296% of the principal amount. The 2020 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. Interest on the 2020 Notes is payable on February 1 and August 1 of each year, beginning on August 1, 2010. The net proceeds from the offering after deducting the original issue discount of approximately $8.5 million and underwriting commissions and expenses of approximately $4.4 million was approximately $487.1 million. The 2020 Notes have been reflected net of discount in the consolidated balance sheet. | ||||||||||||||||||||||||
The indenture governing the 2020 Notes contains 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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2014, we were in compliance with each of these financial covenants. | ||||||||||||||||||||||||
We entered into a registration rights agreement whereby the Operating Partnership agreed to conduct an offer to exchange the 2020 Notes for a new series of publicly registered notes with substantially identical terms. If the Operating Partnership did not fulfill certain of its obligations under the registration rights agreement, it would have been required to pay liquidated damages to the holders of the 2020 Notes. No separate contingent obligation was recorded as no liquidated damages became probable. We filed a registration statement with the U.S. Securities and Exchange Commission in June 2010 in connection with the exchange offer, which was declared effective in September 2010. We completed the exchange offer on November 5, 2010. | ||||||||||||||||||||||||
5.250% Notes due 2021 | ||||||||||||||||||||||||
On March 8, 2011, the Operating Partnership issued $400.0 million aggregate principal amount of notes, maturing on March 15, 2021 with an interest rate of 5.250% per annum (the 2021 Notes). The purchase price paid by the initial purchasers was 99.775% of the principal amount. The 2021 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. Interest on the 2021 Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2011. The net proceeds from the offering after deducting the original issue discount of approximately $0.9 million and underwriting commissions and expenses of approximately $3.6 million was approximately $395.5 million. The 2021 Notes have been reflected net of discount in the consolidated balance sheet. | ||||||||||||||||||||||||
The indenture governing the 2021 Notes contains 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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2014, we were in compliance with each of these financial covenants. | ||||||||||||||||||||||||
3.625% Notes due 2022 | ||||||||||||||||||||||||
On September 24, 2012, the Operating Partnership issued $300.0 million in aggregate principal amount of notes, maturing on October 1, 2022 with an interest rate of 3.625% per annum (the 2022 Notes). The purchase price paid by the initial purchasers was 98.684% of the principal amount. The 2022 Notes are general unsecured senior obligations of the Operating Partnership, rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. Interest on the 2022 Notes is payable on April 1 and October 1 of each year, beginning on April 1, 2013. The net proceeds from the offering after deducting the original issue discount of approximately $3.9 million and underwriting commissions and expenses of approximately $3.0 million was approximately $293.1 million. We used the net proceeds from this offering to temporarily repay borrowings under our global revolving credit facility. The 2022 Notes have been reflected net of discount in the consolidated balance sheet. | ||||||||||||||||||||||||
The indenture governing the 2022 Notes contains 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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2014, we were in compliance with each of these financial covenants. | ||||||||||||||||||||||||
4.750% Notes due 2023 | ||||||||||||||||||||||||
On April 1, 2014, Digital Stout Holding, LLC, a wholly owned subsidiary of Digital Realty Trust, L.P., issued £300.0 million (or approximately $498.9 million based on the April 1, 2014 exchange rate of £1.00 to $1.66) aggregate principal amount of its 4.750% Guaranteed Notes due 2023, or the 2023 Notes. The 2023 Notes are senior unsecured obligations of Digital Stout Holding, LLC and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and Digital Realty Trust, L.P. Interest on the 2023 Notes is payable semiannually in arrears at a rate of 4.750% per annum. The 2023 Notes mature on October 13, 2023. The net proceeds from the offering after deducting the original issue discount of approximately $3.0 million and underwriting commissions and estimated expenses of approximately $5.0 million was approximately $490.9 million. We used the net proceeds from this offering to temporarily repay borrowings under our global revolving credit facility. The 2023 Notes have been reflected net of discount in the condensed consolidated balance sheet. The indenture governing the 2023 Notes contains 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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of the unsecured debt. At December 31, 2014, we were in compliance with these financial covenants. | ||||||||||||||||||||||||
4.250% Notes due 2025 | ||||||||||||||||||||||||
On January 18, 2013, Digital Stout Holding, LLC, a wholly-owned subsidiary of the Operating Partnership, issued £400.0 million (or approximately $634.8 million based on the exchange rate of £1.00 to $1.59 on January 18, 2013) aggregate principal amount of its 4.250% Guaranteed Notes due 2025, or the 2025 Notes. The 2025 Notes are senior unsecured obligations of Digital Stout Holding, LLC and are fully and unconditionally guaranteed by the Company and the Operating Partnership. Interest on the 2025 Notes is payable semiannually in arrears at a rate of 4.250% per annum. The net proceeds from the offering after deducting the original issue discount of approximately $4.8 million and underwriting commissions and estimated expenses of approximately $5.8 million was approximately $624.2 million. We used the net proceeds from this offering to temporarily repay borrowings under our global revolving credit facility. The 2025 Notes have been reflected net of discount in the consolidated balance sheet. The indenture governing the 2025 Notes contains 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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of the unsecured debt. At December 31, 2014, we were in compliance with all of such covenants. | ||||||||||||||||||||||||
Exchangeable Senior Debentures | ||||||||||||||||||||||||
5.50% Exchangeable Senior Debentures due 2029 | ||||||||||||||||||||||||
On April 20, 2009, the Operating Partnership issued $266.4 million of its 5.50% exchangeable senior debentures due April 15, 2029 (the 2029 Debentures). Costs incurred to issue the 2029 Debentures were approximately $7.8 million. These costs were amortized over a period of five years, which represented the estimated term of the 2029 Debentures, and are included in deferred financing costs, net in the condensed consolidated balance sheet. The 2029 Debentures were general unsecured senior obligations of the Operating Partnership, ranked equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership and were fully and unconditionally guaranteed by Digital Realty Trust, Inc. | ||||||||||||||||||||||||
Interest was payable on October 15 and April 15 of each year beginning October 15, 2009 until the maturity date of April 15, 2029. The 2029 Debentures bore interest at 5.50% per annum and were exchangeable for shares of Digital Realty Trust, Inc. common stock at an exchange rate that was initially 23.2558 shares per $1,000 principal amount of 2029 Debentures. The exchange rate on the 2029 Debentures was subject to adjustment for certain events, including, but not limited to, certain dividends on Digital Realty Trust, Inc. common stock in excess of $0.33 per share per quarter (the “reference dividend”). Effective December 11, 2013, the exchange rate had been adjusted to 25.5490 shares per $1,000 principal amount of 2029 Debentures as a result of the aggregate dividends in excess of the reference dividend that Digital Realty Trust, Inc. declared and paid on its common stock beginning with the quarter ended September 30, 2013 and through the quarter ended December 31, 2013. | ||||||||||||||||||||||||
On March 17, 2014, we commenced an offer to repurchase, at the option of each holder, any and all of the outstanding 2029 Debentures at a price equal to 100% of the principal amount, as required by the terms of the indenture governing the 2029 Debentures. The repurchase offer expired on April 11, 2014. No 2029 Debentures were repurchased pursuant to this offer. On March 17, 2014, we also distributed a Notice of Redemption to the holders of the 2029 Debentures that the Operating Partnership intended to redeem all of the outstanding 2029 Debentures, pursuant to its option under the indenture governing the 2029 Debentures, on April 18, 2014, at a price equal to 100% of the principal amount, plus accrued and unpaid interest thereon up to the redemption date. In connection with the redemption, holders of the 2029 Debentures had the right to exchange their 2029 Debentures on or prior to April 16, 2014. The 2029 Debentures not surrendered pursuant to the repurchase offer on or prior to April 11, 2014, or for exchange on or prior to April 16, 2014, were redeemed on April 18, 2014. | ||||||||||||||||||||||||
In connection with the redemption, at the request of the holders that exercised their exchange right pursuant to the terms of the 2029 Debentures, we issued 6,734,938 restricted shares of Digital Realty Trust, Inc. common stock in exchange for approximately $261.2 million in aggregate principal amount of the 2029 Debentures based on the then-applicable exchange rate of 25.7880 shares per $1,000 principal amount of 2029 Debentures. On April 18, 2014, the Operating Partnership redeemed for cash approximately $5.2 million in aggregate principal amount of the 2029 Debentures pursuant to its option under the indenture governing the 2029 Debentures at a price equal to 100% of the principal amount plus accrued and unpaid interest thereon up to the redemption date. | ||||||||||||||||||||||||
On July 11, 2014, we issued 134,974 restricted shares of Digital Realty Trust, Inc. common stock in exchange for approximately $5.2 million in aggregate principal amount of the 2029 Debentures to certain previous holders of the 2029 Debentures. The holders had the right to exchange the 2029 Debentures for shares of Digital Realty Trust, Inc. common stock, but inadvertently failed to exercise such rights. As a result, the 2029 Debentures were redeemed by the Operating Partnership for cash. We agreed to issue the shares of the common stock to the holders in exchange for the redemption payment that they received in the original redemption, effectively putting such holders in the same place as if they had originally exercised their rights to exchange their 2029 Debentures for the shares of Digital Realty Trust, Inc. common stock. | ||||||||||||||||||||||||
The table below summarizes our debt maturities and principal payments as of December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Global Revolving | Unsecured | Prudential | Senior Notes | Mortgage | Total | |||||||||||||||||||
Credit Facility(1) | Term Loan (1) | Shelf Facility | Loans | Debt | ||||||||||||||||||||
2015 | $ | — | $ | — | $ | 67,000 | (2) | $ | 375,000 | $ | 75,493 | $ | 517,493 | |||||||||||
2016 | — | — | 25,000 | — | 191,979 | 216,979 | ||||||||||||||||||
2017 | 525,951 | 976,600 | 50,000 | — | 108,395 | 1,660,946 | ||||||||||||||||||
2018 | — | — | — | — | 593 | 593 | ||||||||||||||||||
2019 | — | — | — | — | 643 | 643 | ||||||||||||||||||
Thereafter | — | — | — | 2,290,390 | 1,133 | 2,291,523 | ||||||||||||||||||
Subtotal | $ | 525,951 | $ | 976,600 | $ | 142,000 | $ | 2,665,390 | $ | 378,236 | $ | 4,688,177 | ||||||||||||
Unamortized discount | — | — | — | (15,632 | ) | — | (15,632 | ) | ||||||||||||||||
Unamortized premium | — | — | — | — | 582 | 582 | ||||||||||||||||||
Total | $ | 525,951 | $ | 976,600 | $ | 142,000 | $ | 2,649,758 | $ | 378,818 | $ | 4,673,127 | ||||||||||||
-1 | Subject to two six -month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility and the unsecured term loan, as applicable. | |||||||||||||||||||||||
-2 | On January 20, 2015, we repaid the $50.0 million of 4.57% Series D unsecured notes under the Prudential shelf facility at maturity. On February 3, 2015, we repaid the $17.0 million of 4.50% Series F unsecured notes under the Prudential shelf facility at maturity. |
Income_Per_Share
Income Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Income Per Share | Income per Share | |||||||||||
The following is a summary of basic and diluted income per share (in thousands, except share and per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income available to common stockholders | $ | 132,718 | $ | 271,583 | $ | 171,662 | ||||||
Weighted average shares outstanding—basic | 133,369,047 | 127,941,134 | 115,717,667 | |||||||||
Potentially dilutive common shares: | ||||||||||||
Stock options | 30,434 | 61,375 | 72,818 | |||||||||
Unvested incentive units | 90,449 | 125,132 | 216,092 | |||||||||
2014 market performance-based awards | 147,305 | — | — | |||||||||
Weighted average shares outstanding—diluted | 133,637,235 | 128,127,641 | 116,006,577 | |||||||||
Income per share: | ||||||||||||
Basic | $ | 1 | $ | 2.12 | $ | 1.48 | ||||||
Diluted | $ | 0.99 | $ | 2.12 | $ | 1.48 | ||||||
We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. | 2,753,614 | 2,521,400 | 4,143,713 | |||||||||
Potentially dilutive 2029 Debentures | 1,957,963 | 6,649,510 | 6,486,358 | |||||||||
Potentially dilutive Series C Cumulative Convertible Preferred Stock | — | — | 814,063 | |||||||||
Potentially dilutive Series D Cumulative Convertible Preferred Stock | — | 470,748 | 4,016,560 | |||||||||
Potentially dilutive Series E Cumulative Redeemable Preferred Stock | 4,956,175 | 5,176,886 | 4,122,752 | |||||||||
Potentially dilutive Series F Cumulative Redeemable Preferred Stock | 3,143,195 | 3,283,169 | 1,304,940 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | 4,297,805 | 3,898,376 | — | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | 4,320,495 | — | — | |||||||||
21,429,247 | 22,000,089 | 20,888,386 | ||||||||||
Income_Per_Unit
Income Per Unit (Digital Realty Trust, L.P.) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Digital Realty Trust, L.P. | ||||||||||||
Income Per Unit | Income per Unit | |||||||||||
The following is a summary of basic and diluted income per unit (in thousands, except unit and per unit amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income available to common unitholders | $ | 135,485 | $ | 276,949 | $ | 177,819 | ||||||
Weighted average units outstanding—basic | 136,122,661 | 130,462,534 | 119,861,380 | |||||||||
Potentially dilutive common units: | ||||||||||||
Stock options | 30,434 | 61,375 | 72,818 | |||||||||
Unvested incentive units | 90,449 | 125,132 | 216,092 | |||||||||
2014 market performance-based awards | 147,305 | — | — | |||||||||
Weighted average units outstanding—diluted | 136,390,849 | 130,649,041 | 120,150,290 | |||||||||
Income per unit: | ||||||||||||
Basic | $ | 1 | $ | 2.12 | $ | 1.48 | ||||||
Diluted | $ | 0.99 | $ | 2.12 | $ | 1.48 | ||||||
We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Potentially dilutive 2029 Debentures | 1,957,963 | 6,649,510 | 6,486,358 | |||||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | — | — | 814,063 | |||||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | — | 470,748 | 4,016,560 | |||||||||
Potentially dilutive Series E Cumulative Redeemable Preferred Units | 4,956,175 | 5,176,886 | 4,122,752 | |||||||||
Potentially dilutive Series F Cumulative Redeemable Preferred Units | 3,143,195 | 3,283,169 | 1,304,940 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Units | 4,297,805 | 3,898,376 | — | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Units | 4,320,495 | — | — | |||||||||
18,675,633 | 19,478,689 | 16,744,673 | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes | Income Taxes | ||||||||
Digital Realty Trust, Inc. has elected to be treated and believes that it has been organized and has operated in a manner that has enabled it to qualify as a REIT for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. is generally not subject to corporate level federal income taxes on earnings distributed currently to its stockholders. Since inception, Digital Realty Trust, Inc. has distributed at least 100% of its taxable income annually and intends to do so for the tax year ending December 31, 2014. As such, no provision for federal income taxes has been included in the accompanying consolidated financial statements for the years ended December 31, 2014, 2013 and 2012. | |||||||||
The Operating Partnership is a partnership and is not required to pay federal income tax. Instead, taxable income is allocated to its partners, who include such amounts on their federal income tax returns. As such, no provision for federal income taxes has been included in the Operating Partnership’s accompanying condensed consolidated financial statements. | |||||||||
We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that REITs cannot hold directly. Income taxes for TRS entities were accrued, as necessary, for the years ended December 31, 2014, 2013 and 2012. | |||||||||
For our TRS entities and foreign subsidiaries that are subject to U.S. federal, state and foreign income taxes, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not that the deferred tax asset may not be realized, based on available evidence at the time the determination is made. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. Deferred tax assets (net of valuation allowance) and liabilities for our TRS entities and foreign subsidiaries were accrued, as necessary, for the years ended December 31, 2014, 2013 and 2012. As of December 31, 2014, we had deferred tax liabilities (located in accounts payable and other accrued expenses in the consolidated balance sheet), net of deferred tax assets (located in other assets in the consolidated balance sheet), of approximately $137.9 million primarily related to our foreign properties. The majority of our net deferred tax liability relates to differences between tax basis and book basis of the assets acquired in the Sentrum Portfolio acquisition during 2012. The valuation allowance at December 31, 2014 and 2013 relates primarily to certain foreign jurisdiction net operating loss carryforwards that we do not expect to utilize, and deferred tax assets resulting from certain foreign real estate acquisition costs, which are not depreciated for tax purposes, but are deductible upon ultimate sale of the property. Given the indefinite holding period associated with these assets, realization of these deferred tax assets is not more-likely-than-not as of December 31, 2014 and 2013. | |||||||||
Deferred income tax assets and liabilities as of December 31, 2014 and 2013 were as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Gross deferred income tax assets: | |||||||||
Net operating loss carryforwards | $ | 74,285 | $ | 70,166 | |||||
Basis difference - real estate property | 42,989 | 46,005 | |||||||
Basis difference - intangibles | 8,817 | 10,695 | |||||||
Other - temporary differences | 9,310 | 4,776 | |||||||
Total gross deferred income tax assets | 135,401 | 131,642 | |||||||
Valuation allowance | (23,357 | ) | (21,264 | ) | |||||
Total deferred income tax assets, net of valuation allowance | 112,044 | 110,378 | |||||||
Gross deferred income tax liabilities: | |||||||||
Basis difference - real estate property | 202,499 | 206,991 | |||||||
Basis difference - intangibles | 24,712 | 30,734 | |||||||
Straight-line rent | 15,561 | 13,482 | |||||||
Other-temporary differences | 7,220 | 5,788 | |||||||
Total gross deferred income tax liabilities | 249,992 | 256,995 | |||||||
Net deferred income tax liabilities | $ | 137,948 | $ | 146,617 | |||||
Digital Realty Trust, L.P. | |||||||||
Income Taxes | Income Taxes | ||||||||
Digital Realty Trust, Inc. has elected to be treated and believes that it has been organized and has operated in a manner that has enabled it to qualify as a REIT for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. is generally not subject to corporate level federal income taxes on earnings distributed currently to its stockholders. Since inception, Digital Realty Trust, Inc. has distributed at least 100% of its taxable income annually and intends to do so for the tax year ending December 31, 2014. As such, no provision for federal income taxes has been included in the accompanying consolidated financial statements for the years ended December 31, 2014, 2013 and 2012. | |||||||||
The Operating Partnership is a partnership and is not required to pay federal income tax. Instead, taxable income is allocated to its partners, who include such amounts on their federal income tax returns. As such, no provision for federal income taxes has been included in the Operating Partnership’s accompanying condensed consolidated financial statements. | |||||||||
We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that REITs cannot hold directly. Income taxes for TRS entities were accrued, as necessary, for the years ended December 31, 2014, 2013 and 2012. | |||||||||
For our TRS entities and foreign subsidiaries that are subject to U.S. federal, state and foreign income taxes, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not that the deferred tax asset may not be realized, based on available evidence at the time the determination is made. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. Deferred tax assets (net of valuation allowance) and liabilities for our TRS entities and foreign subsidiaries were accrued, as necessary, for the years ended December 31, 2014, 2013 and 2012. As of December 31, 2014, we had deferred tax liabilities (located in accounts payable and other accrued expenses in the consolidated balance sheet), net of deferred tax assets (located in other assets in the consolidated balance sheet), of approximately $137.9 million primarily related to our foreign properties. The majority of our net deferred tax liability relates to differences between tax basis and book basis of the assets acquired in the Sentrum Portfolio acquisition during 2012. The valuation allowance at December 31, 2014 and 2013 relates primarily to certain foreign jurisdiction net operating loss carryforwards that we do not expect to utilize, and deferred tax assets resulting from certain foreign real estate acquisition costs, which are not depreciated for tax purposes, but are deductible upon ultimate sale of the property. Given the indefinite holding period associated with these assets, realization of these deferred tax assets is not more-likely-than-not as of December 31, 2014 and 2013. | |||||||||
Deferred income tax assets and liabilities as of December 31, 2014 and 2013 were as follows (in thousands): | |||||||||
2014 | 2013 | ||||||||
Gross deferred income tax assets: | |||||||||
Net operating loss carryforwards | $ | 74,285 | $ | 70,166 | |||||
Basis difference - real estate property | 42,989 | 46,005 | |||||||
Basis difference - intangibles | 8,817 | 10,695 | |||||||
Other - temporary differences | 9,310 | 4,776 | |||||||
Total gross deferred income tax assets | 135,401 | 131,642 | |||||||
Valuation allowance | (23,357 | ) | (21,264 | ) | |||||
Total deferred income tax assets, net of valuation allowance | 112,044 | 110,378 | |||||||
Gross deferred income tax liabilities: | |||||||||
Basis difference - real estate property | 202,499 | 206,991 | |||||||
Basis difference - intangibles | 24,712 | 30,734 | |||||||
Straight-line rent | 15,561 | 13,482 | |||||||
Other-temporary differences | 7,220 | 5,788 | |||||||
Total gross deferred income tax liabilities | 249,992 | 256,995 | |||||||
Net deferred income tax liabilities | $ | 137,948 | $ | 146,617 | |||||
Equity_And_Accumulated_Other_C
Equity And Accumulated Other Comprehensive Loss, Net | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Equity And Accumulated Other Comprehensive Income, Net [Abstract] | ||||||||||||||||||||||||||||||||
Equity And Accumulated Other Comprehensive Loss, Net | Equity and Accumulated Other Comprehensive Loss, Net | |||||||||||||||||||||||||||||||
(a) Equity Distribution Agreements | ||||||||||||||||||||||||||||||||
On June 29, 2011, Digital Realty Trust, Inc. entered into equity distribution agreements, which we refer to as the 2011 Equity Distribution Agreements, with each of Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC, or the Agents, under which it could issue and sell shares of its common stock having an aggregate offering price of up to $400.0 million from time to time through, at its discretion, any of the Agents as its sales agents. The sales of common stock made under the 2011 Equity Distribution Agreements will be made in “at the market” offerings as defined in Rule 415 of the Securities Act. To date, Digital Realty Trust, Inc. has generated net proceeds of approximately $342.7 million from the issuance of approximately 5.7 million common shares under the 2011 Equity Distribution Agreements at an average price of $60.35 per share after payment of approximately $3.5 million of commissions to the sales agents and before offering expenses. No sales were made under the program during the years ended December 31, 2014 and 2013. As of December 31, 2014, shares of common stock having an aggregate offering price of $53.8 million remained available for offer and sale under the program. | ||||||||||||||||||||||||||||||||
(b) Redeemable Preferred Stock | ||||||||||||||||||||||||||||||||
7.000% Series E Cumulative Redeemable Preferred Stock | ||||||||||||||||||||||||||||||||
On September 15, 2011, Digital Realty Trust, Inc. issued 11,500,000 shares of its 7.000% series E cumulative redeemable preferred stock, or the series E preferred stock, for net proceeds of $277.2 million, after deducting underwriting discounts and commissions and offering expenses. Dividends are cumulative on the series E preferred stock from the date of original issuance in the amount of $1.750 per share each year, which is equivalent to 7.000% of the $25.00 liquidation preference per share. Dividends on the series E preferred stock are payable quarterly in arrears. The first dividend paid on the series E preferred stock on December 30, 2011 was a pro rata dividend from and including the original issue date to and including December 31, 2011 in the amount of $0.515278 per share. The series E preferred stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the series E preferred stock will rank senior to Digital Realty Trust, Inc. common stock with respect to the payment of distributions and other amounts and rank on parity with Digital Realty Trust, Inc. series F cumulative redeemable and series G cumulative redeemable preferred stock. Digital Realty Trust, Inc. is not allowed to redeem the series E preferred stock before September 15, 2016, except in limited circumstances to preserve its status as a REIT and upon specified change of control transactions. On or after September 15, 2016, Digital Realty Trust, Inc. may, at its option, redeem the series E preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series E preferred stock up to but excluding the redemption date. Holders of the series E preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depository Receipts, or ADRs, representing such securities) is listed on the New York Stock Exchange, the NYSE Amex Equities or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of series E preferred stock will have the right (unless, prior to the change of control conversion date specified in the Articles Supplementary governing the series E preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the series E preferred stock) to convert some or all of the series E preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of series E preferred stock to be converted equal to the lesser of: | ||||||||||||||||||||||||||||||||
• | the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a series E preferred stock dividend payment and prior to the corresponding series E preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the common stock price specified in the Articles Supplementary governing the series E preferred stock; and | |||||||||||||||||||||||||||||||
• | 0.8378, or the share cap, subject to certain adjustments; | |||||||||||||||||||||||||||||||
subject, in each case, to provisions for the receipt of alternative consideration as described in the Articles Supplementary governing the series E preferred stock. Except in connection with specified change of control transactions, the series E preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. | ||||||||||||||||||||||||||||||||
6.625% Series F Cumulative Redeemable Preferred Stock | ||||||||||||||||||||||||||||||||
On April 5, 2012 and April 18, 2012, Digital Realty Trust, Inc. issued an aggregate of 7,300,000 shares of its 6.625% series F cumulative redeemable preferred stock, or the series F preferred stock, for net proceeds of $176.2 million, after deducting underwriting discounts and commissions and offering expenses. Dividends are cumulative on the series F preferred stock from the date of original issuance in the amount of $1.65625 per share each year, which is equivalent to 6.625% of the $25.00 liquidation preference per share. Dividends on the series F preferred stock are payable quarterly in arrears. The first dividend paid on the series F preferred stock on June 29, 2012 was a pro rata dividend from and including the original issue date to and including June 30, 2012 in the amount of $0.395660 per share. The series F preferred stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the series F preferred stock will rank senior to Digital Realty Trust, Inc. common stock with respect to the payment of distributions and other amounts and rank on parity with Digital Realty Trust, Inc. series E cumulative redeemable and series G cumulative redeemable preferred stock. Digital Realty Trust, Inc. is not allowed to redeem the series F preferred stock before April 5, 2017, except in limited circumstances to preserve its status as a REIT. On or after April 5, 2017, Digital Realty Trust, Inc. may, at its option, redeem the series F preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series F preferred stock up to but excluding the redemption date. Holders of the series F preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or ADRs representing such securities) is listed on the New York Stock Exchange, the NYSE Amex Equities or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of series F preferred stock will have the right (unless, prior to the change of control conversion date specified in the Articles Supplementary governing the series F preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the series F preferred stock) to convert some or all of the series F preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of series F preferred stock to be converted equal to the lesser of: | ||||||||||||||||||||||||||||||||
• | the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a series F preferred stock dividend payment and prior to the corresponding series F preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the common stock price specified in the Articles Supplementary governing the series F preferred stock; and | |||||||||||||||||||||||||||||||
• | 0.6843, or the share cap, subject to certain adjustments; | |||||||||||||||||||||||||||||||
subject, in each case, to provisions for the receipt of alternative consideration as described in the Articles Supplementary governing the series F preferred stock. Except in connection with specified change of control transactions, the series F preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. | ||||||||||||||||||||||||||||||||
5.875% Series G Cumulative Redeemable Preferred Stock | ||||||||||||||||||||||||||||||||
On April 9, 2013, Digital Realty Trust, Inc. issued an aggregate of 10,000,000 shares of its 5.875% series G cumulative redeemable preferred stock, or the series G preferred stock, for gross proceeds of $250.0 million. Dividends are cumulative on the series G preferred stock from the date of original issuance in the amount of $1.46875 per share each year, which is equivalent to 5.875% of the $25.00 liquidation preference per share. Dividends on the series G preferred stock are payable quarterly in arrears. The first dividend paid on the series G preferred stock on June 28, 2013 was a pro rata dividend from and including the original issue date to and including June 30, 2013 in the amount of $0.334550 per share. The series G preferred stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the series G preferred stock will rank senior to Digital Realty Trust, Inc. common stock and rank on parity with Digital Realty Trust, Inc.’s series E cumulative redeemable and series F cumulative redeemable preferred stock with respect to the payment of distributions and other amounts. Digital Realty Trust, Inc. is not allowed to redeem the series G preferred stock before April 9, 2018, except in limited circumstances to preserve its status as a REIT. On or after April 9, 2018, Digital Realty Trust, Inc. may, at its option, redeem the series G preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series G preferred stock up to but excluding the redemption date. Holders of the series G preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC, or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of series G preferred stock will have the right (unless, prior to the change of control conversion date specified in the Articles Supplementary governing the series G preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the series G preferred stock) to convert some or all of the series G preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of series G preferred stock to be converted equal to the lesser of: | ||||||||||||||||||||||||||||||||
• | the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a series G preferred stock dividend payment and prior to the corresponding series G preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the common stock price specified in the Articles Supplementary governing the series G preferred stock; and | |||||||||||||||||||||||||||||||
• | 0.7532, or the share cap, subject to certain adjustments; | |||||||||||||||||||||||||||||||
subject, in each case, to provisions for the receipt of alternative consideration as described in the Articles Supplementary governing the series G preferred stock. Except in connection with specified change of control transactions, the series G preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. | ||||||||||||||||||||||||||||||||
7.375% Series H Cumulative Redeemable Preferred Stock | ||||||||||||||||||||||||||||||||
On March 26, 2014, Digital Realty Trust, Inc. issued 12,000,000 shares of its 7.375% series H cumulative redeemable preferred stock, or the series H preferred stock, for net proceeds of approximately $289.3 million. In addition, on April 7, 2014, Digital Realty Trust, Inc. issued an additional 600,000 shares of series H preferred stock pursuant to a partial exercise of the underwriters’ over-allotment option. Also, on April 7, 2014, Digital Realty Trust, Inc. re-opened and issued an additional 2,000,000 shares of series H preferred stock. Pursuant to these issuances, Digital Realty Trust, Inc. issued a total of 14,600,000 shares of its series H preferred stock, for net proceeds of approximately $353.3 million. Dividends are cumulative on the series H preferred stock from the date of original issuance in the amount of $1.84375 per share each year, which is equivalent to 7.375% of the $25.00 liquidation preference per share. Dividends on the series H preferred stock are payable quarterly in arrears. The first dividend payable on the series H preferred stock on June 30, 2014 was a pro rata dividend from and including the original issue date to and including June 30, 2014 in the amount of $0.48655 per share. The series H preferred stock does not have a stated maturity date and is not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, the series H preferred stock will rank senior to Digital Realty Trust, Inc. common stock and rank on parity with Digital Realty Trust, Inc.’s series E cumulative redeemable preferred stock, series F cumulative redeemable preferred stock and series G cumulative redeemable preferred stock with respect to the payment of distributions and other amounts. Digital Realty Trust, Inc. is not allowed to redeem the series H preferred stock before March 26, 2019, except in limited circumstances to preserve its status as a REIT. On or after March 26, 2019, Digital Realty Trust, Inc. may, at its option, redeem the series H preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series H preferred stock up to but excluding the redemption date. Holders of the series H preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of series H preferred stock will have the right (unless, prior to the change of control conversion date specified in the Articles Supplementary governing the series H preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the series H preferred stock) to convert some or all of the series H preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of series H preferred stock to be converted equal to the lesser of: | ||||||||||||||||||||||||||||||||
• | the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a series H preferred stock dividend payment and prior to the corresponding series H preferred stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the common stock price specified in the Articles Supplementary governing the series H preferred stock; and | |||||||||||||||||||||||||||||||
• | 0.9632, or the share cap, subject to certain adjustments; | |||||||||||||||||||||||||||||||
subject, in each case, to provisions for the receipt of alternative consideration as described in the Articles Supplementary governing the series H preferred stock. Except in connection with specified change of control transactions, the series H preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. | ||||||||||||||||||||||||||||||||
(d) Noncontrolling Interests in Operating Partnership | ||||||||||||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership relate to the interests that are not owned by Digital Realty Trust, Inc. The following table shows the ownership interest in the Operating Partnership as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Number of | Percentage | Number of | Percentage | |||||||||||||||||||||||||||||
units | of total | units | of total | |||||||||||||||||||||||||||||
Digital Realty Trust, Inc. | 135,626,255 | 97.8 | % | 128,455,350 | 97.7 | % | ||||||||||||||||||||||||||
Noncontrolling interests consist of: | ||||||||||||||||||||||||||||||||
Common units held by third parties | 1,463,814 | 1.1 | % | 1,491,814 | 1.2 | % | ||||||||||||||||||||||||||
Incentive units held by employees and directors (see note 13) | 1,549,847 | 1.1 | % | 1,475,207 | 1.1 | % | ||||||||||||||||||||||||||
138,639,916 | 100 | % | 131,422,371 | 100 | % | |||||||||||||||||||||||||||
Limited partners have the right to require the Operating Partnership to redeem part or all 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 Digital Realty Trust, Inc. 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. Pursuant to authoritative accounting guidance, Digital Realty Trust, Inc. evaluated whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement of the noncontrolling Operating Partnership common and incentive units. Based on the results of this analysis, we concluded that the common and incentive Operating Partnership units met the criteria to be classified within equity. | ||||||||||||||||||||||||||||||||
The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $179.0 million and $124.1 million based on the closing market price of Digital Realty Trust, Inc. common stock on December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
The following table shows activity for the noncontrolling interests in the Operating Partnership for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||
Common | Incentive | Total | ||||||||||||||||||||||||||||||
Units | Units | |||||||||||||||||||||||||||||||
As of December 31, 2011 | 3,405,814 | 1,530,316 | 4,936,130 | |||||||||||||||||||||||||||||
Redemption of common units for shares of Digital Realty Trust, Inc. common stock(1) | (1,890,000 | ) | — | (1,890,000 | ) | |||||||||||||||||||||||||||
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock(1) | — | (344,860 | ) | (344,860 | ) | |||||||||||||||||||||||||||
Vesting of Class C Units (2007 Grant) | — | (15,950 | ) | (15,950 | ) | |||||||||||||||||||||||||||
Grant of incentive units to employees and directors | — | 166,080 | 166,080 | |||||||||||||||||||||||||||||
As of December 31, 2012 | 1,515,814 | 1,335,586 | 2,851,400 | |||||||||||||||||||||||||||||
Redemption of common units for shares of Digital Realty Trust, Inc. common stock(1) | (24,000 | ) | — | (24,000 | ) | |||||||||||||||||||||||||||
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock(1) | — | (33,138 | ) | (33,138 | ) | |||||||||||||||||||||||||||
Cancellation of incentive units held by employees and directors | — | (19,483 | ) | (19,483 | ) | |||||||||||||||||||||||||||
Grant of incentive units to employees and directors | 192,242 | 192,242 | ||||||||||||||||||||||||||||||
As of December 31, 2013 | 1,491,814 | 1,475,207 | 2,967,021 | |||||||||||||||||||||||||||||
Redemption of common units for shares of Digital Realty Trust, Inc. common stock(1) | (28,000 | ) | — | (28,000 | ) | |||||||||||||||||||||||||||
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock(1) | — | (106,073 | ) | (106,073 | ) | |||||||||||||||||||||||||||
Cancellation of incentive units held by employees and directors | — | (18,773 | ) | (18,773 | ) | |||||||||||||||||||||||||||
Grant of incentive units to employees and directors | — | 199,486 | 199,486 | |||||||||||||||||||||||||||||
As of December 31, 2014 | 1,463,814 | 1,549,847 | 3,013,661 | |||||||||||||||||||||||||||||
-1 | This redemption was 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. | |||||||||||||||||||||||||||||||
(e) Dividends | ||||||||||||||||||||||||||||||||
We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||
Date dividend declared | Dividend payable date | Series C Preferred Stock | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | Series H Preferred Stock | Common | ||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||||||||
February 14, 2012 | March 30, 2012 | $ | 1,402 | $ | 2,398 | $ | 5,031 | $ | — | $ | — | $ | — | $ | 78,335 | (1) | ||||||||||||||||
April 23, 2012 | June 29, 2012 | — | (2) | 2,394 | 5,031 | 2,888 | (3) | — | — | 80,478 | (1) | |||||||||||||||||||||
July 19, 2012 | September 28, 2012 | — | 1,723 | 5,031 | 3,023 | — | — | 89,679 | (1) | |||||||||||||||||||||||
October 30, 2012 | December 31, 2012 for Series D, E and F Preferred | — | 1,697 | 5,031 | 3,023 | — | — | 90,582 | (1) | |||||||||||||||||||||||
Stock; January 15, 2013 for Common Stock | ||||||||||||||||||||||||||||||||
$ | 1,402 | $ | 8,212 | $ | 20,124 | $ | 8,934 | $ | — | $ | — | $ | 339,074 | |||||||||||||||||||
February 12, 2013 | March 29, 2013 | $ | — | $ | — | (4) | $ | 5,031 | $ | 3,023 | $ | — | $ | — | $ | 100,165 | (5) | |||||||||||||||
May 1, 2013 | June 28, 2013 | — | — | 5,031 | 3,023 | 3,345 | (6) | — | 100,169 | (5) | ||||||||||||||||||||||
July 23, 2013 | September 30, 2013 | — | — | 5,031 | 3,023 | 3,672 | — | 100,180 | (5) | |||||||||||||||||||||||
October 23, 2013 | December 31, 2013 for Series E, F and G Preferred | — | — | 5,031 | 3,023 | 3,672 | — | 100,187 | (5) | |||||||||||||||||||||||
Stock; January 15, 2014 for Common Stock | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 10,689 | $ | — | $ | 400,701 | |||||||||||||||||||
February 11, 2014 | March 31, 2014 | $ | — | $ | — | $ | 5,031 | $ | 3,023 | $ | 3,672 | $ | — | $ | 106,743 | (7) | ||||||||||||||||
April 29, 2014 | June 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 7,104 | (8) | 112,357 | (7) | ||||||||||||||||||||||
July 21, 2014 | September 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 112,465 | (7) | |||||||||||||||||||||||
November 4, 2014 | December 31, 2014 for Series E, F, G and H Preferred | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 112,538 | (7) | |||||||||||||||||||||||
Stock; January 15, 2015 for Common Stock | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 14,688 | $ | 20,564 | $ | 444,103 | |||||||||||||||||||
Annual rate of dividend per share | $ | 1.094 | $ | 1.375 | $ | 1.75 | $ | 1.65625 | $ | 1.46875 | $ | 1.84375 | ||||||||||||||||||||
-1 | $2.920 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-2 | Effective April 17, 2012, Digital Realty Trust, Inc. converted all outstanding shares of its 4.375% series C cumulative convertible preferred stock, or the series C preferred stock, into shares of its common stock in accordance with the terms of the series C preferred stock. Each share of series C preferred stock was converted into 0.5480 share of common stock of Digital Realty Trust, Inc. | |||||||||||||||||||||||||||||||
-3 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2012. | |||||||||||||||||||||||||||||||
-4 | Effective February 26, 2013, Digital Realty Trust, Inc. converted all outstanding shares of its series D preferred stock into shares of its common stock in accordance with the terms of the series D preferred stock. Each share of series D preferred stock was converted into 0.6360 share of common stock of Digital Realty Trust, Inc. | |||||||||||||||||||||||||||||||
-5 | $3.120 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-6 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2013. | |||||||||||||||||||||||||||||||
-7 | $3.320 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-8 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2014. | |||||||||||||||||||||||||||||||
Distributions out of Digital Realty Trust, Inc.’s current or accumulated earnings and profits are generally classified as dividends whereas distributions in excess of its current and accumulated earnings and profits, to the extent of a stockholder’s U.S. federal income tax basis in Digital Realty Trust, Inc.’s stock, are generally classified as a return of capital. Distributions in excess of a stockholder’s U.S. federal income tax basis in Digital Realty Trust, Inc.’s stock are generally characterized as capital gain. Cash provided by operating activities has generally been sufficient to fund all distributions, however, in the future we may also need to utilize borrowings under the global revolving credit facility to fund all or a portion distributions. | ||||||||||||||||||||||||||||||||
(f) Accumulated Other Comprehensive Income (Loss), Net | ||||||||||||||||||||||||||||||||
The accumulated balances for each item within other comprehensive income (loss), net are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Foreign | Cash flow | Accumulated | ||||||||||||||||||||||||||||||
currency | hedge | other | ||||||||||||||||||||||||||||||
translation | adjustments | comprehensive | ||||||||||||||||||||||||||||||
adjustments | income (loss), net | |||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | (2,576 | ) | $ | (9,615 | ) | $ | (12,191 | ) | |||||||||||||||||||||||
Net current period change | 14,321 | 2,423 | 16,744 | |||||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 6,138 | 6,138 | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 11,745 | $ | (1,054 | ) | $ | 10,691 | |||||||||||||||||||||||||
Net current period change | (51,312 | ) | (7,775 | ) | (59,087 | ) | ||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 3,350 | 3,350 | |||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | (39,567 | ) | $ | (5,479 | ) | $ | (45,046 | ) |
Capital_And_Accumulated_Other_
Capital And Accumulated Other Comprehensive Income (Loss) (Digital Realty Trust, L.P.) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||||||||||||||
Capital And Accumulated Other Comprehensive Income (Loss) | Capital and Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||
(a) Redeemable Preferred Units | ||||||||||||||||||||||||||||||||
7.000% Series E Cumulative Redeemable Preferred Units | ||||||||||||||||||||||||||||||||
On September 15, 2011, the Operating Partnership issued 11,500,000 units of its 7.000% series E cumulative redeemable preferred units, or series E preferred units, to Digital Realty Trust, Inc. (the General Partner) in conjunction with the General Partner’s issuance of an equivalent number of shares of its 7.000% series E cumulative redeemable preferred stock, or the series E preferred stock. Distributions are cumulative on the series E preferred units from the date of original issuance in the amount of $1.750 per unit each year, which is equivalent to 7.000% of the $25.00 liquidation preference per unit. Distributions on the series E preferred units are payable quarterly in arrears. The first distribution paid on the series E preferred units on December 30, 2011 was a pro rata distribution from and including the original issue date to and including December 31, 2011 in the amount of $0.515278 per unit. The series E preferred units do not have a stated maturity date and are not subject to any sinking fund. The Operating Partnership is required to redeem the series E units in the event that the General Partner redeems the series E preferred stock. The General Partner is not allowed to redeem the series E preferred stock prior to September 15, 2016 except in limited circumstances to preserve the General Partner’s status as a REIT. On or after September 15, 2016, the General Partner may, at its option, redeem the series E preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series E preferred stock up to but excluding the redemption date. Upon liquidation, dissolution or winding up, the series E preferred units will rank senior to the common units with respect to the payment of distributions and other amounts and rank on parity with the Operating Partnership’s series F and series G preferred units. Except in connection with specified change of control transactions of the General Partner, the series E preferred units are not convertible into or exchangeable for any other property or securities of the Operating Partnership. | ||||||||||||||||||||||||||||||||
6.625% Series F Cumulative Redeemable Preferred Units | ||||||||||||||||||||||||||||||||
On April 5, 2012 and April 18, 2012, the Operating Partnership issued a total of 7,300,000 units of its 6.625% series F cumulative redeemable preferred units, or series F preferred units, to the General Partner in conjunction with the General Partner’s issuance of an equivalent number of shares of its 6.625% series F cumulative redeemable preferred stock, or the series F preferred stock. Distributions are cumulative on the series F preferred units from the date of original issuance in the amount of $1.65625 per unit each year, which is equivalent to 6.625% of the $25.00 liquidation preference per unit. Distributions on the series F preferred units are payable quarterly in arrears. The first distribution paid on the series F preferred units on June 29, 2012 was a pro rata distribution from and including the original issue date to and including June 30, 2012 in the amount of | ||||||||||||||||||||||||||||||||
$0.39566 per unit. The series F preferred units do not have a stated maturity date and are not subject to any sinking fund. The Operating Partnership is required to redeem the series F preferred units in the event that the General Partner redeems the series F preferred stock. The General Partner is not allowed to redeem the series F preferred stock prior to April 5, 2017 except in limited circumstances to preserve the General Partner’s status as a REIT. On or after April 5, 2017, the General Partner may, at its option, redeem the series F preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series F preferred stock up to but excluding the redemption date. Upon liquidation, dissolution or winding up, the series F preferred units will rank senior to the common units with respect to the payment of distributions and other amounts and rank on parity with the Operating Partnership’s series E and series G preferred units. Except in connection with specified change of control transactions of the General Partner, the series F preferred units are not convertible into or exchangeable for any other property or securities of the Operating Partnership. | ||||||||||||||||||||||||||||||||
5.875% Series G Cumulative Redeemable Preferred Units | ||||||||||||||||||||||||||||||||
On April 9, 2013, the Operating Partnership issued a total of 10,000,000 of its 5.875% series G cumulative redeemable preferred units, or series G preferred units, to the General Partner in conjunction with the General Partner’s issuance of an equivalent number of shares of its 5.875% series G cumulative redeemable preferred stock, or the series G preferred stock. Distributions are cumulative on the series G preferred units from the date of original issuance in the amount of $1.46875 per unit each year, which is equivalent to 5.875% of the $25.00 liquidation preference per unit. Distributions on the series G preferred units are payable quarterly in arrears. The first distribution paid on the series G preferred units on June 28, 2013 was a pro rata distribution from and including the original issue date to and including June 30, 2013 in the amount of $0.334550 per unit. The series G preferred units do not have a stated maturity date and are not subject to any sinking fund. The Operating Partnership is required to redeem the series G preferred units in the event that the General Partner redeems the series G preferred stock. The General Partner is not allowed to redeem the series G preferred stock prior to April 9, 2018 except in limited circumstances to preserve the General Partner’s status as a REIT. On or after April 9, 2018, the General Partner may, at its option, redeem the series G preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series G preferred stock up to but excluding the redemption date. Upon liquidation, dissolution or winding up, the series G preferred units will rank senior to the Operating Partnership’s common units with respect to the payment of distributions and other amounts and rank on parity with the Operating Partnership’s series E and series F preferred units. Except in connection with specified change of control transactions of the General Partner, the series G preferred units are not convertible into or exchangeable for any other property or securities of the Operating Partnership. | ||||||||||||||||||||||||||||||||
7.375% Series H Cumulative Redeemable Preferred Units | ||||||||||||||||||||||||||||||||
On March 26, 2014 and April 7, 2014, the Operating Partnership issued in the aggregate a total of 14,600,000 of its 7.375% series H cumulative redeemable preferred units, or series H preferred units, to Digital Realty Trust, Inc. (the General Partner) in conjunction with the General Partner’s issuance of an equivalent number of shares of its 7.375% series H cumulative redeemable preferred stock, or the series H preferred stock. Distributions are cumulative on the series H preferred units from the date of original issuance in the amount of $1.84375 per unit each year, which is equivalent to 7.375% of the $25.00 liquidation preference per unit. Distributions on the series H preferred units are payable quarterly in arrears. The first distribution payable on the series H preferred units on June 30, 2014 was a pro rata distribution from and including the original issue date to and including June 30, 2014 in the amount of $0.48655 per unit. The series H preferred units do not have a stated maturity date and are not subject to any sinking fund. The Operating Partnership is required to redeem the series H preferred units in the event that the General Partner redeems the series H preferred stock. The General Partner is not allowed to redeem the series H preferred stock prior to March 26, 2019 except in limited circumstances to preserve the General Partner’s status as a REIT. On or after March 26, 2019, the General Partner may, at its option, redeem the series H preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such series H preferred stock up to but excluding the redemption date. Upon liquidation, dissolution or winding up, the series H preferred units will rank senior to the Operating Partnership’s common units with respect to the payment of distributions and other amounts and rank on parity with the Operating Partnership’s series E cumulative redeemable preferred units, series F cumulative redeemable preferred units and series G cumulative redeemable preferred units. Except in connection with specified change of control transactions of the General Partner, the series H preferred units are not convertible into or exchangeable for any other property or securities of the Operating Partnership. | ||||||||||||||||||||||||||||||||
(b) Allocations of Net Income and Net Losses to Partners | ||||||||||||||||||||||||||||||||
Except for special allocations to holders of profits interest units described below in note 13(a) under the heading “Incentive Plan-Long-Term Incentive Units,” the Operating Partnership’s net income will generally be allocated to the General Partner to the extent of the accrued preferred return on its preferred units, and then to the General Partner and the Operating Partnership’s limited partners in accordance with the respective percentage interests in the common units issued by the Operating Partnership. Net loss will generally be allocated to the General Partner and the Operating Partnership’s limited partners in accordance with the respective common percentage interests in the Operating Partnership until the limited partner’s capital is reduced to zero and any remaining net loss would be allocated to the General Partner. However, in some cases, losses may be disproportionately allocated to partners who have guaranteed our debt. The allocations described above are subject to special allocations relating to depreciation deductions and to compliance with the provisions of Sections 704(b) and 704(c) of the Code, and the associated Treasury Regulations. | ||||||||||||||||||||||||||||||||
(c) Partnership Units | ||||||||||||||||||||||||||||||||
Limited partners have the right to require the Operating Partnership to redeem part or all of their common units for cash based on the fair market value of an equivalent number of shares of the General Partner’s common stock at the time of redemption. Alternatively, the General Partner may elect to acquire those common units in exchange for shares of the General Partner’s 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. Pursuant to authoritative accounting guidance, the Operating Partnership evaluated whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement of the limited partners’ common units and the vested incentive units. Based on the results of this analysis, the Operating Partnership concluded that the common and vested incentive Operating Partnership units met the criteria to be classified within capital. | ||||||||||||||||||||||||||||||||
The redemption value of the limited partners’ common units and the vested incentive units was approximately $179.0 million and $124.1 million based on the closing market price of Digital Realty Trust, Inc.’s common stock on December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
(d) Distributions | ||||||||||||||||||||||||||||||||
All distributions on our units are at the discretion of Digital Realty Trust, Inc.’s board of directors. We have declared and paid the following distributions on our common and preferred units for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||
Date distribution declared | Distribution payable date | Series C Preferred Units | Series D Preferred Units | Series E Preferred Units | Series F Preferred Units | Series G Preferred Units | Series H Preferred Units | Common | ||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||||||
14-Feb-12 | March 30, 2012 | $ | 1,402 | $ | 2,398 | $ | 5,031 | $ | — | $ | — | $ | — | $ | 81,917 | (1) | ||||||||||||||||
23-Apr-12 | June 29, 2012 | — | (2) | 2,394 | 5,031 | 2,888 | (3) | — | — | 83,982 | (1) | |||||||||||||||||||||
19-Jul-12 | September 28, 2012 | — | 1,723 | 5,031 | 3,023 | — | — | 93,076 | (1) | |||||||||||||||||||||||
30-Oct-12 | December 31, 2012 for Series D, E and F Preferred | — | 1,697 | 5,031 | 3,023 | — | — | 93,434 | (1) | |||||||||||||||||||||||
Units; January 15, 2013 for Common Units | ||||||||||||||||||||||||||||||||
$ | 1,402 | $ | 8,212 | $ | 20,124 | $ | 8,934 | $ | — | $ | — | $ | 352,409 | |||||||||||||||||||
12-Feb-13 | March 29, 2013 | $ | — | $ | — | (4) | $ | 5,031 | $ | 3,023 | $ | — | $ | — | $ | 102,506 | (5) | |||||||||||||||
1-May-13 | June 28, 2013 | — | — | 5,031 | 3,023 | 3,345 | (6) | — | 102,507 | (5) | ||||||||||||||||||||||
23-Jul-13 | September 30, 2013 | — | — | 5,031 | 3,023 | 3,672 | — | 102,506 | (5) | |||||||||||||||||||||||
23-Oct-13 | December 31, 2013 for Series E, F and G Preferred | — | — | 5,031 | 3,023 | 3,672 | — | 102,509 | (5) | |||||||||||||||||||||||
Units; January 15, 2014 for Common Units | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 10,689 | $ | — | $ | 410,028 | |||||||||||||||||||
11-Feb-14 | March 31, 2014 | $ | — | $ | — | $ | 5,031 | $ | 3,023 | $ | 3,672 | $ | — | $ | 109,378 | (7) | ||||||||||||||||
29-Apr-14 | June 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 7,104 | (8) | 115,008 | (7) | ||||||||||||||||||||||
21-Jul-14 | September 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 115,012 | (7) | |||||||||||||||||||||||
4-Nov-14 | December 31, 2014 for Series E, F, G and H Preferred | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 115,016 | (7) | |||||||||||||||||||||||
Units; January 15, 2015 for Common Units | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 14,688 | $ | 20,564 | $ | 454,414 | |||||||||||||||||||
-1 | $2.920 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-2 | Effective April 17, 2012, in connection with the conversion of the series C preferred stock by Digital Realty Trust, Inc., all of the outstanding 4.375% series C cumulative convertible preferred units, or the series C preferred units, were converted into common units in accordance with the terms of the series C preferred units. Each series C preferred unit was converted into 0.5480 common unit of the Operating Partnership. | |||||||||||||||||||||||||||||||
-3 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2012. | |||||||||||||||||||||||||||||||
-4 | Effective February 26, 2013, in connection with the conversion of the series D preferred stock by Digital Realty Trust, Inc., all of the outstanding series D preferred units were converted into common units in accordance with the terms of the series D preferred units. Each series D preferred unit was converted into 0.6360 common unit of the Operating Partnership. | |||||||||||||||||||||||||||||||
-5 | $3.120 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-6 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2013. | |||||||||||||||||||||||||||||||
-7 | $3.320 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-8 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2014. | |||||||||||||||||||||||||||||||
(f) Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
The accumulated balances for each item within other comprehensive income (loss) are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Foreign | Cash flow | Accumulated | ||||||||||||||||||||||||||||||
currency | hedge | other | ||||||||||||||||||||||||||||||
translation | adjustments | comprehensive | ||||||||||||||||||||||||||||||
adjustments | income (loss) | |||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | (4,401 | ) | $ | (10,509 | ) | $ | (14,910 | ) | |||||||||||||||||||||||
Net current period change | 14,636 | 2,473 | 17,109 | |||||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 6,258 | 6,258 | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 10,235 | $ | (1,778 | ) | $ | 8,457 | |||||||||||||||||||||||||
Net current period change | (52,373 | ) | (7,936 | ) | (60,309 | ) | ||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 3,419 | 3,419 | |||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | (42,138 | ) | $ | (6,295 | ) | $ | (48,433 | ) |
Incentive_Plan
Incentive Plan | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Incentive Plan | Incentive Plan | ||||||||||||
Our Amended and Restated 2004 Incentive Award Plan (as defined below) previously provided for the grant of incentive awards to employees, directors and consultants. Awards issuable under the Amended and Restated 2004 Incentive Award Plan included stock options, restricted stock, dividend equivalents, stock appreciation rights, long-term incentive units, cash performance bonuses and other incentive awards. Only employees were eligible to receive incentive stock options under the Amended and Restated 2004 Incentive Award Plan. Initially, we had reserved a total of 4,474,102 shares of common stock for issuance pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2004 Incentive Award Plan (the 2004 Incentive Award Plan), subject to certain adjustments set forth in the 2004 Incentive Award Plan. On May 2, 2007, Digital Realty Trust, Inc.’s stockholders approved the First Amended and Restated Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2004 Incentive Award Plan (as amended, the Amended and Restated 2004 Incentive Award Plan). The Amended and Restated 2004 Incentive Award Plan increased the aggregate number of shares of stock which could have been issued or transferred under the plan by 5,000,000 shares to a total of 9,474,102 shares, and provided that the maximum number of shares of stock with respect to awards granted to any one participant during a calendar year was 1,500,000 shares and the maximum amount that could have been paid in cash during any calendar year with respect to any performance-based award not denominated in stock or otherwise for which the foregoing limitation would not be an effective limitation for purposes of Section 162(m) of the Code was $10.0 million. | |||||||||||||
On April 28, 2014, Digital Realty Trust, Inc. held its 2014 Annual Meeting of Stockholders, or the 2014 Annual Meeting, at which the Company’s stockholders approved the Digital Realty Trust, Inc., Digital Services, Inc., and Digital Realty Trust, L.P. 2014 Incentive Award Plan (as amended, the 2014 Incentive Award Plan), which had been previously adopted by the Board of Directors and recommended to the stockholders for approval by the Company’s Board of Directors. The 2014 Incentive Award Plan became effective and replaced the Amended and Restated 2004 Incentive Award Plan as of the date of such stockholder approval. The material features of the 2014 Incentive Award Plan are described in our definitive Proxy Statement filed on March 19, 2014 in connection with the 2014 Annual Meeting. | |||||||||||||
As of December 31, 2014, 5,388,485 shares of common stock or awards convertible into or exchangeable for common stock remained available for future issuance under the 2014 Incentive Award Plan. Each long-term incentive unit and Class D Unit issued under the 2014 Incentive Award Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the 2014 Incentive Award Plan and the individual award limits set forth therein. | |||||||||||||
(a) Long-Term Incentive Units | |||||||||||||
Long-term incentive units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. Long-term incentive units (other than Class D Units), whether vested or not, will receive the same quarterly per unit distributions as Operating Partnership common units, which equal per share distributions on Digital Realty Trust, Inc. common stock. Initially, long-term incentive units do not have full parity with common units with respect to liquidating distributions. If such parity is reached, vested long-term incentive units may be converted into an equal number of common units of the Operating Partnership at any time, and thereafter enjoy all the rights of common units of the Operating Partnership, including redemption rights. | |||||||||||||
In order to achieve full parity with common units, long-term incentive units must be fully vested and the holder’s capital account balance in respect of such long-term incentive units must be equal to the capital account balance of a holder of an equivalent number of common units. The capital account balance attributable to each common unit is generally expected to be the same, in part because of the amount credited to a partner’s capital account upon the partner’s contribution of property to the Operating Partnership, and in part because the partnership agreement provides, in most cases, that allocations of income, gain, loss and deduction (which will adjust the partner’s capital accounts) are to be made to the common units on a proportionate basis. As a result, with respect to a number of long-term incentive units, it is possible to determine the capital account balance of an equivalent number of common units by multiplying the number of long-term incentive units by the capital account balance with respect to a common unit. | |||||||||||||
A partner’s initial capital account balance is equal to the amount the partner paid (or contributed to the Operating Partnership) for the partner’s units and is subject to subsequent adjustments, including with respect to the partner’s share of income, gain or loss of the Operating Partnership. Because a holder of long-term incentive units generally will not pay for the long-term incentive units, the initial capital account balance attributable to such long-term incentive units will be zero. However, the Operating Partnership is required to allocate income, gain, loss and deduction to the partner’s capital accounts in accordance with the terms of the partnership agreement, subject to applicable Treasury Regulations. The partnership agreement provides that holders of long-term incentive units will receive special allocations of gain in the event of a sale or “hypothetical sale” of assets of the Operating Partnership prior to the allocation of gain to Digital Realty Trust, Inc. or other limited partners with respect to their common units. The amount of such allocation will, to the extent of any such gain, be equal to the difference between the capital account balance of a holder of long-term incentive units attributable to such units and the capital account balance attributable to an equivalent number of common units. If and when such gain allocation is fully made, a holder of long-term incentive units will have achieved full parity with holders of common units. To the extent that, upon an actual sale or a “hypothetical sale” of the Operating Partnership’s assets as described above, there is not sufficient gain to allocate to a holder’s capital account with respect to long-term incentive units, or if such sale or “hypothetical sale” does not occur, such units will not achieve parity with common units. | |||||||||||||
The term “hypothetical sale” refers to circumstances that are not actual sales of the Operating Partnership’s assets but that require certain adjustments to the value of the Operating Partnership’s assets and the partners’ capital account balances. Specifically, the partnership agreement provides that, from time to time, in accordance with applicable Treasury Regulations, the Operating Partnership will adjust the value of its assets to equal their respective fair market values, and adjust the partners’ capital accounts, in accordance with the terms of the partnership agreement, as if the Operating Partnership sold its assets for an amount equal to their value. Times for making such adjustments generally include the liquidation of the Operating Partnership, the acquisition of an additional interest in the Operating Partnership by a new or existing partner in exchange for more than a de minimis capital contribution, the distribution by the Operating Partnership to a partner of more than a de minimis amount of partnership property as consideration for an interest in the Operating Partnership, in connection with the grant of an interest in the Operating Partnership (other than a de minimis interest) as consideration for the performance of services to or for the benefit of the Operating Partnership (including the grant of a long-term incentive unit), and at such other times as may be desirable or required to comply with the Treasury Regulations. | |||||||||||||
Below is a summary of our long-term incentive unit activity for the year ended December 31, 2014. | |||||||||||||
Unvested Long-term Incentive Units | Units | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 440,951 | $ | 62.42 | ||||||||||
Granted | 199,486 | 52.42 | |||||||||||
Vested | (307,249 | ) | 58.9 | ||||||||||
Cancelled or expired | (18,773 | ) | 65.21 | ||||||||||
Unvested, end of period | 314,415 | 59.34 | |||||||||||
During the year ended December 31, 2013, certain employees were granted an aggregate of 95,316 long-term incentive units, which, in addition to a service condition, were subject to a performance condition that impacted the number of units which ultimately vested. The performance condition was based upon our achievement of the 2013 Core Funds From Operations, or CFFO, per share targets. Based on our 2013 CFFO per diluted share and unit, 75,105 of the 2013 long-term incentive units, net of forfeitures, satisfied the performance condition. The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the grant date, are being expensed on a straight-line basis for service awards over four years, the current vesting period of the long-term incentive units. We expense the fair value of awards that contain a performance condition using an accelerated method with each vesting tranche valued as a separate award. | |||||||||||||
The expense recorded for the years ended December 31, 2014, 2013 and 2012 related to long-term incentive units was approximately $12.6 million, $8.9 million and $9.0 million, respectively. We capitalized amounts relating to compensation expense of employees direct and incremental to construction and successful leasing activities of approximately $1.7 million, $1.6 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unearned compensation representing the unvested portion of the long-term incentive units totaled $9.3 million and $12.9 million as of December 31, 2014 and 2013, respectively. We expect to recognize this unearned compensation over the next 2.0 years on a weighted average basis. | |||||||||||||
(b) 2014 Market Performance-Based Awards | |||||||||||||
On February 11, 2014, the Compensation Committee of the Board of Directors of the Company approved the grant of market performance-based Class D Units of the Operating Partnership and market performance-based restricted stock units, or RSUs, covering shares of the Company’s common stock (collectively, the “awards”), under the Amended and Restated 2004 Incentive Award Plan to officers and employees of the Company. In March 2014 and April 2014, the Compensation Committee of the Board of Directors of the Company approved the grant of additional market performance-based Class D Units of the Operating Partnership to certain officers of the Company, under the Amended and Restated 2004 Incentive Award Plan and 2014 Incentive Plan, respectively. | |||||||||||||
The awards, which were determined to contain a market condition, utilize total shareholder return, or TSR, over a three-year measurement period as the market performance metric. Awards will vest based on the Company’s TSR relative to the MSCI US REIT Index, or RMS, over a three-year market performance period, or the Market Performance Period, commencing in January 2014 (or, if earlier, ending on the date on which a change in control of the Company occurs), subject to continued services. Vesting with respect to the market condition is measured based on the difference between the Company’s TSR percentage and the TSR percentage of the RMS, or the RMS Relative Market Performance. In the event that the RMS Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of Class D units or RSUs, as applicable, set forth below: | |||||||||||||
Level | RMS Relative | Market | |||||||||||
Market Performance | Performance | ||||||||||||
Vesting | |||||||||||||
Percentage | |||||||||||||
Below Threshold Level | < 0 basis points | 0 | % | ||||||||||
Threshold Level | 0 basis points | 25 | % | ||||||||||
Target Level | 325 basis points | 50 | % | ||||||||||
High Level | > 650 basis points | 100 | % | ||||||||||
If the RMS Relative Market Performance falls between the levels specified above, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels. | |||||||||||||
Following the completion of the Market Performance Period, awards that have satisfied the market condition, if any, will vest 50% on February 27, 2017 and 50% on February 27, 2018, subject to continued employment through each applicable vesting date. | |||||||||||||
Service-based vesting will be accelerated, in full or on a pro rata basis, in the event of a change in control, termination of employment by the Company without cause, or termination of employment by the award recipient for good reason, death, disability or retirement, in any case prior to the completion of the Market Performance Period.. However, vesting with respect to the market condition will continue to be measured based on RMS Relative Market Performance during the three-year Market Performance Period (or, in the case of a change in control, shortened Market Performance Period). | |||||||||||||
The fair value of the 2014 grant of awards was measured using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. The Company’s achievement of the market vesting condition is contingent on its TSR over a three-year market performance period, relative to the total shareholder return of the RMS. The Monte Carlo simulation is a probabilistic technique based on the underlying theory of the Black-Scholes formula, which was run for 100,000 trials to determine the fair value of the awards. For each trial, the payoff to an award is calculated at the settlement date and is then discounted to the grant date at a risk-free interest rate. The total expected value of the awards on the grant date was determined by multiplying the average value per award over all trials by the number of awards granted. Assumptions used in the valuation include expected stock price volatility of 33 percent and a risk-free interest rate of 0.67 percent. The valuation was performed in a risk-neutral framework, so no assumption was made with respect to an equity risk premium. | |||||||||||||
As of December 31, 2014, 664,316 Class D Units and 248,026 market performance-based RSUs had been awarded to our executive officers and other employees. The number of units granted reflects the maximum number of Class D units or market performance-based RSUs, as applicable, which will become vested assuming the achievement of the highest level of RMS Relative Market Performance under the awards and, in the case of the Class D units, also includes dividend equivalent units. The fair value of these awards of approximately $17.4 million will be recognized as compensation expense on a straight-line basis over the expected service period of approximately four years. The unearned compensation as of December 31, 2014 was $9.5 million, net of cancellations. As of December 31, 2014, none of the above awards had vested. We recognized compensation expense related to these awards of approximately $3.0 million in the year ended December 31, 2014. We capitalized amounts relating to compensation expense of employees directly engaged in construction and leasing activities of approximately $1.4 million for the year ended December 31, 2014. If the market condition is not met at the end of the performance period, the unamortized amount will be recognized as an expense at that time. | |||||||||||||
(c) Stock Options | |||||||||||||
The following table summarizes the Amended and Restated 2004 Incentive Award Plan’s stock option activity for the year ended December 31, 2014: | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Shares | Weighted average | ||||||||||||
exercise price | |||||||||||||
Options outstanding, beginning of period | 123,690 | $ | 30.13 | ||||||||||
Exercised | (42,757 | ) | 16.65 | ||||||||||
Cancelled / Forfeited | — | — | |||||||||||
Options outstanding, end of period | 80,933 | $ | 37.25 | ||||||||||
Exercisable, end of period | 80,933 | $ | 37.25 | ||||||||||
The following table summarizes information about stock options outstanding and exercisable as of December 31, 2014: | |||||||||||||
Options outstanding and exercisable | |||||||||||||
Exercise price | Number | Weighted | Weighted | Aggregate | |||||||||
outstanding | average | average | intrinsic | ||||||||||
remaining | exercise | value | |||||||||||
contractual | price | ||||||||||||
life (years) | |||||||||||||
$20.37-28.09 | 15,000 | 0.85 | 20.37 | 688,950 | |||||||||
$33.18-41.73 | 65,933 | 2.3 | 41.09 | 1,662,091 | |||||||||
80,933 | 2.03 | $ | 37.25 | $ | 2,351,041 | ||||||||
(d) Restricted Stock | |||||||||||||
Below is a summary of our restricted stock activity for the year ended December 31, 2014. | |||||||||||||
Unvested Restricted Stock | Shares | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 255,081 | $ | 63.35 | ||||||||||
Granted (1) | 179,768 | 50.78 | |||||||||||
Vested | (76,946 | ) | 60.39 | ||||||||||
Cancelled or expired | (57,401 | ) | 60.7 | ||||||||||
Unvested, end of period | 300,502 | 57.1 | |||||||||||
-1 | All restricted stock granted in 2014 is subject only to a service condition. | ||||||||||||
The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the grant date, are being expensed on a straight-line basis for service awards over the vesting period of the restricted stock, which ranges from three to four years. We expense the fair value of awards that contain a performance condition using an accelerated method with each vesting tranche valued as a separate award. | |||||||||||||
During the year ended December 31, 2013, certain employees were granted an aggregate of 69,995 shares of restricted stock, which, in addition to a service condition, were subject to a performance condition that impacted the number of shares which ultimately vested. The performance condition was based upon our achievement of the 2013 CFFO per share targets. Upon evaluating the results of the performance condition, the final number of shares was determined and such shares vest based on satisfaction of the service conditions. Based on our 2013 CFFO per diluted share and unit, 50,805 shares of the 2013 restricted stock awards (net of forfeitures) satisfied the performance condition. | |||||||||||||
The expense recorded for the years ended December 31, 2014, 2013 and 2012 related to grants of restricted stock was approximately $2.5 million, $2.7 million and $2.9 million, respectively. We capitalized amounts relating to compensation expense of employees direct and incremental to construction and successful leasing activities of approximately $2.7 million, $2.5 million and $2.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unearned compensation representing the unvested portion of the restricted stock totaled $10.4 million and $8.7 million as of December 31, 2014 and 2013, respectively. We expect to recognize this unearned compensation over the next 2.5 years on a weighted average basis. | |||||||||||||
(e) 401(k) Plan | |||||||||||||
We have a 401(k) plan whereby our employees may contribute a portion of their compensation to their respective retirement accounts, in an amount not to exceed the maximum allowed under the Code. The 401(k) Plan complies with Internal Revenue Service requirements as a 401(k) Safe Harbor Plan whereby discretionary contributions made by us are 100% vested. The aggregate cost of our contributions to the 401(k) Plan was approximately $2.8 million, $2.4 million, and $2.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Digital Realty Trust, L.P. | |||||||||||||
Incentive Plan | Incentive Plan | ||||||||||||
Our Amended and Restated 2004 Incentive Award Plan (as defined below) previously provided for the grant of incentive awards to employees, directors and consultants. Awards issuable under the Amended and Restated 2004 Incentive Award Plan included stock options, restricted stock, dividend equivalents, stock appreciation rights, long-term incentive units, cash performance bonuses and other incentive awards. Only employees were eligible to receive incentive stock options under the Amended and Restated 2004 Incentive Award Plan. Initially, we had reserved a total of 4,474,102 shares of common stock for issuance pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2004 Incentive Award Plan (the 2004 Incentive Award Plan), subject to certain adjustments set forth in the 2004 Incentive Award Plan. On May 2, 2007, Digital Realty Trust, Inc.’s stockholders approved the First Amended and Restated Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2004 Incentive Award Plan (as amended, the Amended and Restated 2004 Incentive Award Plan). The Amended and Restated 2004 Incentive Award Plan increased the aggregate number of shares of stock which could have been issued or transferred under the plan by 5,000,000 shares to a total of 9,474,102 shares, and provided that the maximum number of shares of stock with respect to awards granted to any one participant during a calendar year was 1,500,000 shares and the maximum amount that could have been paid in cash during any calendar year with respect to any performance-based award not denominated in stock or otherwise for which the foregoing limitation would not be an effective limitation for purposes of Section 162(m) of the Code was $10.0 million. | |||||||||||||
On April 28, 2014, Digital Realty Trust, Inc. held its 2014 Annual Meeting of Stockholders, or the 2014 Annual Meeting, at which the Company’s stockholders approved the Digital Realty Trust, Inc., Digital Services, Inc., and Digital Realty Trust, L.P. 2014 Incentive Award Plan (as amended, the 2014 Incentive Award Plan), which had been previously adopted by the Board of Directors and recommended to the stockholders for approval by the Company’s Board of Directors. The 2014 Incentive Award Plan became effective and replaced the Amended and Restated 2004 Incentive Award Plan as of the date of such stockholder approval. The material features of the 2014 Incentive Award Plan are described in our definitive Proxy Statement filed on March 19, 2014 in connection with the 2014 Annual Meeting. | |||||||||||||
As of December 31, 2014, 5,388,485 shares of common stock or awards convertible into or exchangeable for common stock remained available for future issuance under the 2014 Incentive Award Plan. Each long-term incentive unit and Class D Unit issued under the 2014 Incentive Award Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the 2014 Incentive Award Plan and the individual award limits set forth therein. | |||||||||||||
(a) Long-Term Incentive Units | |||||||||||||
Long-term incentive units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. Long-term incentive units (other than Class D Units), whether vested or not, will receive the same quarterly per unit distributions as Operating Partnership common units, which equal per share distributions on Digital Realty Trust, Inc. common stock. Initially, long-term incentive units do not have full parity with common units with respect to liquidating distributions. If such parity is reached, vested long-term incentive units may be converted into an equal number of common units of the Operating Partnership at any time, and thereafter enjoy all the rights of common units of the Operating Partnership, including redemption rights. | |||||||||||||
In order to achieve full parity with common units, long-term incentive units must be fully vested and the holder’s capital account balance in respect of such long-term incentive units must be equal to the capital account balance of a holder of an equivalent number of common units. The capital account balance attributable to each common unit is generally expected to be the same, in part because of the amount credited to a partner’s capital account upon the partner’s contribution of property to the Operating Partnership, and in part because the partnership agreement provides, in most cases, that allocations of income, gain, loss and deduction (which will adjust the partner’s capital accounts) are to be made to the common units on a proportionate basis. As a result, with respect to a number of long-term incentive units, it is possible to determine the capital account balance of an equivalent number of common units by multiplying the number of long-term incentive units by the capital account balance with respect to a common unit. | |||||||||||||
A partner’s initial capital account balance is equal to the amount the partner paid (or contributed to the Operating Partnership) for the partner’s units and is subject to subsequent adjustments, including with respect to the partner’s share of income, gain or loss of the Operating Partnership. Because a holder of long-term incentive units generally will not pay for the long-term incentive units, the initial capital account balance attributable to such long-term incentive units will be zero. However, the Operating Partnership is required to allocate income, gain, loss and deduction to the partner’s capital accounts in accordance with the terms of the partnership agreement, subject to applicable Treasury Regulations. The partnership agreement provides that holders of long-term incentive units will receive special allocations of gain in the event of a sale or “hypothetical sale” of assets of the Operating Partnership prior to the allocation of gain to Digital Realty Trust, Inc. or other limited partners with respect to their common units. The amount of such allocation will, to the extent of any such gain, be equal to the difference between the capital account balance of a holder of long-term incentive units attributable to such units and the capital account balance attributable to an equivalent number of common units. If and when such gain allocation is fully made, a holder of long-term incentive units will have achieved full parity with holders of common units. To the extent that, upon an actual sale or a “hypothetical sale” of the Operating Partnership’s assets as described above, there is not sufficient gain to allocate to a holder’s capital account with respect to long-term incentive units, or if such sale or “hypothetical sale” does not occur, such units will not achieve parity with common units. | |||||||||||||
The term “hypothetical sale” refers to circumstances that are not actual sales of the Operating Partnership’s assets but that require certain adjustments to the value of the Operating Partnership’s assets and the partners’ capital account balances. Specifically, the partnership agreement provides that, from time to time, in accordance with applicable Treasury Regulations, the Operating Partnership will adjust the value of its assets to equal their respective fair market values, and adjust the partners’ capital accounts, in accordance with the terms of the partnership agreement, as if the Operating Partnership sold its assets for an amount equal to their value. Times for making such adjustments generally include the liquidation of the Operating Partnership, the acquisition of an additional interest in the Operating Partnership by a new or existing partner in exchange for more than a de minimis capital contribution, the distribution by the Operating Partnership to a partner of more than a de minimis amount of partnership property as consideration for an interest in the Operating Partnership, in connection with the grant of an interest in the Operating Partnership (other than a de minimis interest) as consideration for the performance of services to or for the benefit of the Operating Partnership (including the grant of a long-term incentive unit), and at such other times as may be desirable or required to comply with the Treasury Regulations. | |||||||||||||
Below is a summary of our long-term incentive unit activity for the year ended December 31, 2014. | |||||||||||||
Unvested Long-term Incentive Units | Units | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 440,951 | $ | 62.42 | ||||||||||
Granted | 199,486 | 52.42 | |||||||||||
Vested | (307,249 | ) | 58.9 | ||||||||||
Cancelled or expired | (18,773 | ) | 65.21 | ||||||||||
Unvested, end of period | 314,415 | 59.34 | |||||||||||
During the year ended December 31, 2013, certain employees were granted an aggregate of 95,316 long-term incentive units, which, in addition to a service condition, were subject to a performance condition that impacted the number of units which ultimately vested. The performance condition was based upon our achievement of the 2013 Core Funds From Operations, or CFFO, per share targets. Based on our 2013 CFFO per diluted share and unit, 75,105 of the 2013 long-term incentive units, net of forfeitures, satisfied the performance condition. The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the grant date, are being expensed on a straight-line basis for service awards over four years, the current vesting period of the long-term incentive units. We expense the fair value of awards that contain a performance condition using an accelerated method with each vesting tranche valued as a separate award. | |||||||||||||
The expense recorded for the years ended December 31, 2014, 2013 and 2012 related to long-term incentive units was approximately $12.6 million, $8.9 million and $9.0 million, respectively. We capitalized amounts relating to compensation expense of employees direct and incremental to construction and successful leasing activities of approximately $1.7 million, $1.6 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unearned compensation representing the unvested portion of the long-term incentive units totaled $9.3 million and $12.9 million as of December 31, 2014 and 2013, respectively. We expect to recognize this unearned compensation over the next 2.0 years on a weighted average basis. | |||||||||||||
(b) 2014 Market Performance-Based Awards | |||||||||||||
On February 11, 2014, the Compensation Committee of the Board of Directors of the Company approved the grant of market performance-based Class D Units of the Operating Partnership and market performance-based restricted stock units, or RSUs, covering shares of the Company’s common stock (collectively, the “awards”), under the Amended and Restated 2004 Incentive Award Plan to officers and employees of the Company. In March 2014 and April 2014, the Compensation Committee of the Board of Directors of the Company approved the grant of additional market performance-based Class D Units of the Operating Partnership to certain officers of the Company, under the Amended and Restated 2004 Incentive Award Plan and 2014 Incentive Plan, respectively. | |||||||||||||
The awards, which were determined to contain a market condition, utilize total shareholder return, or TSR, over a three-year measurement period as the market performance metric. Awards will vest based on the Company’s TSR relative to the MSCI US REIT Index, or RMS, over a three-year market performance period, or the Market Performance Period, commencing in January 2014 (or, if earlier, ending on the date on which a change in control of the Company occurs), subject to continued services. Vesting with respect to the market condition is measured based on the difference between the Company’s TSR percentage and the TSR percentage of the RMS, or the RMS Relative Market Performance. In the event that the RMS Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of Class D units or RSUs, as applicable, set forth below: | |||||||||||||
Level | RMS Relative | Market | |||||||||||
Market Performance | Performance | ||||||||||||
Vesting | |||||||||||||
Percentage | |||||||||||||
Below Threshold Level | < 0 basis points | 0 | % | ||||||||||
Threshold Level | 0 basis points | 25 | % | ||||||||||
Target Level | 325 basis points | 50 | % | ||||||||||
High Level | > 650 basis points | 100 | % | ||||||||||
If the RMS Relative Market Performance falls between the levels specified above, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels. | |||||||||||||
Following the completion of the Market Performance Period, awards that have satisfied the market condition, if any, will vest 50% on February 27, 2017 and 50% on February 27, 2018, subject to continued employment through each applicable vesting date. | |||||||||||||
Service-based vesting will be accelerated, in full or on a pro rata basis, in the event of a change in control, termination of employment by the Company without cause, or termination of employment by the award recipient for good reason, death, disability or retirement, in any case prior to the completion of the Market Performance Period.. However, vesting with respect to the market condition will continue to be measured based on RMS Relative Market Performance during the three-year Market Performance Period (or, in the case of a change in control, shortened Market Performance Period). | |||||||||||||
The fair value of the 2014 grant of awards was measured using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. The Company’s achievement of the market vesting condition is contingent on its TSR over a three-year market performance period, relative to the total shareholder return of the RMS. The Monte Carlo simulation is a probabilistic technique based on the underlying theory of the Black-Scholes formula, which was run for 100,000 trials to determine the fair value of the awards. For each trial, the payoff to an award is calculated at the settlement date and is then discounted to the grant date at a risk-free interest rate. The total expected value of the awards on the grant date was determined by multiplying the average value per award over all trials by the number of awards granted. Assumptions used in the valuation include expected stock price volatility of 33 percent and a risk-free interest rate of 0.67 percent. The valuation was performed in a risk-neutral framework, so no assumption was made with respect to an equity risk premium. | |||||||||||||
As of December 31, 2014, 664,316 Class D Units and 248,026 market performance-based RSUs had been awarded to our executive officers and other employees. The number of units granted reflects the maximum number of Class D units or market performance-based RSUs, as applicable, which will become vested assuming the achievement of the highest level of RMS Relative Market Performance under the awards and, in the case of the Class D units, also includes dividend equivalent units. The fair value of these awards of approximately $17.4 million will be recognized as compensation expense on a straight-line basis over the expected service period of approximately four years. The unearned compensation as of December 31, 2014 was $9.5 million, net of cancellations. As of December 31, 2014, none of the above awards had vested. We recognized compensation expense related to these awards of approximately $3.0 million in the year ended December 31, 2014. We capitalized amounts relating to compensation expense of employees directly engaged in construction and leasing activities of approximately $1.4 million for the year ended December 31, 2014. If the market condition is not met at the end of the performance period, the unamortized amount will be recognized as an expense at that time. | |||||||||||||
(c) Stock Options | |||||||||||||
The following table summarizes the Amended and Restated 2004 Incentive Award Plan’s stock option activity for the year ended December 31, 2014: | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Shares | Weighted average | ||||||||||||
exercise price | |||||||||||||
Options outstanding, beginning of period | 123,690 | $ | 30.13 | ||||||||||
Exercised | (42,757 | ) | 16.65 | ||||||||||
Cancelled / Forfeited | — | — | |||||||||||
Options outstanding, end of period | 80,933 | $ | 37.25 | ||||||||||
Exercisable, end of period | 80,933 | $ | 37.25 | ||||||||||
The following table summarizes information about stock options outstanding and exercisable as of December 31, 2014: | |||||||||||||
Options outstanding and exercisable | |||||||||||||
Exercise price | Number | Weighted | Weighted | Aggregate | |||||||||
outstanding | average | average | intrinsic | ||||||||||
remaining | exercise | value | |||||||||||
contractual | price | ||||||||||||
life (years) | |||||||||||||
$20.37-28.09 | 15,000 | 0.85 | 20.37 | 688,950 | |||||||||
$33.18-41.73 | 65,933 | 2.3 | 41.09 | 1,662,091 | |||||||||
80,933 | 2.03 | $ | 37.25 | $ | 2,351,041 | ||||||||
(d) Restricted Stock | |||||||||||||
Below is a summary of our restricted stock activity for the year ended December 31, 2014. | |||||||||||||
Unvested Restricted Stock | Shares | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 255,081 | $ | 63.35 | ||||||||||
Granted (1) | 179,768 | 50.78 | |||||||||||
Vested | (76,946 | ) | 60.39 | ||||||||||
Cancelled or expired | (57,401 | ) | 60.7 | ||||||||||
Unvested, end of period | 300,502 | 57.1 | |||||||||||
-1 | All restricted stock granted in 2014 is subject only to a service condition. | ||||||||||||
The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the grant date, are being expensed on a straight-line basis for service awards over the vesting period of the restricted stock, which ranges from three to four years. We expense the fair value of awards that contain a performance condition using an accelerated method with each vesting tranche valued as a separate award. | |||||||||||||
During the year ended December 31, 2013, certain employees were granted an aggregate of 69,995 shares of restricted stock, which, in addition to a service condition, were subject to a performance condition that impacted the number of shares which ultimately vested. The performance condition was based upon our achievement of the 2013 CFFO per share targets. Upon evaluating the results of the performance condition, the final number of shares was determined and such shares vest based on satisfaction of the service conditions. Based on our 2013 CFFO per diluted share and unit, 50,805 shares of the 2013 restricted stock awards (net of forfeitures) satisfied the performance condition. | |||||||||||||
The expense recorded for the years ended December 31, 2014, 2013 and 2012 related to grants of restricted stock was approximately $2.5 million, $2.7 million and $2.9 million, respectively. We capitalized amounts relating to compensation expense of employees direct and incremental to construction and successful leasing activities of approximately $2.7 million, $2.5 million and $2.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Unearned compensation representing the unvested portion of the restricted stock totaled $10.4 million and $8.7 million as of December 31, 2014 and 2013, respectively. We expect to recognize this unearned compensation over the next 2.5 years on a weighted average basis. | |||||||||||||
(e) 401(k) Plan | |||||||||||||
We have a 401(k) plan whereby our employees may contribute a portion of their compensation to their respective retirement accounts, in an amount not to exceed the maximum allowed under the Code. The 401(k) Plan complies with Internal Revenue Service requirements as a 401(k) Safe Harbor Plan whereby discretionary contributions made by us are 100% vested. The aggregate cost of our contributions to the 401(k) Plan was approximately $2.8 million, $2.4 million, and $2.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments | |||||||||||||||||||||||
Currently, we use interest rate swaps to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | ||||||||||||||||||||||||
To comply with the provisions of fair value accounting guidance, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | ||||||||||||||||||||||||
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2014, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. We do not have any fair value measurements on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2014 or December 31, 2013. | ||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||||||||||
Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements related to US LIBOR, GBP LIBOR and EURIBOR based mortgage loans as well as the U.S. LIBOR and SGD-SOR based tranches of the unsecured term loan. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||||||||||
We record all our interest rate swaps on the consolidated balance sheet at fair value. In determining the fair value of our interest rate swaps, we consider the credit risk of our counterparties. These counterparties are generally larger financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions, including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The current and pervasive disruptions in the financial markets have heightened the risks to these institutions. | ||||||||||||||||||||||||
Our agreements with some of our derivative counterparties provide that (1) we could be declared in default on our derivative obligations if repayment of any of our indebtedness over $75.0 million is accelerated by the lender due to our default on the indebtedness and (2) we could be declared in default on a certain derivative obligation if we default on any of our indebtedness, including a default where repayment of underlying indebtedness has not been accelerated by the lender. | ||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2014, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The fair value of these derivatives was $(2.4) million and $0.1 million at December 31, 2014 and December 31, 2013 respectively. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2014, we recognized an increase to earnings of approximately $0.8 million related to the ineffective portion of our forward-starting swap. During the years ended December 31, 2013 and 2012, there were no ineffective portions to our interest rate swaps. | ||||||||||||||||||||||||
Amounts reported in accumulated other comprehensive loss related to interest rate swaps will be reclassified to interest expense as interest payments are made on our debt. As of December 31, 2014, we estimate that an additional $2.7 million will be reclassified as an increase to interest expense during the year ending December 31, 2015, when the hedged forecasted transactions impact earnings. | ||||||||||||||||||||||||
As of December 31, 2014 and December 31, 2013, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands): | ||||||||||||||||||||||||
Notional Amount | Fair Value at Significant Other | |||||||||||||||||||||||
Observable Inputs (Level 2) | ||||||||||||||||||||||||
As of | As of | Type of | Strike | Effective Date | Expiration Date | As of | As of | |||||||||||||||||
December 31, | December 31, | Derivative | Rate | December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Currently-paying contracts | ||||||||||||||||||||||||
$ | 410,905 | -1 | $ | 410,905 | -1 | Swap | 0.717 | Various | Various | $ | (241 | ) | $ | (76 | ) | |||||||||
142,965 | -2 | 150,040 | -2 | Swap | 0.925 | 17-Jul-12 | 18-Apr-17 | 669 | 131 | |||||||||||||||
553,870 | 560,945 | 428 | 55 | |||||||||||||||||||||
Forward-starting contracts | ||||||||||||||||||||||||
150,000 | -3 | — | Forward-starting Swap | 2.091 | 15-Jul-14 | 15-Jul-19 | (2,837 | ) | — | |||||||||||||||
Total | ||||||||||||||||||||||||
$ | 703,870 | $ | 560,945 | $ | (2,409 | ) | $ | 55 | ||||||||||||||||
-1 | Represents the U.S. dollar tranche of the unsecured term loan. | |||||||||||||||||||||||
-2 | Represents a portion of the Singapore dollar tranche of the unsecured term loan. Translation to U.S. dollars is based on exchange rate of $0.75 to 1.00 SGD as of December 31, 2014 and $0.79 to 1.00 SGD as of December 31, 2013. | |||||||||||||||||||||||
-3 | In January 2014, we entered into a forward-starting five-year swap contract to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The accrual period of the swap contract was designed to match the tenor of the planned debt issuance. In the fourth quarter of 2014, changes in the forecasted transaction resulted in the discontinuation of cash flow hedge accounting. As such, changes in the fair value of the forward starting swap were recognized in earnings, within the other income (expense) line item. During 2014 the total net gain recognized on the forward starting swap was approximately $0.8 million, and on January 13, 2015, we cash settled the forward starting swap for approximately $5.7 million, including accrued interest. | |||||||||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments | |||||||||||||||||||||||
Currently, we use interest rate swaps to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | ||||||||||||||||||||||||
To comply with the provisions of fair value accounting guidance, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | ||||||||||||||||||||||||
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2014, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. We do not have any fair value measurements on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2014 or December 31, 2013. | ||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||||||||||
Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements related to US LIBOR, GBP LIBOR and EURIBOR based mortgage loans as well as the U.S. LIBOR and SGD-SOR based tranches of the unsecured term loan. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||||||||||
We record all our interest rate swaps on the consolidated balance sheet at fair value. In determining the fair value of our interest rate swaps, we consider the credit risk of our counterparties. These counterparties are generally larger financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions, including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The current and pervasive disruptions in the financial markets have heightened the risks to these institutions. | ||||||||||||||||||||||||
Our agreements with some of our derivative counterparties provide that (1) we could be declared in default on our derivative obligations if repayment of any of our indebtedness over $75.0 million is accelerated by the lender due to our default on the indebtedness and (2) we could be declared in default on a certain derivative obligation if we default on any of our indebtedness, including a default where repayment of underlying indebtedness has not been accelerated by the lender. | ||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2014, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The fair value of these derivatives was $(2.4) million and $0.1 million at December 31, 2014 and December 31, 2013 respectively. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2014, we recognized an increase to earnings of approximately $0.8 million related to the ineffective portion of our forward-starting swap. During the years ended December 31, 2013 and 2012, there were no ineffective portions to our interest rate swaps. | ||||||||||||||||||||||||
Amounts reported in accumulated other comprehensive loss related to interest rate swaps will be reclassified to interest expense as interest payments are made on our debt. As of December 31, 2014, we estimate that an additional $2.7 million will be reclassified as an increase to interest expense during the year ending December 31, 2015, when the hedged forecasted transactions impact earnings. | ||||||||||||||||||||||||
As of December 31, 2014 and December 31, 2013, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands): | ||||||||||||||||||||||||
Notional Amount | Fair Value at Significant Other | |||||||||||||||||||||||
Observable Inputs (Level 2) | ||||||||||||||||||||||||
As of | As of | Type of | Strike | Effective Date | Expiration Date | As of | As of | |||||||||||||||||
December 31, | December 31, | Derivative | Rate | December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Currently-paying contracts | ||||||||||||||||||||||||
$ | 410,905 | -1 | $ | 410,905 | -1 | Swap | 0.717 | Various | Various | $ | (241 | ) | $ | (76 | ) | |||||||||
142,965 | -2 | 150,040 | -2 | Swap | 0.925 | 17-Jul-12 | 18-Apr-17 | 669 | 131 | |||||||||||||||
553,870 | 560,945 | 428 | 55 | |||||||||||||||||||||
Forward-starting contracts | ||||||||||||||||||||||||
150,000 | -3 | — | Forward-starting Swap | 2.091 | 15-Jul-14 | 15-Jul-19 | (2,837 | ) | — | |||||||||||||||
Total | ||||||||||||||||||||||||
$ | 703,870 | $ | 560,945 | $ | (2,409 | ) | $ | 55 | ||||||||||||||||
-1 | Represents the U.S. dollar tranche of the unsecured term loan. | |||||||||||||||||||||||
-2 | Represents a portion of the Singapore dollar tranche of the unsecured term loan. Translation to U.S. dollars is based on exchange rate of $0.75 to 1.00 SGD as of December 31, 2014 and $0.79 to 1.00 SGD as of December 31, 2013. | |||||||||||||||||||||||
-3 | In January 2014, we entered into a forward-starting five-year swap contract to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The accrual period of the swap contract was designed to match the tenor of the planned debt issuance. In the fourth quarter of 2014, changes in the forecasted transaction resulted in the discontinuation of cash flow hedge accounting. As such, changes in the fair value of the forward starting swap were recognized in earnings, within the other income (expense) line item. During 2014 the total net gain recognized on the forward starting swap was approximately $0.8 million, and on January 13, 2015, we cash settled the forward starting swap for approximately $5.7 million, including accrued interest. |
Fair_Value_Of_Instruments
Fair Value Of Instruments | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Of Instruments | Fair Value of Instruments | |||||||||||||||||
We disclose fair value information about all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. Current accounting guidance requires the Company to disclose fair value information about all financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate fair value. | ||||||||||||||||||
The Company’s disclosures of estimated fair value of financial instruments at December 31, 2014 and December 31, 2013 were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. | ||||||||||||||||||
The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. As described in note 14, the interest rate swaps are recorded at fair value. | ||||||||||||||||||
We calculate the fair value of our mortgage loans, unsecured term loan, unsecured senior notes and exchangeable senior debentures 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 carrying value of our global revolving credit facility approximates fair value, due to the variability of interest rates. | ||||||||||||||||||
As of December 31, 2014 and December 31, 2013, the aggregate estimated fair value and carrying value of our global revolving credit facility, unsecured term loan, unsecured senior notes, exchangeable senior debentures and mortgage loans were as follows (in thousands): | ||||||||||||||||||
Categorization | As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
under the fair value | ||||||||||||||||||
hierarchy | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | ||||||||||||||
Global revolving credit facility (1) | Level 2 | $ | 525,951 | $ | 525,951 | $ | 724,668 | $ | 724,668 | |||||||||
Unsecured term loan (2) | Level 2 | 976,600 | 976,600 | 1,020,984 | 1,020,984 | |||||||||||||
Unsecured senior notes (3)(4) | Level 2 | 2,968,073 | 2,791,758 | 2,379,999 | 2,364,232 | |||||||||||||
Exchangeable senior debentures (3) | Level 2 | — | — | 336,847 | 266,400 | |||||||||||||
Mortgage loans (3) | Level 2 | 399,569 | 378,818 | 622,580 | 585,608 | |||||||||||||
$ | 4,870,193 | $ | 4,673,127 | $ | 5,085,078 | $ | 4,961,892 | |||||||||||
-1 | The carrying value of our global revolving credit facility approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating. | |||||||||||||||||
-2 | The carrying value of our unsecured term loan approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating. | |||||||||||||||||
-3 | Valuations for our unsecured senior notes and mortgage loans are determined based on the expected future payments discounted at risk-adjusted rates. The 2015 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes and 2029 Debentures are valued based on quoted market prices. | |||||||||||||||||
-4 | The carrying value of the 2015 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes are net of discount of $15.6 million and $15.0 million in the aggregate as of December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||
Fair Value Of Instruments | Fair Value of Instruments | |||||||||||||||||
We disclose fair value information about all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. Current accounting guidance requires the Company to disclose fair value information about all financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate fair value. | ||||||||||||||||||
The Company’s disclosures of estimated fair value of financial instruments at December 31, 2014 and December 31, 2013 were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. | ||||||||||||||||||
The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. As described in note 14, the interest rate swaps are recorded at fair value. | ||||||||||||||||||
We calculate the fair value of our mortgage loans, unsecured term loan, unsecured senior notes and exchangeable senior debentures 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 carrying value of our global revolving credit facility approximates fair value, due to the variability of interest rates. | ||||||||||||||||||
As of December 31, 2014 and December 31, 2013, the aggregate estimated fair value and carrying value of our global revolving credit facility, unsecured term loan, unsecured senior notes, exchangeable senior debentures and mortgage loans were as follows (in thousands): | ||||||||||||||||||
Categorization | As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
under the fair value | ||||||||||||||||||
hierarchy | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | ||||||||||||||
Global revolving credit facility (1) | Level 2 | $ | 525,951 | $ | 525,951 | $ | 724,668 | $ | 724,668 | |||||||||
Unsecured term loan (2) | Level 2 | 976,600 | 976,600 | 1,020,984 | 1,020,984 | |||||||||||||
Unsecured senior notes (3)(4) | Level 2 | 2,968,073 | 2,791,758 | 2,379,999 | 2,364,232 | |||||||||||||
Exchangeable senior debentures (3) | Level 2 | — | — | 336,847 | 266,400 | |||||||||||||
Mortgage loans (3) | Level 2 | 399,569 | 378,818 | 622,580 | 585,608 | |||||||||||||
$ | 4,870,193 | $ | 4,673,127 | $ | 5,085,078 | $ | 4,961,892 | |||||||||||
-1 | The carrying value of our global revolving credit facility approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating. | |||||||||||||||||
-2 | The carrying value of our unsecured term loan approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating. | |||||||||||||||||
-3 | Valuations for our unsecured senior notes and mortgage loans are determined based on the expected future payments discounted at risk-adjusted rates. The 2015 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes and 2029 Debentures are valued based on quoted market prices. | |||||||||||||||||
-4 | The carrying value of the 2015 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes are net of discount of $15.6 million and $15.0 million in the aggregate as of December 31, 2014 and December 31, 2013, respectively. |
Tenant_Leases
Tenant Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Tenant Leases | Tenant Leases | |||
The future minimum lease payments to be received (excluding operating expense reimbursements) by us as of December 31, 2014, under non-cancelable operating leases are as follows (in thousands): | ||||
2015 | $ | 1,184,835 | ||
2016 | 1,118,153 | |||
2017 | 1,055,080 | |||
2018 | 948,635 | |||
2019 | 827,175 | |||
Thereafter | 3,322,079 | |||
Total | $ | 8,455,957 | ||
Included in the above amounts are minimum lease payments to be received from The tel(x) Group, Inc., or tel(x), and SoftLayer Technologies, Inc., or SoftLayer, previously related parties as further discussed in note 17. The future minimum lease payments to be received (excluding operating expense reimbursements) by us from tel(x) and SoftLayer, entered into while both tel(x) and SoftLayer were related parties, as of December 31, 2014, under non-cancelable operating leases are as follows (in thousands): | ||||
2015 | $ | 85,625 | ||
2016 | 88,004 | |||
2017 | 90,353 | |||
2018 | 92,594 | |||
2019 | 95,256 | |||
Thereafter | 510,424 | |||
Total | $ | 962,256 | ||
Digital Realty Trust, L.P. | ||||
Tenant Leases | Tenant Leases | |||
The future minimum lease payments to be received (excluding operating expense reimbursements) by us as of December 31, 2014, under non-cancelable operating leases are as follows (in thousands): | ||||
2015 | $ | 1,184,835 | ||
2016 | 1,118,153 | |||
2017 | 1,055,080 | |||
2018 | 948,635 | |||
2019 | 827,175 | |||
Thereafter | 3,322,079 | |||
Total | $ | 8,455,957 | ||
Included in the above amounts are minimum lease payments to be received from The tel(x) Group, Inc., or tel(x), and SoftLayer Technologies, Inc., or SoftLayer, previously related parties as further discussed in note 17. The future minimum lease payments to be received (excluding operating expense reimbursements) by us from tel(x) and SoftLayer, entered into while both tel(x) and SoftLayer were related parties, as of December 31, 2014, under non-cancelable operating leases are as follows (in thousands): | ||||
2015 | $ | 85,625 | ||
2016 | 88,004 | |||
2017 | 90,353 | |||
2018 | 92,594 | |||
2019 | 95,256 | |||
Thereafter | 510,424 | |||
Total | $ | 962,256 | ||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions | Related Party Transactions |
In December 2006, we entered into 10 leases with tel(x) pursuant to which tel(x) provides enhanced meet-me-room services to our customers. The initial terms of these leases expire in 2026, and tel(x) has options to extend them through 2046. tel(x) was acquired by GI Partners Fund II, LLP in November 2006, which, collectively with GI Partners Side Fund II, L.P., owned the majority of the outstanding stock of tel(x). Richard Magnuson, our former director and Chairman who served until our 2012 Annual Meeting of Stockholders, or the Annual Meeting, is the chief executive officer of the advisor to GI Partners Fund II, LLP and GI Partners Side Fund II, L.P. During the year ended December 31, 2011, GI Partners Fund II, LLP and GI Partners Side Fund II, L.P completed the sale of tel(x) to an unrelated third party. Our consolidated statements of operations include rental revenues of approximately $51.6 million, $48.6 million and $45.7 million from tel(x) for the years ended December 31, 2014, 2013 and 2012, respectively, from leases entered into before tel(x) was sold to an unrelated third party. In connection with the lease agreements, we entered into an operating agreement with tel(x), effective as of December 1, 2006, with respect to joint sales and marketing efforts, designation of representatives to manage the national relationship between us and tel(x) and future meet-me-room facilities. As of December 31, 2014 and 2013, tel(x) leased from us 341,202 square feet under 55 lease agreements; all but 14 leases for 86,888 square feet were entered into prior to the sale of tel(x) to an unrelated third party in September 2011. | |
We also entered into an agreement with tel(x), effective as of December 1, 2006, with respect to percentage rent arising out of potential future lease agreements for rentable space in buildings covered by the meet-me-room lease agreements. Percentage rent earned during the years ended December 31, 2014, 2013 and 2012 amounted to approximately $7.1 million, $6.0 million and $4.8 million, respectively. In addition, in connection with the lease agreements, we entered into a management agreement with tel(x), effective as of December 1, 2007, pursuant to which tel(x) agreed to provide us with certain management services in exchange for a management fee of one percent of rents actually collected by tel(x). | |
Prior to the 2012 Annual Meeting, we had entered into 9 leases with SoftLayer, all of which are in place as of December 31, 2013. The initial terms of these leases expire from 2013 to 2025, and SoftLayer has options to extend them from 2018 through 2035. On August 3, 2010, GI Partners Fund III, L.P. acquired a controlling interest in SoftLayer. Richard Magnuson, our former director and Chairman who served until our Annual Meeting, is also a manager of the general partner to GI Partners Fund III, L.P. Our consolidated statements of operations include rental revenues of approximately $51.8 million, $53.9 million and $48.3 million from SoftLayer for the years ended December 31, 2014, 2013 and 2012, respectively, from leases entered into before Mr. Magnuson’s term as a member of our Board of Directors and our Chairman ended. In July 2013, SoftLayer was acquired by IBM. | |
Mr. Magnuson did not stand for re-election to our Board of Directors at our Annual Meeting. His term as a member of our Board of Directors and our Chairman ended effective April 23, 2012, the date of the Annual Meeting. | |
Digital Realty Trust, L.P. | |
Related Party Transactions | Related Party Transactions |
In December 2006, we entered into 10 leases with tel(x) pursuant to which tel(x) provides enhanced meet-me-room services to our customers. The initial terms of these leases expire in 2026, and tel(x) has options to extend them through 2046. tel(x) was acquired by GI Partners Fund II, LLP in November 2006, which, collectively with GI Partners Side Fund II, L.P., owned the majority of the outstanding stock of tel(x). Richard Magnuson, our former director and Chairman who served until our 2012 Annual Meeting of Stockholders, or the Annual Meeting, is the chief executive officer of the advisor to GI Partners Fund II, LLP and GI Partners Side Fund II, L.P. During the year ended December 31, 2011, GI Partners Fund II, LLP and GI Partners Side Fund II, L.P completed the sale of tel(x) to an unrelated third party. Our consolidated statements of operations include rental revenues of approximately $51.6 million, $48.6 million and $45.7 million from tel(x) for the years ended December 31, 2014, 2013 and 2012, respectively, from leases entered into before tel(x) was sold to an unrelated third party. In connection with the lease agreements, we entered into an operating agreement with tel(x), effective as of December 1, 2006, with respect to joint sales and marketing efforts, designation of representatives to manage the national relationship between us and tel(x) and future meet-me-room facilities. As of December 31, 2014 and 2013, tel(x) leased from us 341,202 square feet under 55 lease agreements; all but 14 leases for 86,888 square feet were entered into prior to the sale of tel(x) to an unrelated third party in September 2011. | |
We also entered into an agreement with tel(x), effective as of December 1, 2006, with respect to percentage rent arising out of potential future lease agreements for rentable space in buildings covered by the meet-me-room lease agreements. Percentage rent earned during the years ended December 31, 2014, 2013 and 2012 amounted to approximately $7.1 million, $6.0 million and $4.8 million, respectively. In addition, in connection with the lease agreements, we entered into a management agreement with tel(x), effective as of December 1, 2007, pursuant to which tel(x) agreed to provide us with certain management services in exchange for a management fee of one percent of rents actually collected by tel(x). | |
Prior to the 2012 Annual Meeting, we had entered into 9 leases with SoftLayer, all of which are in place as of December 31, 2013. The initial terms of these leases expire from 2013 to 2025, and SoftLayer has options to extend them from 2018 through 2035. On August 3, 2010, GI Partners Fund III, L.P. acquired a controlling interest in SoftLayer. Richard Magnuson, our former director and Chairman who served until our Annual Meeting, is also a manager of the general partner to GI Partners Fund III, L.P. Our consolidated statements of operations include rental revenues of approximately $51.8 million, $53.9 million and $48.3 million from SoftLayer for the years ended December 31, 2014, 2013 and 2012, respectively, from leases entered into before Mr. Magnuson’s term as a member of our Board of Directors and our Chairman ended. In July 2013, SoftLayer was acquired by IBM. | |
Mr. Magnuson did not stand for re-election to our Board of Directors at our Annual Meeting. His term as a member of our Board of Directors and our Chairman ended effective April 23, 2012, the date of the Annual Meeting. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments And Contingencies | Commitments and Contingencies | |||
(a) Operating Leases | ||||
We have a ground lease obligation on 2010 East Centennial Circle that expires in 2082. After February 2036, rent for the remaining term of the 2010 East Centennial Circle ground lease will be determined based on a fair market value appraisal of the property and, as result, rent after February 2036 is excluded from the minimum commitment information below. | ||||
We have ground leases on Paul van Vlissingenstraat 16that expires in 2054, Chemin de l’Epinglier 2that expires in 2074, Clonshaugh Industrial Estate I and II that expires in 2981, Manchester Technopark that expires in 2125, 29A International Business Park that expires in 2038, Gyroscoopweg 2E-2F, which has a continuous ground lease and will be adjusted on January 1, 2042, and Naritaweg 52, which has a continuous ground lease. In late 2011, we executed a lease for a new location for our headquarters, which began in May 2012, with a lease term of 12 years with an option to extend the lease for an additional five years. We also have operating leases at 111 8th Avenue (2nd and 6th floors), 8100 Boone Boulevard, 111 8th Avenue (3rd and 7th floors) and 410 Commerce Boulevard, which expire in June 2024, September 2017, February 2022 and December 2026, respectively. The lease at 111 8th Avenue (2ndand 6th floors) has an option to extend the lease until June 2034 and the lease at 111 8th Avenue (3rd and 7th floors) has an option to extend the lease until February 2032. The leases at 8100 Boone Boulevard and 410 Commerce Boulevard have no extension options. | ||||
We have a fully prepaid ground lease on 2055 E. Technology Circle that expires in 2083. We have a fully prepaid ground lease on Cateringweg 5 that expires in 2059. The ground lease at Naritaweg 52 has been prepaid through December 2036. | ||||
Rental expense for these leases was approximately $16.2 million, $23.1 million, and $10.2 million for the years ended December 31, 2014, 2013 and 2012 respectively. In 2013, a non-cash $10.0 million straight-line rent expense adjustment was recorded in rental property operating and maintenance expenses related to a lease amendment executed in September 2010, $7.5 million of this amount related to prior years. This adjustment was deemed to be immaterial to both the current year and prior year financial statements taken as a whole. | ||||
The minimum commitment under these leases, excluding the fully prepaid ground leases, as of December 31, 2014 was as follows (in thousands): | ||||
2015 | $ | 15,347 | ||
2016 | 15,011 | |||
2017 | 15,012 | |||
2018 | 14,362 | |||
2019 | 14,730 | |||
Thereafter | 101,964 | |||
Total | $ | 176,426 | ||
(b) Contingent liabilities | ||||
As part of the 29A International Business Park asset acquisition in 2010, the seller could earn additional consideration based on future net operating income growth in excess of certain performance targets, as defined in the agreements for the acquisition. As of December 31, 2014, certain leases executed subsequent to purchase have caused an amount to become probable of payment and therefore approximately $12.6 million has been accrued in accounts payable and accrued liabilities and capitalized to buildings and improvements in the consolidated balance sheet as of December 31, 2014. The maximum amount that could be earned by the seller is $50.0 million SGD (or approximately $37.7 million based on the exchange rate as of December 31, 2014). The earnout contingency expires in November 2020. | ||||
One of the tenants at our Convergence Business Park property has an option to expand as part of their lease agreement, which expires in April 2017. As part of this option, development activities were not permitted on specifically identified expansion space within the property until April 2014. From April 2014 through April 2017, the tenant has the right of first refusal on any third party’s bona fide offer to buy the adjacent land. If the tenant exercises their option, we may either construct and lease to the tenant an additional shell building on the expansion space at a stipulated rate of return on cost or sell the existing building and the expansion space to the tenant for a price of approximately $24.0 million and $225,000 per square acre, respectively, plus additional adjustments as provided in the lease. | ||||
As part of the acquisition of the Sentrum Portfolio, the seller could earn additional consideration based on future net returns on vacant space to be developed, but not currently leased, as defined in the purchase agreement for the acquisition. The initial estimate of fair value of the contingent consideration liability was approximately £56.5 million (or approximately $87.6 million based on the exchange rate as of July 11, 2012, the acquisition date). We have adjusted the contingent consideration to fair value at each reporting date with changes in fair value recognized in operating income. At December 31, 2014, the fair value of the contingent consideration for Sentrum was £30.3 million (or approximately $47.2 million based on the exchange rate as of December 31, 2014) and is currently accrued in accounts payable and other accrued expenses in the consolidated balance sheet. We made earnout payments of approximately £6.2 million (or approximately $10.3 million based on the exchange rates as of the date of each payment) during the year ended December 31, 2014. During the year ended December 31, 2013, we made earnout payments of approximately £16.9 million (or approximately $25.8 million based on the exchange rates as of the date of each payment). From the acquisition date through December 31, 2014, we have made earnout payments of approximately £23.1 million (or approximately $36.1 million based on the exchange rates as of the date of each payment). The change in fair value of contingent consideration for Sentrum was recorded as a reduction to operating expense of approximately $8.4 million, $1.8 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The fair value of this liability will be reassessed on a quarterly basis, with any changes being recognized in earnings. Increases or decreases in the fair value of the liability can result from changes in discount periods, discount rates and probabilities that contingencies will be met. The earn-out contingency expires in July 2015. | ||||
(c) Construction Commitments | ||||
Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements and from time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At December 31, 2014, we had open commitments related to construction contracts of approximately $156.5 million. | ||||
(d) Legal Proceedings | ||||
Although the Company is involved in legal proceedings arising in the ordinary course of business, as of December 31, 2014, the Company is not currently a party to any legal proceedings nor, to its knowledge, is any legal proceeding threatened against it that it believes would have a material adverse effect on its financial position, results of operations or liquidity. | ||||
Digital Realty Trust, L.P. | ||||
Commitments And Contingencies | Commitments and Contingencies | |||
(a) Operating Leases | ||||
We have a ground lease obligation on 2010 East Centennial Circle that expires in 2082. After February 2036, rent for the remaining term of the 2010 East Centennial Circle ground lease will be determined based on a fair market value appraisal of the property and, as result, rent after February 2036 is excluded from the minimum commitment information below. | ||||
We have ground leases on Paul van Vlissingenstraat 16that expires in 2054, Chemin de l’Epinglier 2that expires in 2074, Clonshaugh Industrial Estate I and II that expires in 2981, Manchester Technopark that expires in 2125, 29A International Business Park that expires in 2038, Gyroscoopweg 2E-2F, which has a continuous ground lease and will be adjusted on January 1, 2042, and Naritaweg 52, which has a continuous ground lease. In late 2011, we executed a lease for a new location for our headquarters, which began in May 2012, with a lease term of 12 years with an option to extend the lease for an additional five years. We also have operating leases at 111 8th Avenue (2nd and 6th floors), 8100 Boone Boulevard, 111 8th Avenue (3rd and 7th floors) and 410 Commerce Boulevard, which expire in June 2024, September 2017, February 2022 and December 2026, respectively. The lease at 111 8th Avenue (2ndand 6th floors) has an option to extend the lease until June 2034 and the lease at 111 8th Avenue (3rd and 7th floors) has an option to extend the lease until February 2032. The leases at 8100 Boone Boulevard and 410 Commerce Boulevard have no extension options. | ||||
We have a fully prepaid ground lease on 2055 E. Technology Circle that expires in 2083. We have a fully prepaid ground lease on Cateringweg 5 that expires in 2059. The ground lease at Naritaweg 52 has been prepaid through December 2036. | ||||
Rental expense for these leases was approximately $16.2 million, $23.1 million, and $10.2 million for the years ended December 31, 2014, 2013 and 2012 respectively. In 2013, a non-cash $10.0 million straight-line rent expense adjustment was recorded in rental property operating and maintenance expenses related to a lease amendment executed in September 2010, $7.5 million of this amount related to prior years. This adjustment was deemed to be immaterial to both the current year and prior year financial statements taken as a whole. | ||||
The minimum commitment under these leases, excluding the fully prepaid ground leases, as of December 31, 2014 was as follows (in thousands): | ||||
2015 | $ | 15,347 | ||
2016 | 15,011 | |||
2017 | 15,012 | |||
2018 | 14,362 | |||
2019 | 14,730 | |||
Thereafter | 101,964 | |||
Total | $ | 176,426 | ||
(b) Contingent liabilities | ||||
As part of the 29A International Business Park asset acquisition in 2010, the seller could earn additional consideration based on future net operating income growth in excess of certain performance targets, as defined in the agreements for the acquisition. As of December 31, 2014, certain leases executed subsequent to purchase have caused an amount to become probable of payment and therefore approximately $12.6 million has been accrued in accounts payable and accrued liabilities and capitalized to buildings and improvements in the consolidated balance sheet as of December 31, 2014. The maximum amount that could be earned by the seller is $50.0 million SGD (or approximately $37.7 million based on the exchange rate as of December 31, 2014). The earnout contingency expires in November 2020. | ||||
One of the tenants at our Convergence Business Park property has an option to expand as part of their lease agreement, which expires in April 2017. As part of this option, development activities were not permitted on specifically identified expansion space within the property until April 2014. From April 2014 through April 2017, the tenant has the right of first refusal on any third party’s bona fide offer to buy the adjacent land. If the tenant exercises their option, we may either construct and lease to the tenant an additional shell building on the expansion space at a stipulated rate of return on cost or sell the existing building and the expansion space to the tenant for a price of approximately $24.0 million and $225,000 per square acre, respectively, plus additional adjustments as provided in the lease. | ||||
As part of the acquisition of the Sentrum Portfolio, the seller could earn additional consideration based on future net returns on vacant space to be developed, but not currently leased, as defined in the purchase agreement for the acquisition. The initial estimate of fair value of the contingent consideration liability was approximately £56.5 million (or approximately $87.6 million based on the exchange rate as of July 11, 2012, the acquisition date). We have adjusted the contingent consideration to fair value at each reporting date with changes in fair value recognized in operating income. At December 31, 2014, the fair value of the contingent consideration for Sentrum was £30.3 million (or approximately $47.2 million based on the exchange rate as of December 31, 2014) and is currently accrued in accounts payable and other accrued expenses in the consolidated balance sheet. We made earnout payments of approximately £6.2 million (or approximately $10.3 million based on the exchange rates as of the date of each payment) during the year ended December 31, 2014. During the year ended December 31, 2013, we made earnout payments of approximately £16.9 million (or approximately $25.8 million based on the exchange rates as of the date of each payment). From the acquisition date through December 31, 2014, we have made earnout payments of approximately £23.1 million (or approximately $36.1 million based on the exchange rates as of the date of each payment). The change in fair value of contingent consideration for Sentrum was recorded as a reduction to operating expense of approximately $8.4 million, $1.8 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. The fair value of this liability will be reassessed on a quarterly basis, with any changes being recognized in earnings. Increases or decreases in the fair value of the liability can result from changes in discount periods, discount rates and probabilities that contingencies will be met. The earn-out contingency expires in July 2015. | ||||
(c) Construction Commitments | ||||
Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements and from time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At December 31, 2014, we had open commitments related to construction contracts of approximately $156.5 million. | ||||
(d) Legal Proceedings | ||||
Although the Company is involved in legal proceedings arising in the ordinary course of business, as of December 31, 2014, the Company is not currently a party to any legal proceedings nor, to its knowledge, is any legal proceeding threatened against it that it believes would have a material adverse effect on its financial position, results of operations or liquidity. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Digital Realty Trust, Inc.) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) | Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) | |||||||||||||||
The tables below reflect selected quarterly information for the years ended December 31, 2014 and 2013. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per share amounts). | ||||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Total operating revenues | $ | 412,216 | $ | 412,186 | $ | 401,446 | $ | 390,590 | ||||||||
Net income (loss) | (34,794 | ) | 130,161 | 61,332 | 46,717 | |||||||||||
Net income (loss) attributable to Digital Realty Trust, Inc. | (33,833 | ) | 127,769 | 60,339 | 45,912 | |||||||||||
Preferred stock dividends | 18,455 | 18,455 | 18,829 | 11,726 | ||||||||||||
Net income (loss) available to common stockholders | (52,288 | ) | 109,314 | 41,510 | 34,186 | |||||||||||
Basic net income (loss) per share available to common stockholders | $ | (0.39 | ) | $ | 0.81 | $ | 0.31 | $ | 0.27 | |||||||
Diluted net income (loss) per share available to common stockholders | $ | (0.39 | ) | $ | 0.8 | $ | 0.31 | $ | 0.26 | |||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total operating revenues | $ | 380,931 | $ | 379,456 | $ | 363,502 | $ | 358,370 | ||||||||
Net income | 55,667 | 153,480 | 59,621 | 51,681 | ||||||||||||
Net income attributable to Digital Realty Trust, Inc. | 54,703 | 150,598 | 58,476 | 50,711 | ||||||||||||
Preferred stock dividends | 11,726 | 11,726 | 11,399 | 8,054 | ||||||||||||
Net income available to common stockholders | 42,977 | 138,872 | 47,077 | 42,657 | ||||||||||||
Basic net income per share available to common stockholders | $ | 0.33 | $ | 1.08 | $ | 0.37 | $ | 0.34 | ||||||||
Diluted net income per share available to common stockholders | $ | 0.33 | $ | 1.06 | $ | 0.37 | $ | 0.34 | ||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Digital Realty Trust, L.P.) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information (Digital Realty Trust, L.P.) (unaudited) | Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) | |||||||||||||||
The tables below reflect selected quarterly information for the years ended December 31, 2014 and 2013. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per share amounts). | ||||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Total operating revenues | $ | 412,216 | $ | 412,186 | $ | 401,446 | $ | 390,590 | ||||||||
Net income (loss) | (34,794 | ) | 130,161 | 61,332 | 46,717 | |||||||||||
Net income (loss) attributable to Digital Realty Trust, Inc. | (33,833 | ) | 127,769 | 60,339 | 45,912 | |||||||||||
Preferred stock dividends | 18,455 | 18,455 | 18,829 | 11,726 | ||||||||||||
Net income (loss) available to common stockholders | (52,288 | ) | 109,314 | 41,510 | 34,186 | |||||||||||
Basic net income (loss) per share available to common stockholders | $ | (0.39 | ) | $ | 0.81 | $ | 0.31 | $ | 0.27 | |||||||
Diluted net income (loss) per share available to common stockholders | $ | (0.39 | ) | $ | 0.8 | $ | 0.31 | $ | 0.26 | |||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total operating revenues | $ | 380,931 | $ | 379,456 | $ | 363,502 | $ | 358,370 | ||||||||
Net income | 55,667 | 153,480 | 59,621 | 51,681 | ||||||||||||
Net income attributable to Digital Realty Trust, Inc. | 54,703 | 150,598 | 58,476 | 50,711 | ||||||||||||
Preferred stock dividends | 11,726 | 11,726 | 11,399 | 8,054 | ||||||||||||
Net income available to common stockholders | 42,977 | 138,872 | 47,077 | 42,657 | ||||||||||||
Basic net income per share available to common stockholders | $ | 0.33 | $ | 1.08 | $ | 0.37 | $ | 0.34 | ||||||||
Diluted net income per share available to common stockholders | $ | 0.33 | $ | 1.06 | $ | 0.37 | $ | 0.34 | ||||||||
Digital Realty Trust, L.P. | ||||||||||||||||
Quarterly Financial Information (Digital Realty Trust, L.P.) (unaudited) | Quarterly Financial Information (Digital Realty Trust, L.P.) (unaudited) | |||||||||||||||
The tables below reflect selected quarterly information for the years ended December 31, 2014 and 2013. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per unit amounts). | ||||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Total operating revenues | $ | 412,216 | $ | 412,186 | $ | 401,446 | $ | 390,590 | ||||||||
Net income (loss) | (34,794 | ) | 130,161 | 61,332 | 46,717 | |||||||||||
Net income (loss) attributable to Digital Realty Trust, L.P. | (34,907 | ) | 130,041 | 61,212 | 46,605 | |||||||||||
Preferred unit distributions | 18,455 | 18,455 | 18,829 | 11,726 | ||||||||||||
Net income (loss) available to common unitholders | (53,362 | ) | 111,586 | 42,383 | 34,879 | |||||||||||
Basic net income (loss) per unit available to common unitholders | $ | (0.39 | ) | $ | 0.81 | $ | 0.31 | $ | 0.27 | |||||||
Diluted net income (loss) per unit available to common unitholders | $ | (0.39 | ) | $ | 0.8 | $ | 0.31 | $ | 0.26 | |||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total operating revenues | $ | 380,931 | $ | 379,456 | $ | 363,502 | $ | 358,370 | ||||||||
Net income | 55,667 | 153,480 | 59,621 | 51,681 | ||||||||||||
Net income attributable to Digital Realty Trust, L.P. | 55,552 | 153,355 | 59,412 | 51,535 | ||||||||||||
Preferred unit distributions | 11,726 | 11,726 | 11,399 | 8,054 | ||||||||||||
Net income available to common unitholders | 43,826 | 141,629 | 48,013 | 43,481 | ||||||||||||
Basic net income per unit available to common unitholders | $ | 0.33 | $ | 1.08 | $ | 0.37 | $ | 0.34 | ||||||||
Diluted net income per unit available to common unitholders | $ | 0.33 | $ | 1.06 | $ | 0.37 | $ | 0.34 | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Subsequent Events | Subsequent Events | |||||||||||||||||||
In addition to matters discussed elsewhere in the footnotes, the following subsequent events warranted disclosure: | ||||||||||||||||||||
On February 5, 2015, the Operating Partnership sold the 100 Quannapowitt property for approximately $31 million.The transaction after costs resulted in net proceeds of approximately $29 million and a net gain of approximately $9 million. The property was identified as held for sale as of December 31, 2014. 100 Quannapowitt was not a significant component of our U.S. portfolio nor does the sale represent a significant shift in our strategy. | ||||||||||||||||||||
On February 25, 2015, we declared the following dividends per share and the Operating Partnership declared an equivalent distribution per unit: | ||||||||||||||||||||
Share / Unit Class | Series E | Series F | Series G | Series H | Common stock and | |||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | common unit | ||||||||||||||||
and Unit | and Unit | and Unit | and Unit | |||||||||||||||||
Dividend and distribution amount | $ | 0.4375 | $ | 0.414063 | $ | 0.367188 | $ | 0.460938 | $ | 0.85 | ||||||||||
Dividend and distribution payable date | March 31, 2015 | March 31, 2015 | March 31, 2015 | March 31, 2015 | March 31, 2015 | |||||||||||||||
Dividend and distribution payable to holders of record on | March 13, 2015 | March 13, 2015 | March 13, 2015 | March 13, 2015 | March 13, 2015 | |||||||||||||||
Annual equivalent rate of dividend and distribution | $ | 1.75 | $ | 1.656 | $ | 1.469 | $ | 1.844 | $ | 3.4 | ||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||
Subsequent Events | Subsequent Events | |||||||||||||||||||
In addition to matters discussed elsewhere in the footnotes, the following subsequent events warranted disclosure: | ||||||||||||||||||||
On February 5, 2015, the Operating Partnership sold the 100 Quannapowitt property for approximately $31 million.The transaction after costs resulted in net proceeds of approximately $29 million and a net gain of approximately $9 million. The property was identified as held for sale as of December 31, 2014. 100 Quannapowitt was not a significant component of our U.S. portfolio nor does the sale represent a significant shift in our strategy. | ||||||||||||||||||||
On February 25, 2015, we declared the following dividends per share and the Operating Partnership declared an equivalent distribution per unit: | ||||||||||||||||||||
Share / Unit Class | Series E | Series F | Series G | Series H | Common stock and | |||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | common unit | ||||||||||||||||
and Unit | and Unit | and Unit | and Unit | |||||||||||||||||
Dividend and distribution amount | $ | 0.4375 | $ | 0.414063 | $ | 0.367188 | $ | 0.460938 | $ | 0.85 | ||||||||||
Dividend and distribution payable date | March 31, 2015 | March 31, 2015 | March 31, 2015 | March 31, 2015 | March 31, 2015 | |||||||||||||||
Dividend and distribution payable to holders of record on | March 13, 2015 | March 13, 2015 | March 13, 2015 | March 13, 2015 | March 13, 2015 | |||||||||||||||
Annual equivalent rate of dividend and distribution | $ | 1.75 | $ | 1.656 | $ | 1.469 | $ | 1.844 | $ | 3.4 | ||||||||||
Schedule_III_Properties_And_Ac
Schedule III Properties And Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Properties And Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
36 NE 2nd Street | Miami | — | 1,942 | — | 24,184 | 10,260 | — | 1,942 | — | 34,444 | 36,386 | (12,667 | ) | 2002 | (A) | ||||||||||||||||||||||||
2323 Bryan Street | Dallas | — | 1,838 | — | 77,604 | 46,607 | — | 1,838 | — | 124,211 | 126,049 | (49,591 | ) | 2002 | (A) | ||||||||||||||||||||||||
300 Boulevard East | NY Metro | — | 5,140 | — | 48,526 | 61,926 | — | 5,140 | — | 110,452 | 115,592 | (50,428 | ) | 2002 | (A) | ||||||||||||||||||||||||
2334 Lundy Place | Silicon Valley | 37,340 | 3,607 | — | 23,008 | 66 | — | 3,607 | — | 23,074 | 26,681 | (8,663 | ) | 2002 | (A) | ||||||||||||||||||||||||
34551 Ardenwood Boulevard | Silicon Valley | 51,339 | 15,330 | — | 32,419 | 11,967 | — | 15,330 | — | 44,386 | 59,716 | (14,258 | ) | 2003 | (A) | ||||||||||||||||||||||||
2440 Marsh Lane | Dallas | — | 1,477 | — | 10,330 | 71,747 | — | 1,477 | — | 82,077 | 83,554 | (41,865 | ) | 2003 | (A) | ||||||||||||||||||||||||
375 Riverside Parkway | Atlanta | — | 1,250 | — | 11,578 | 31,197 | — | 1,250 | — | 42,775 | 44,025 | (19,856 | ) | 2003 | (A) | ||||||||||||||||||||||||
47700 Kato Road & 1055 Page Avenue | Silicon Valley | — | 5,272 | — | 20,166 | 3,129 | — | 5,272 | — | 23,295 | 28,567 | (5,886 | ) | 2003 | (A) | ||||||||||||||||||||||||
4849 Alpha Road | Dallas | — | 2,983 | — | 10,650 | 42,663 | — | 2,983 | — | 53,313 | 56,296 | (17,407 | ) | 2004 | (A) | ||||||||||||||||||||||||
600 West Seventh Street | Los Angeles | 47,825 | 18,478 | — | 50,824 | 54,924 | — | 18,478 | — | 105,748 | 124,226 | (47,592 | ) | 2004 | (A) | ||||||||||||||||||||||||
2045 & 2055 LaFayette Street | Silicon Valley | 62,563 | 6,065 | — | 43,817 | 20 | — | 6,065 | — | 43,837 | 49,902 | (14,882 | ) | 2004 | (A) | ||||||||||||||||||||||||
200 Quannapowitt Parkway | Boston | — | 12,416 | — | 26,154 | 42,754 | (40,070 | ) | 8,588 | — | 32,666 | 41,254 | (12,837 | ) | 2004 | (A) | |||||||||||||||||||||||
11830 Webb Chapel Road | Dallas | — | 5,881 | — | 34,473 | 1,989 | — | 5,881 | — | 36,462 | 42,343 | (13,198 | ) | 2004 | (A) | ||||||||||||||||||||||||
150 South First Street | Silicon Valley | 49,316 | 2,068 | — | 29,214 | 1,461 | — | 2,068 | — | 30,675 | 32,743 | (9,725 | ) | 2004 | (A) | ||||||||||||||||||||||||
3065 Gold Camp Drive | Sacramento | — | 1,886 | — | 10,686 | 17,042 | (9,860 | ) | 1,886 | — | 17,868 | 19,754 | (7,753 | ) | 2004 | (A) | |||||||||||||||||||||||
200 Paul Avenue | San Francisco | 68,665 | 14,427 | — | 75,777 | 80,363 | — | 14,427 | — | 156,140 | 170,567 | (55,948 | ) | 2004 | (A) | ||||||||||||||||||||||||
1100 Space Park Drive | Silicon Valley | 51,295 | 5,130 | — | 18,206 | 27,307 | — | 5,130 | — | 45,513 | 50,643 | (22,604 | ) | 2004 | (A) | ||||||||||||||||||||||||
3015 Winona Avenue | Los Angeles | — | 6,534 | — | 8,356 | 5 | — | 6,534 | — | 8,361 | 14,895 | (3,098 | ) | 2004 | (A) | ||||||||||||||||||||||||
1125 Energy Park Drive | Minneapolis | — | 2,775 | — | 10,761 | 198 | (5,900 | ) | 2,775 | — | 5,059 | 7,834 | (3,882 | ) | 2005 | (A) | |||||||||||||||||||||||
350 East Cermak Road | Chicago | — | 8,466 | — | 103,232 | 221,246 | — | 8,620 | — | 324,324 | 332,944 | (143,057 | ) | 2005 | (A) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
8534 Concord Center Drive | Denver | — | 2,181 | — | 11,561 | 62 | — | 2,181 | — | 11,623 | 13,804 | (4,342 | ) | 2005 | (A) | ||||||||||||||||||||||||
2401 Walsh Street | Silicon Valley | — | 5,775 | — | 19,267 | 36 | — | 5,775 | — | 19,303 | 25,078 | (6,274 | ) | 2005 | (A) | ||||||||||||||||||||||||
2403 Walsh Street | Silicon Valley | — | 5,514 | — | 11,695 | 38 | — | 5,514 | — | 11,733 | 17,247 | (4,069 | ) | 2005 | (A) | ||||||||||||||||||||||||
200 North Nash Street | Los Angeles | — | 4,562 | — | 12,503 | 231 | — | 4,562 | — | 12,734 | 17,296 | (4,798 | ) | 2005 | (A) | ||||||||||||||||||||||||
731 East Trade Street | Charlotte | 4,356 | (1) | 1,748 | — | 5,727 | 248 | — | 1,748 | — | 5,975 | 7,723 | (1,854 | ) | 2005 | (A) | |||||||||||||||||||||||
113 North Myers | Charlotte | — | 1,098 | — | 3,127 | 1,938 | — | 1,098 | — | 5,065 | 6,163 | (1,829 | ) | 2005 | (A) | ||||||||||||||||||||||||
125 North Myers | Charlotte | — | 1,271 | — | 3,738 | 6,175 | — | 1,271 | — | 9,913 | 11,184 | (5,847 | ) | 2005 | (A) | ||||||||||||||||||||||||
Paul van Vlissingenstraat 16 | Amsterdam | — | — | — | 15,255 | 27,683 | — | — | — | 42,938 | 42,938 | (11,795 | ) | 2005 | (A) | ||||||||||||||||||||||||
600-780 S. Federal | Chicago | — | 7,849 | — | 27,881 | 34,290 | — | 7,849 | — | 62,171 | 70,020 | (11,683 | ) | 2005 | (A) | ||||||||||||||||||||||||
115 Second Avenue | Boston | — | 1,691 | — | 12,569 | 10,155 | — | 1,691 | — | 22,724 | 24,415 | (11,751 | ) | 2005 | (A) | ||||||||||||||||||||||||
Chemin de l’Epinglier 2 | Geneva | — | — | — | 20,071 | 519 | — | — | — | 20,590 | 20,590 | (6,458 | ) | 2005 | (A) | ||||||||||||||||||||||||
251 Exchange Place | N. Virginia | — | 1,622 | — | 10,425 | 304 | — | 1,622 | — | 10,729 | 12,351 | (3,798 | ) | 2005 | (A) | ||||||||||||||||||||||||
7500 Metro Center Drive | Austin | — | 1,177 | — | 4,877 | 68,441 | — | 1,177 | — | 73,318 | 74,495 | (3,447 | ) | 2005 | (A) | ||||||||||||||||||||||||
3 Corporate Place | NY Metro | — | 2,124 | — | 12,678 | 117,173 | — | 2,124 | — | 129,851 | 131,975 | (59,468 | ) | 2005 | (A) | ||||||||||||||||||||||||
4025 Midway Road | Dallas | — | 2,196 | — | 14,037 | 28,208 | — | 2,196 | — | 42,245 | 44,441 | (21,845 | ) | 2006 | (A) | ||||||||||||||||||||||||
Clonshaugh Industrial Estate | Dublin | — | — | 1,444 | 5,569 | 2,208 | — | — | 100 | 9,121 | 9,221 | (4,692 | ) | 2006 | (A) | ||||||||||||||||||||||||
6800 Millcreek Drive | Toronto | — | 1,657 | — | 11,352 | 2,279 | — | 1,657 | — | 13,631 | 15,288 | (4,760 | ) | 2006 | (A) | ||||||||||||||||||||||||
101 Aquila Way | Atlanta | — | 1,480 | — | 34,797 | 44 | — | 1,480 | — | 34,841 | 36,321 | (10,985 | ) | 2006 | (A) | ||||||||||||||||||||||||
12001 North Freeway | Houston | — | 6,965 | — | 23,492 | 139,058 | — | 6,965 | — | 162,550 | 169,515 | (23,138 | ) | 2006 | (A) | ||||||||||||||||||||||||
120 E Van Buren | Phoenix | — | 4,524 | — | 157,822 | 103,469 | — | 4,524 | — | 261,291 | 265,815 | (88,800 | ) | 2006 | (A) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
Gyroscoopweg 2E-2F | Amsterdam | — | — | — | 13,450 | (735 | ) | — | — | — | 12,715 | 12,715 | (3,936 | ) | 2006 | (A) | |||||||||||||||||||||||
Clonshaugh Industrial Estate II | Dublin | — | — | — | — | 84,261 | — | — | — | 84,261 | 84,261 | (30,832 | ) | 2006 | (C) | ||||||||||||||||||||||||
600 Winter Street | Boston | — | 1,429 | — | 6,228 | 456 | — | 1,429 | — | 6,684 | 8,113 | (1,649 | ) | 2006 | (A) | ||||||||||||||||||||||||
2300 NW 89th Place | Miami | — | 1,022 | — | 3,767 | 18 | — | 1,022 | — | 3,785 | 4,807 | (1,303 | ) | 2006 | (A) | ||||||||||||||||||||||||
2055 East Technology Circle | Phoenix | — | — | — | 8,519 | 27,334 | — | — | — | 35,853 | 35,853 | (18,915 | ) | 2006 | (A) | ||||||||||||||||||||||||
114 Rue Ambroise Croizat | Paris | — | 12,261 | — | 34,051 | 77,144 | — | 10,618 | — | 112,838 | 123,456 | (36,597 | ) | 2006 | (A) | ||||||||||||||||||||||||
Unit 9, Blanchardstown Corporate Park | Dublin | — | 1,927 | — | 40,024 | 19,050 | — | 1,751 | — | 59,250 | 61,001 | (16,587 | ) | 2006 | (A) | ||||||||||||||||||||||||
111 8th Avenue | NY Metro | — | — | — | 17,688 | 16,238 | — | — | — | 33,926 | 33,926 | (25,783 | ) | 2006 | (A) | ||||||||||||||||||||||||
1807 Michael Faraday Court | N. Virginia | — | 1,499 | — | 4,578 | 1,984 | — | 1,499 | — | 6,562 | 8,061 | (2,530 | ) | 2006 | (A) | ||||||||||||||||||||||||
8100 Boone Boulevard | N. Virginia | — | — | — | 158 | 1,163 | — | — | — | 1,321 | 1,321 | (1,037 | ) | 2006 | (A) | ||||||||||||||||||||||||
21110 Ridgetop Circle | N. Virginia | — | 2,934 | — | 14,311 | 1,307 | — | 2,934 | — | 15,618 | 18,552 | (4,250 | ) | 2007 | (A) | ||||||||||||||||||||||||
3011 Lafayette Street | Silicon Valley | — | 3,354 | — | 10,305 | 48,914 | — | 3,354 | — | 59,219 | 62,573 | (34,767 | ) | 2007 | (A) | ||||||||||||||||||||||||
44470 Chilum Place | N. Virginia | — | 3,531 | — | 37,360 | — | — | 3,531 | — | 37,360 | 40,891 | (8,039 | ) | 2007 | (A) | ||||||||||||||||||||||||
43881 Devin Shafron Drive | N. Virginia | — | 4,653 | — | 23,631 | 91,142 | — | 4,653 | — | 114,773 | 119,426 | (61,383 | ) | 2007 | (A) | ||||||||||||||||||||||||
43831 Devin Shafron Drive | N. Virginia | — | 3,027 | — | 16,247 | 641 | — | 3,027 | — | 16,888 | 19,915 | (4,006 | ) | 2007 | (A) | ||||||||||||||||||||||||
43791 Devin Shafron Drive | N. Virginia | — | 3,490 | — | 17,444 | 71,493 | — | 3,490 | — | 88,937 | 92,427 | (31,232 | ) | 2007 | (A) | ||||||||||||||||||||||||
Mundells Roundabout | London | — | 31,354 | — | — | 58,218 | — | 24,830 | — | 64,742 | 89,572 | (10,422 | ) | 2007 | (C) | ||||||||||||||||||||||||
210 N Tucker | St. Louis | — | 2,042 | — | 17,223 | 96,960 | (64,040 | ) | 2,042 | — | 50,143 | 52,185 | (12,218 | ) | 2007 | (A) | |||||||||||||||||||||||
900 Walnut Street | St. Louis | — | 1,791 | — | 29,516 | 3,912 | — | 1,791 | — | 33,428 | 35,219 | (7,906 | ) | 2007 | (A) | ||||||||||||||||||||||||
1 Savvis Parkway | St. Louis | — | 3,301 | — | 20,639 | 239 | — | 3,301 | — | 20,878 | 24,179 | (4,845 | ) | 2007 | (A) | ||||||||||||||||||||||||
1500 Space Park Drive | Silicon Valley | — | 6,732 | — | 6,325 | 46,110 | — | 4,106 | — | 55,061 | 59,167 | (34,777 | ) | 2007 | (A) | ||||||||||||||||||||||||
Cressex 1 | London | — | 3,629 | — | 9,036 | 25,585 | — | 2,994 | — | 35,256 | 38,250 | (15,006 | ) | 2007 | (A) | ||||||||||||||||||||||||
Naritaweg 52 | Amsterdam | — | — | 1,192 | 23,441 | (4,013 | ) | — | — | 989 | 19,631 | 20,620 | (4,210 | ) | 2007 | (A) | |||||||||||||||||||||||
1 St. Anne’s Boulevard | London | — | 1,490 | — | 1,045 | (420 | ) | — | 1,192 | — | 923 | 2,115 | (165 | ) | 2007 | (A) | |||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
2 St. Anne’s Boulevard | London | — | 922 | — | 695 | 39,930 | — | 794 | — | 40,753 | 41,547 | (3,464 | ) | 2007 | (A) | ||||||||||||||||||||||||
3 St. Anne’s Boulevard | London | — | 22,079 | — | 16,351 | 103,456 | — | 17,508 | — | 124,378 | 141,886 | (35,795 | ) | 2007 | (A) | ||||||||||||||||||||||||
365 South Randolphville Road | NY Metro | — | 3,019 | — | 17,404 | 249,916 | — | 3,019 | — | 267,320 | 270,339 | (49,801 | ) | 2008 | (A) | ||||||||||||||||||||||||
701 & 717 Leonard Street | Dallas | — | 2,165 | — | 9,934 | 797 | — | 2,165 | — | 10,731 | 12,896 | (1,832 | ) | 2008 | (A) | ||||||||||||||||||||||||
650 Randolph Road | NY Metro | — | 3,986 | — | 6,883 | 5,862 | (6,600 | ) | 3,986 | — | 6,145 | 10,131 | (1,453 | ) | 2008 | (A) | |||||||||||||||||||||||
Manchester Technopark | Manchester | — | — | — | 23,918 | (4,773 | ) | — | — | — | 19,145 | 19,145 | (3,591 | ) | 2008 | (A) | |||||||||||||||||||||||
1201 Comstock Street | Silicon Valley | — | 2,093 | — | 1,606 | 26,519 | — | 3,398 | — | 26,820 | 30,218 | (12,123 | ) | 2008 | (A) | ||||||||||||||||||||||||
1550 Space Park Drive | Silicon Valley | — | 2,301 | — | 766 | 1,741 | — | 1,926 | — | 2,882 | 4,808 | — | 2008 | (A) | |||||||||||||||||||||||||
1525 Comstock Street | Silicon Valley | — | 2,293 | — | 16,216 | 29,539 | — | 2,061 | — | 45,987 | 48,048 | (19,711 | ) | 2008 | (A) | ||||||||||||||||||||||||
43830 Devin Shafron Drive | N. Virginia | — | 5,509 | — | — | 73,297 | — | 5,509 | — | 73,297 | 78,806 | (16,705 | ) | 2009 | (C) | ||||||||||||||||||||||||
1232 Alma Road | Dallas | — | 2,267 | — | 3,740 | 63,038 | — | 2,267 | — | 66,778 | 69,045 | (20,794 | ) | 2009 | (A) | ||||||||||||||||||||||||
900 Quality Way | Dallas | — | 1,446 | — | 1,659 | 51,325 | — | 1,446 | — | 52,984 | 54,430 | (6,651 | ) | 2009 | (A) | ||||||||||||||||||||||||
1210 Integrity Drive | Dallas | — | 2,041 | — | 3,389 | 4,927 | — | 3,539 | — | 6,818 | 10,357 | — | 2009 | (A) | |||||||||||||||||||||||||
907 Security Row | Dallas | — | 333 | — | 344 | 9,767 | — | 2,103 | — | 8,341 | 10,444 | — | 2009 | (A) | |||||||||||||||||||||||||
908 Quality Way | Dallas | — | 6,730 | — | 4,493 | 13,782 | — | 2,067 | — | 22,938 | 25,005 | (9,915 | ) | 2009 | (A) | ||||||||||||||||||||||||
904 Quality Way | Dallas | — | 760 | — | 744 | 6,805 | — | 1,151 | — | 7,158 | 8,309 | (435 | ) | 2009 | (A) | ||||||||||||||||||||||||
905 Security Row | Dallas | — | 4,056 | — | 1,553 | (5,609 | ) | — | — | — | — | — | — | 2009 | (A) | ||||||||||||||||||||||||
1215 Integrity Drive | Dallas | — | — | — | — | 43,447 | — | 1,899 | — | 41,548 | 43,447 | (6,128 | ) | 2009 | (C) | ||||||||||||||||||||||||
1350 Duane | Silicon Valley | — | 7,081 | — | 69,817 | 60 | — | 7,081 | — | 69,877 | 76,958 | (9,365 | ) | 2009 | (A) | ||||||||||||||||||||||||
45901 & 45845 Nokes Boulevard | N. Virginia | — | 3,437 | — | 28,785 | 449 | — | 3,437 | — | 29,234 | 32,671 | (4,089 | ) | 2009 | (A) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
21561 & 21571 Beaumeade Circle | N. Virginia | — | 3,966 | — | 24,211 | 44 | — | 3,966 | — | 24,255 | 28,221 | (3,137 | ) | 2009 | (A) | ||||||||||||||||||||||||
60 & 80 Merritt | NY Metro | — | 3,418 | — | 71,477 | 90,701 | — | 3,418 | — | 162,178 | 165,596 | (16,180 | ) | 2010 | (A) | ||||||||||||||||||||||||
55 Middlesex | Boston | — | 9,975 | — | 68,363 | 7,093 | — | 9,975 | — | 75,456 | 85,431 | (12,773 | ) | 2010 | (A) | ||||||||||||||||||||||||
128 First Avenue | Boston | — | 5,465 | — | 185,348 | 28,337 | — | 5,465 | — | 213,685 | 219,150 | (36,210 | ) | 2010 | (A) | ||||||||||||||||||||||||
Cateringweg 5 | Amsterdam | — | — | 3,518 | 3,517 | 41,618 | — | — | 3,478 | 45,175 | 48,653 | (4,278 | ) | 2010 | (A) | ||||||||||||||||||||||||
1725 Comstock Street | Silicon Valley | — | 3,274 | — | 6,567 | 37,682 | — | 3,274 | — | 44,249 | 47,523 | (12,662 | ) | 2010 | (A) | ||||||||||||||||||||||||
3015 and 3115 Alfred Street | Silicon Valley | — | 6,533 | — | 3,725 | 55,292 | — | 6,533 | — | 59,017 | 65,550 | (13,815 | ) | 2010 | (A) | ||||||||||||||||||||||||
365 Main Street | San Francisco | — | 22,854 | — | 158,709 | 21,915 | — | 22,854 | — | 180,624 | 203,478 | (25,010 | ) | 2010 | (A) | ||||||||||||||||||||||||
720 2nd Street | San Francisco | — | 3,884 | — | 116,861 | 8,846 | — | 3,884 | — | 125,707 | 129,591 | (16,085 | ) | 2010 | (A) | ||||||||||||||||||||||||
2260 East El Segundo | Los Angeles | — | 11,053 | — | 51,397 | 12,152 | — | 11,053 | — | 63,549 | 74,602 | (9,439 | ) | 2010 | (A) | ||||||||||||||||||||||||
2121 South Price Road | Phoenix | — | 7,335 | — | 238,452 | 189,106 | — | 7,335 | — | 427,558 | 434,893 | (46,542 | ) | 2010 | (A) | ||||||||||||||||||||||||
4030 La Fayette | N. Virginia | — | 2,492 | — | 16,912 | 3,252 | — | 2,492 | — | 20,164 | 22,656 | (2,921 | ) | 2010 | (A) | ||||||||||||||||||||||||
4040 La Fayette | N. Virginia | — | 1,246 | — | 4,267 | 26,371 | — | 1,246 | — | 30,638 | 31,884 | (765 | ) | 2010 | (A) | ||||||||||||||||||||||||
4050 La Fayette | N. Virginia | — | 1,246 | — | 4,371 | 34,847 | — | 1,246 | — | 39,218 | 40,464 | (10,344 | ) | 2010 | (A) | ||||||||||||||||||||||||
800 Central Expressway | Silicon Valley | — | 8,976 | — | 18,155 | 115,725 | — | 8,976 | — | 133,880 | 142,856 | (4,984 | ) | 2010 | (A) | ||||||||||||||||||||||||
29A International Business Park | Singapore | — | — | — | 137,545 | 163,173 | — | — | — | 300,718 | 300,718 | (38,152 | ) | 2010 | (A) | ||||||||||||||||||||||||
Loudoun Parkway North | N. Virginia | — | 17,300 | — | — | 294,643 | — | 17,300 | — | 294,643 | 311,943 | (15,202 | ) | 2011 | (C) | ||||||||||||||||||||||||
1-23 Templar Road | Sydney | — | 11,173 | — | — | 43,301 | — | 8,947 | — | 45,527 | 54,474 | (4,765 | ) | 2011 | (C) | ||||||||||||||||||||||||
Fountain Court | London | — | 7,544 | — | 12,506 | 98,417 | — | 7,561 | — | 110,906 | 118,467 | (5,736 | ) | 2011 | (C) | ||||||||||||||||||||||||
98 Radnor Drive | Melbourne | — | 4,467 | — | — | 90,737 | — | 3,578 | — | 91,626 | 95,204 | (6,369 | ) | 2011 | (C) | ||||||||||||||||||||||||
Cabot Street | Boston | — | 2,386 | — | — | 58,220 | — | 2,427 | — | 58,179 | 60,606 | (1,745 | ) | 2011 | (C) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
3825 NW Aloclek Place | Portland | — | 1,689 | — | — | 56,632 | — | 1,689 | — | 56,632 | 58,321 | (7,388 | ) | 2011 | (C) | ||||||||||||||||||||||||
11085 Sun Center Drive | Sacramento | — | 2,490 | — | 21,509 | — | — | 2,490 | — | 21,509 | 23,999 | (2,013 | ) | 2011 | (A) | ||||||||||||||||||||||||
Profile Park | Dublin | — | 6,288 | — | — | 33,953 | — | 5,898 | — | 34,343 | 40,241 | — | 2011 | (C) | |||||||||||||||||||||||||
1506 Moran Road | N. Virginia | — | 1,527 | — | — | 17,187 | — | 1,115 | — | 17,599 | 18,714 | (896 | ) | 2011 | (A) | ||||||||||||||||||||||||
760 Doug Davis Drive | Atlanta | — | 4,837 | — | 53,551 | 2,796 | — | 4,837 | — | 56,347 | 61,184 | (5,591 | ) | 2011 | (A) | ||||||||||||||||||||||||
360 Spear Street | San Francisco | — | 19,828 | — | 56,733 | (927 | ) | — | 19,828 | — | 55,806 | 75,634 | (6,317 | ) | 2011 | (A) | |||||||||||||||||||||||
2501 S. State Hwy 121 | Dallas | — | 23,137 | — | 93,943 | 14,135 | — | 23,137 | — | 108,078 | 131,215 | (12,877 | ) | 2012 | (A) | ||||||||||||||||||||||||
9333, 9355, 9377 Grand Avenue | Chicago | — | 5,686 | — | 14,515 | 184,394 | — | 5,686 | — | 198,909 | 204,595 | (9,039 | ) | 2012 | (A) | ||||||||||||||||||||||||
8025 North Interstate 35 | Austin | 6,119 | (2) | 2,920 | — | 8,512 | 184 | — | 2,920 | — | 8,696 | 11,616 | (856 | ) | 2012 | (A) | |||||||||||||||||||||||
850 E Collins | Dallas | — | 1,614 | — | — | 80,751 | — | 1,614 | — | 80,751 | 82,365 | (3,163 | ) | 2012 | (C) | ||||||||||||||||||||||||
950 E Collins | Dallas | — | 1,546 | — | — | 66,094 | — | 1,546 | — | 66,094 | 67,640 | (1,073 | ) | 2012 | (C) | ||||||||||||||||||||||||
400 S. Akard | Dallas | — | 10,075 | — | 62,730 | 1,454 | — | 10,075 | — | 64,184 | 74,259 | (4,254 | ) | 2012 | (A) | ||||||||||||||||||||||||
410 Commerce Boulevard | NY Metro | — | — | — | — | 29,623 | — | — | — | 29,623 | 29,623 | (3,238 | ) | 2012 | (C) | ||||||||||||||||||||||||
Croydon | London | — | 1,683 | — | 104,728 | (1,992 | ) | — | 1,641 | — | 102,778 | 104,419 | (7,495 | ) | 2012 | (A) | |||||||||||||||||||||||
Watford | London | — | — | 7,355 | 219,273 | 21,617 | — | — | 7,629 | 240,616 | 248,245 | (16,096 | ) | 2012 | (A) | ||||||||||||||||||||||||
Unit 21 Goldsworth Park | London | — | 17,334 | — | 928,129 | 13,134 | — | 16,698 | — | 941,899 | 958,597 | (64,416 | ) | 2012 | (A) | ||||||||||||||||||||||||
11900 East Cornell | Denver | — | 3,352 | — | 80,640 | 1,365 | — | 3,352 | — | 82,005 | 85,357 | (6,004 | ) | 2012 | (A) | ||||||||||||||||||||||||
701 Union Boulevard | NY Metro | — | 10,045 | — | 6,755 | 25,174 | — | 10,045 | — | 31,929 | 41,974 | — | 2012 | (A) | |||||||||||||||||||||||||
23 Waterloo Road | Sydney | — | 7,112 | — | 3,868 | (2,345 | ) | — | 5,593 | — | 3,042 | 8,635 | (183 | ) | 2012 | (A) | |||||||||||||||||||||||
1 Rue Jean-Pierre | Paris | — | 9,621 | — | 35,825 | (3,772 | ) | — | 8,822 | — | 32,852 | 41,674 | (2,383 | ) | 2012 | (A) | |||||||||||||||||||||||
Liet-dit le Christ de Saclay | Paris | — | 3,402 | — | 3,090 | (539 | ) | — | 3,120 | — | 2,833 | 5,953 | (265 | ) | 2012 | (A) | |||||||||||||||||||||||
127 Rue de Paris | Paris | — | 8,637 | — | 10,838 | (1,617 | ) | — | 7,920 | — | 9,938 | 17,858 | (897 | ) | 2012 | (A) | |||||||||||||||||||||||
17201 Waterview Parkway | Dallas | — | 2,070 | — | 6,409 | (1 | ) | — | 2,070 | — | 6,408 | 8,478 | (404 | ) | 2013 | (A) | |||||||||||||||||||||||
1900 S. Price Road | Phoenix | — | 5,380 | — | 16,975 | 291 | — | 5,380 | — | 17,266 | 22,646 | (1,378 | ) | 2013 | (A) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
371 Gough Road | Toronto | — | 7,394 | 677 | 69,861 | — | 6,526 | — | 71,406 | 77,932 | (1,251 | ) | 2013 | (A) | |||||||||||||||||||||||||
1500 Towerview Road | Minneapolis | — | 10,190 | 20,054 | 657 | — | 10,190 | — | 20,711 | 30,901 | (1,310 | ) | 2013 | (A) | |||||||||||||||||||||||||
Principal Park | London | — | 11,837 | — | 92,590 | — | 13,804 | — | 90,623 | 104,427 | — | 2013 | (C) | ||||||||||||||||||||||||||
MetCenter Business Park | Austin | — | 8,604 | 20,314 | 45 | — | 8,604 | — | 20,359 | 28,963 | (1,322 | ) | 2013 | (A) | |||||||||||||||||||||||||
Liverpoolweg 10 | Amsterdam | — | 733 | 3,122 | 8,330 | — | 680 | — | 11,505 | 12,185 | (366 | ) | 2013 | (A) | |||||||||||||||||||||||||
De President Business Park | Amsterdam | — | 6,737 | — | 6,453 | — | 7,545 | — | 5,645 | 13,190 | — | 2013 | (C) | ||||||||||||||||||||||||||
Saito Industrial Park | Osaka | — | 9,649 | — | 1,704 | — | 8,369 | — | 2,984 | 11,353 | — | 2013 | (C) | ||||||||||||||||||||||||||
Crawley 2 | London | — | 24,305 | — | 1,274 | — | 23,233 | — | 2,346 | 25,579 | — | 2014 | (C) | ||||||||||||||||||||||||||
Other | — | — | 8,298 | 47,636 | — | — | — | 55,934 | 55,934 | (5,388 | ) | ||||||||||||||||||||||||||||
702,692 | 13,509 | 4,554,562 | 4,838,319 | (126,470 | ) | 671,602 | 12,196 | 9,298,814 | 9,982,612 | (1,874,054 | ) | ||||||||||||||||||||||||||||
-1 | The balance shown includes an unamortized premium of $520. | ||||||||||||||||||||||||||||||||||||||
-2 | The balance shown includes an unamortized premium of $62. | ||||||||||||||||||||||||||||||||||||||
(1) Tax Cost | |||||||||||||||||||||||||||||||||||||||
The aggregate gross cost of the Company’s properties for federal income tax purposes approximated $10.8 billion (unaudited) as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||
(2) Historical Cost and Accumulated Depreciation and Amortization | |||||||||||||||||||||||||||||||||||||||
The following table reconciles the historical cost of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 9,879,578 | $ | 8,742,519 | $ | 6,118,583 | |||||||||||||||||||||||||||||||||
Additions during period (acquisitions and improvements) | 560,307 | 1,345,046 | 2,623,936 | ||||||||||||||||||||||||||||||||||||
Deductions during period (dispositions, impairments and assets held for sale) | (457,273 | ) | (207,987 | ) | — | ||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 9,982,612 | $ | 9,879,578 | $ | 8,742,519 | |||||||||||||||||||||||||||||||||
The following table reconciles accumulated depreciation and amortization of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,565,996 | $ | 1,206,017 | $ | 900,044 | |||||||||||||||||||||||||||||||||
Additions during period (depreciation and amortization expense) | 413,652 | 386,935 | 305,973 | ||||||||||||||||||||||||||||||||||||
Deductions during period (dispositions and assets held for sale) | (105,594 | ) | (26,956 | ) | — | ||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 1,874,054 | $ | 1,565,996 | $ | 1,206,017 | |||||||||||||||||||||||||||||||||
Schedules other than those listed above are omitted because they are not applicable or the information required is included in the consolidated financial statements or the notes thereto. | |||||||||||||||||||||||||||||||||||||||
Digital Realty Trust, L.P. | |||||||||||||||||||||||||||||||||||||||
Properties And Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
36 NE 2nd Street | Miami | — | 1,942 | — | 24,184 | 10,260 | — | 1,942 | — | 34,444 | 36,386 | (12,667 | ) | 2002 | (A) | ||||||||||||||||||||||||
2323 Bryan Street | Dallas | — | 1,838 | — | 77,604 | 46,607 | — | 1,838 | — | 124,211 | 126,049 | (49,591 | ) | 2002 | (A) | ||||||||||||||||||||||||
300 Boulevard East | NY Metro | — | 5,140 | — | 48,526 | 61,926 | — | 5,140 | — | 110,452 | 115,592 | (50,428 | ) | 2002 | (A) | ||||||||||||||||||||||||
2334 Lundy Place | Silicon Valley | 37,340 | 3,607 | — | 23,008 | 66 | — | 3,607 | — | 23,074 | 26,681 | (8,663 | ) | 2002 | (A) | ||||||||||||||||||||||||
34551 Ardenwood Boulevard | Silicon Valley | 51,339 | 15,330 | — | 32,419 | 11,967 | — | 15,330 | — | 44,386 | 59,716 | (14,258 | ) | 2003 | (A) | ||||||||||||||||||||||||
2440 Marsh Lane | Dallas | — | 1,477 | — | 10,330 | 71,747 | — | 1,477 | — | 82,077 | 83,554 | (41,865 | ) | 2003 | (A) | ||||||||||||||||||||||||
375 Riverside Parkway | Atlanta | — | 1,250 | — | 11,578 | 31,197 | — | 1,250 | — | 42,775 | 44,025 | (19,856 | ) | 2003 | (A) | ||||||||||||||||||||||||
47700 Kato Road & 1055 Page Avenue | Silicon Valley | — | 5,272 | — | 20,166 | 3,129 | — | 5,272 | — | 23,295 | 28,567 | (5,886 | ) | 2003 | (A) | ||||||||||||||||||||||||
4849 Alpha Road | Dallas | — | 2,983 | — | 10,650 | 42,663 | — | 2,983 | — | 53,313 | 56,296 | (17,407 | ) | 2004 | (A) | ||||||||||||||||||||||||
600 West Seventh Street | Los Angeles | 47,825 | 18,478 | — | 50,824 | 54,924 | — | 18,478 | — | 105,748 | 124,226 | (47,592 | ) | 2004 | (A) | ||||||||||||||||||||||||
2045 & 2055 LaFayette Street | Silicon Valley | 62,563 | 6,065 | — | 43,817 | 20 | — | 6,065 | — | 43,837 | 49,902 | (14,882 | ) | 2004 | (A) | ||||||||||||||||||||||||
200 Quannapowitt Parkway | Boston | — | 12,416 | — | 26,154 | 42,754 | (40,070 | ) | 8,588 | — | 32,666 | 41,254 | (12,837 | ) | 2004 | (A) | |||||||||||||||||||||||
11830 Webb Chapel Road | Dallas | — | 5,881 | — | 34,473 | 1,989 | — | 5,881 | — | 36,462 | 42,343 | (13,198 | ) | 2004 | (A) | ||||||||||||||||||||||||
150 South First Street | Silicon Valley | 49,316 | 2,068 | — | 29,214 | 1,461 | — | 2,068 | — | 30,675 | 32,743 | (9,725 | ) | 2004 | (A) | ||||||||||||||||||||||||
3065 Gold Camp Drive | Sacramento | — | 1,886 | — | 10,686 | 17,042 | (9,860 | ) | 1,886 | — | 17,868 | 19,754 | (7,753 | ) | 2004 | (A) | |||||||||||||||||||||||
200 Paul Avenue | San Francisco | 68,665 | 14,427 | — | 75,777 | 80,363 | — | 14,427 | — | 156,140 | 170,567 | (55,948 | ) | 2004 | (A) | ||||||||||||||||||||||||
1100 Space Park Drive | Silicon Valley | 51,295 | 5,130 | — | 18,206 | 27,307 | — | 5,130 | — | 45,513 | 50,643 | (22,604 | ) | 2004 | (A) | ||||||||||||||||||||||||
3015 Winona Avenue | Los Angeles | — | 6,534 | — | 8,356 | 5 | — | 6,534 | — | 8,361 | 14,895 | (3,098 | ) | 2004 | (A) | ||||||||||||||||||||||||
1125 Energy Park Drive | Minneapolis | — | 2,775 | — | 10,761 | 198 | (5,900 | ) | 2,775 | — | 5,059 | 7,834 | (3,882 | ) | 2005 | (A) | |||||||||||||||||||||||
350 East Cermak Road | Chicago | — | 8,466 | — | 103,232 | 221,246 | — | 8,620 | — | 324,324 | 332,944 | (143,057 | ) | 2005 | (A) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
8534 Concord Center Drive | Denver | — | 2,181 | — | 11,561 | 62 | — | 2,181 | — | 11,623 | 13,804 | (4,342 | ) | 2005 | (A) | ||||||||||||||||||||||||
2401 Walsh Street | Silicon Valley | — | 5,775 | — | 19,267 | 36 | — | 5,775 | — | 19,303 | 25,078 | (6,274 | ) | 2005 | (A) | ||||||||||||||||||||||||
2403 Walsh Street | Silicon Valley | — | 5,514 | — | 11,695 | 38 | — | 5,514 | — | 11,733 | 17,247 | (4,069 | ) | 2005 | (A) | ||||||||||||||||||||||||
200 North Nash Street | Los Angeles | — | 4,562 | — | 12,503 | 231 | — | 4,562 | — | 12,734 | 17,296 | (4,798 | ) | 2005 | (A) | ||||||||||||||||||||||||
731 East Trade Street | Charlotte | 4,356 | (1) | 1,748 | — | 5,727 | 248 | — | 1,748 | — | 5,975 | 7,723 | (1,854 | ) | 2005 | (A) | |||||||||||||||||||||||
113 North Myers | Charlotte | — | 1,098 | — | 3,127 | 1,938 | — | 1,098 | — | 5,065 | 6,163 | (1,829 | ) | 2005 | (A) | ||||||||||||||||||||||||
125 North Myers | Charlotte | — | 1,271 | — | 3,738 | 6,175 | — | 1,271 | — | 9,913 | 11,184 | (5,847 | ) | 2005 | (A) | ||||||||||||||||||||||||
Paul van Vlissingenstraat 16 | Amsterdam | — | — | — | 15,255 | 27,683 | — | — | — | 42,938 | 42,938 | (11,795 | ) | 2005 | (A) | ||||||||||||||||||||||||
600-780 S. Federal | Chicago | — | 7,849 | — | 27,881 | 34,290 | — | 7,849 | — | 62,171 | 70,020 | (11,683 | ) | 2005 | (A) | ||||||||||||||||||||||||
115 Second Avenue | Boston | — | 1,691 | — | 12,569 | 10,155 | — | 1,691 | — | 22,724 | 24,415 | (11,751 | ) | 2005 | (A) | ||||||||||||||||||||||||
Chemin de l’Epinglier 2 | Geneva | — | — | — | 20,071 | 519 | — | — | — | 20,590 | 20,590 | (6,458 | ) | 2005 | (A) | ||||||||||||||||||||||||
251 Exchange Place | N. Virginia | — | 1,622 | — | 10,425 | 304 | — | 1,622 | — | 10,729 | 12,351 | (3,798 | ) | 2005 | (A) | ||||||||||||||||||||||||
7500 Metro Center Drive | Austin | — | 1,177 | — | 4,877 | 68,441 | — | 1,177 | — | 73,318 | 74,495 | (3,447 | ) | 2005 | (A) | ||||||||||||||||||||||||
3 Corporate Place | NY Metro | — | 2,124 | — | 12,678 | 117,173 | — | 2,124 | — | 129,851 | 131,975 | (59,468 | ) | 2005 | (A) | ||||||||||||||||||||||||
4025 Midway Road | Dallas | — | 2,196 | — | 14,037 | 28,208 | — | 2,196 | — | 42,245 | 44,441 | (21,845 | ) | 2006 | (A) | ||||||||||||||||||||||||
Clonshaugh Industrial Estate | Dublin | — | — | 1,444 | 5,569 | 2,208 | — | — | 100 | 9,121 | 9,221 | (4,692 | ) | 2006 | (A) | ||||||||||||||||||||||||
6800 Millcreek Drive | Toronto | — | 1,657 | — | 11,352 | 2,279 | — | 1,657 | — | 13,631 | 15,288 | (4,760 | ) | 2006 | (A) | ||||||||||||||||||||||||
101 Aquila Way | Atlanta | — | 1,480 | — | 34,797 | 44 | — | 1,480 | — | 34,841 | 36,321 | (10,985 | ) | 2006 | (A) | ||||||||||||||||||||||||
12001 North Freeway | Houston | — | 6,965 | — | 23,492 | 139,058 | — | 6,965 | — | 162,550 | 169,515 | (23,138 | ) | 2006 | (A) | ||||||||||||||||||||||||
120 E Van Buren | Phoenix | — | 4,524 | — | 157,822 | 103,469 | — | 4,524 | — | 261,291 | 265,815 | (88,800 | ) | 2006 | (A) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
Gyroscoopweg 2E-2F | Amsterdam | — | — | — | 13,450 | (735 | ) | — | — | — | 12,715 | 12,715 | (3,936 | ) | 2006 | (A) | |||||||||||||||||||||||
Clonshaugh Industrial Estate II | Dublin | — | — | — | — | 84,261 | — | — | — | 84,261 | 84,261 | (30,832 | ) | 2006 | (C) | ||||||||||||||||||||||||
600 Winter Street | Boston | — | 1,429 | — | 6,228 | 456 | — | 1,429 | — | 6,684 | 8,113 | (1,649 | ) | 2006 | (A) | ||||||||||||||||||||||||
2300 NW 89th Place | Miami | — | 1,022 | — | 3,767 | 18 | — | 1,022 | — | 3,785 | 4,807 | (1,303 | ) | 2006 | (A) | ||||||||||||||||||||||||
2055 East Technology Circle | Phoenix | — | — | — | 8,519 | 27,334 | — | — | — | 35,853 | 35,853 | (18,915 | ) | 2006 | (A) | ||||||||||||||||||||||||
114 Rue Ambroise Croizat | Paris | — | 12,261 | — | 34,051 | 77,144 | — | 10,618 | — | 112,838 | 123,456 | (36,597 | ) | 2006 | (A) | ||||||||||||||||||||||||
Unit 9, Blanchardstown Corporate Park | Dublin | — | 1,927 | — | 40,024 | 19,050 | — | 1,751 | — | 59,250 | 61,001 | (16,587 | ) | 2006 | (A) | ||||||||||||||||||||||||
111 8th Avenue | NY Metro | — | — | — | 17,688 | 16,238 | — | — | — | 33,926 | 33,926 | (25,783 | ) | 2006 | (A) | ||||||||||||||||||||||||
1807 Michael Faraday Court | N. Virginia | — | 1,499 | — | 4,578 | 1,984 | — | 1,499 | — | 6,562 | 8,061 | (2,530 | ) | 2006 | (A) | ||||||||||||||||||||||||
8100 Boone Boulevard | N. Virginia | — | — | — | 158 | 1,163 | — | — | — | 1,321 | 1,321 | (1,037 | ) | 2006 | (A) | ||||||||||||||||||||||||
21110 Ridgetop Circle | N. Virginia | — | 2,934 | — | 14,311 | 1,307 | — | 2,934 | — | 15,618 | 18,552 | (4,250 | ) | 2007 | (A) | ||||||||||||||||||||||||
3011 Lafayette Street | Silicon Valley | — | 3,354 | — | 10,305 | 48,914 | — | 3,354 | — | 59,219 | 62,573 | (34,767 | ) | 2007 | (A) | ||||||||||||||||||||||||
44470 Chilum Place | N. Virginia | — | 3,531 | — | 37,360 | — | — | 3,531 | — | 37,360 | 40,891 | (8,039 | ) | 2007 | (A) | ||||||||||||||||||||||||
43881 Devin Shafron Drive | N. Virginia | — | 4,653 | — | 23,631 | 91,142 | — | 4,653 | — | 114,773 | 119,426 | (61,383 | ) | 2007 | (A) | ||||||||||||||||||||||||
43831 Devin Shafron Drive | N. Virginia | — | 3,027 | — | 16,247 | 641 | — | 3,027 | — | 16,888 | 19,915 | (4,006 | ) | 2007 | (A) | ||||||||||||||||||||||||
43791 Devin Shafron Drive | N. Virginia | — | 3,490 | — | 17,444 | 71,493 | — | 3,490 | — | 88,937 | 92,427 | (31,232 | ) | 2007 | (A) | ||||||||||||||||||||||||
Mundells Roundabout | London | — | 31,354 | — | — | 58,218 | — | 24,830 | — | 64,742 | 89,572 | (10,422 | ) | 2007 | (C) | ||||||||||||||||||||||||
210 N Tucker | St. Louis | — | 2,042 | — | 17,223 | 96,960 | (64,040 | ) | 2,042 | — | 50,143 | 52,185 | (12,218 | ) | 2007 | (A) | |||||||||||||||||||||||
900 Walnut Street | St. Louis | — | 1,791 | — | 29,516 | 3,912 | — | 1,791 | — | 33,428 | 35,219 | (7,906 | ) | 2007 | (A) | ||||||||||||||||||||||||
1 Savvis Parkway | St. Louis | — | 3,301 | — | 20,639 | 239 | — | 3,301 | — | 20,878 | 24,179 | (4,845 | ) | 2007 | (A) | ||||||||||||||||||||||||
1500 Space Park Drive | Silicon Valley | — | 6,732 | — | 6,325 | 46,110 | — | 4,106 | — | 55,061 | 59,167 | (34,777 | ) | 2007 | (A) | ||||||||||||||||||||||||
Cressex 1 | London | — | 3,629 | — | 9,036 | 25,585 | — | 2,994 | — | 35,256 | 38,250 | (15,006 | ) | 2007 | (A) | ||||||||||||||||||||||||
Naritaweg 52 | Amsterdam | — | — | 1,192 | 23,441 | (4,013 | ) | — | — | 989 | 19,631 | 20,620 | (4,210 | ) | 2007 | (A) | |||||||||||||||||||||||
1 St. Anne’s Boulevard | London | — | 1,490 | — | 1,045 | (420 | ) | — | 1,192 | — | 923 | 2,115 | (165 | ) | 2007 | (A) | |||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
2 St. Anne’s Boulevard | London | — | 922 | — | 695 | 39,930 | — | 794 | — | 40,753 | 41,547 | (3,464 | ) | 2007 | (A) | ||||||||||||||||||||||||
3 St. Anne’s Boulevard | London | — | 22,079 | — | 16,351 | 103,456 | — | 17,508 | — | 124,378 | 141,886 | (35,795 | ) | 2007 | (A) | ||||||||||||||||||||||||
365 South Randolphville Road | NY Metro | — | 3,019 | — | 17,404 | 249,916 | — | 3,019 | — | 267,320 | 270,339 | (49,801 | ) | 2008 | (A) | ||||||||||||||||||||||||
701 & 717 Leonard Street | Dallas | — | 2,165 | — | 9,934 | 797 | — | 2,165 | — | 10,731 | 12,896 | (1,832 | ) | 2008 | (A) | ||||||||||||||||||||||||
650 Randolph Road | NY Metro | — | 3,986 | — | 6,883 | 5,862 | (6,600 | ) | 3,986 | — | 6,145 | 10,131 | (1,453 | ) | 2008 | (A) | |||||||||||||||||||||||
Manchester Technopark | Manchester | — | — | — | 23,918 | (4,773 | ) | — | — | — | 19,145 | 19,145 | (3,591 | ) | 2008 | (A) | |||||||||||||||||||||||
1201 Comstock Street | Silicon Valley | — | 2,093 | — | 1,606 | 26,519 | — | 3,398 | — | 26,820 | 30,218 | (12,123 | ) | 2008 | (A) | ||||||||||||||||||||||||
1550 Space Park Drive | Silicon Valley | — | 2,301 | — | 766 | 1,741 | — | 1,926 | — | 2,882 | 4,808 | — | 2008 | (A) | |||||||||||||||||||||||||
1525 Comstock Street | Silicon Valley | — | 2,293 | — | 16,216 | 29,539 | — | 2,061 | — | 45,987 | 48,048 | (19,711 | ) | 2008 | (A) | ||||||||||||||||||||||||
43830 Devin Shafron Drive | N. Virginia | — | 5,509 | — | — | 73,297 | — | 5,509 | — | 73,297 | 78,806 | (16,705 | ) | 2009 | (C) | ||||||||||||||||||||||||
1232 Alma Road | Dallas | — | 2,267 | — | 3,740 | 63,038 | — | 2,267 | — | 66,778 | 69,045 | (20,794 | ) | 2009 | (A) | ||||||||||||||||||||||||
900 Quality Way | Dallas | — | 1,446 | — | 1,659 | 51,325 | — | 1,446 | — | 52,984 | 54,430 | (6,651 | ) | 2009 | (A) | ||||||||||||||||||||||||
1210 Integrity Drive | Dallas | — | 2,041 | — | 3,389 | 4,927 | — | 3,539 | — | 6,818 | 10,357 | — | 2009 | (A) | |||||||||||||||||||||||||
907 Security Row | Dallas | — | 333 | — | 344 | 9,767 | — | 2,103 | — | 8,341 | 10,444 | — | 2009 | (A) | |||||||||||||||||||||||||
908 Quality Way | Dallas | — | 6,730 | — | 4,493 | 13,782 | — | 2,067 | — | 22,938 | 25,005 | (9,915 | ) | 2009 | (A) | ||||||||||||||||||||||||
904 Quality Way | Dallas | — | 760 | — | 744 | 6,805 | — | 1,151 | — | 7,158 | 8,309 | (435 | ) | 2009 | (A) | ||||||||||||||||||||||||
905 Security Row | Dallas | — | 4,056 | — | 1,553 | (5,609 | ) | — | — | — | — | — | — | 2009 | (A) | ||||||||||||||||||||||||
1215 Integrity Drive | Dallas | — | — | — | — | 43,447 | — | 1,899 | — | 41,548 | 43,447 | (6,128 | ) | 2009 | (C) | ||||||||||||||||||||||||
1350 Duane | Silicon Valley | — | 7,081 | — | 69,817 | 60 | — | 7,081 | — | 69,877 | 76,958 | (9,365 | ) | 2009 | (A) | ||||||||||||||||||||||||
45901 & 45845 Nokes Boulevard | N. Virginia | — | 3,437 | — | 28,785 | 449 | — | 3,437 | — | 29,234 | 32,671 | (4,089 | ) | 2009 | (A) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
21561 & 21571 Beaumeade Circle | N. Virginia | — | 3,966 | — | 24,211 | 44 | — | 3,966 | — | 24,255 | 28,221 | (3,137 | ) | 2009 | (A) | ||||||||||||||||||||||||
60 & 80 Merritt | NY Metro | — | 3,418 | — | 71,477 | 90,701 | — | 3,418 | — | 162,178 | 165,596 | (16,180 | ) | 2010 | (A) | ||||||||||||||||||||||||
55 Middlesex | Boston | — | 9,975 | — | 68,363 | 7,093 | — | 9,975 | — | 75,456 | 85,431 | (12,773 | ) | 2010 | (A) | ||||||||||||||||||||||||
128 First Avenue | Boston | — | 5,465 | — | 185,348 | 28,337 | — | 5,465 | — | 213,685 | 219,150 | (36,210 | ) | 2010 | (A) | ||||||||||||||||||||||||
Cateringweg 5 | Amsterdam | — | — | 3,518 | 3,517 | 41,618 | — | — | 3,478 | 45,175 | 48,653 | (4,278 | ) | 2010 | (A) | ||||||||||||||||||||||||
1725 Comstock Street | Silicon Valley | — | 3,274 | — | 6,567 | 37,682 | — | 3,274 | — | 44,249 | 47,523 | (12,662 | ) | 2010 | (A) | ||||||||||||||||||||||||
3015 and 3115 Alfred Street | Silicon Valley | — | 6,533 | — | 3,725 | 55,292 | — | 6,533 | — | 59,017 | 65,550 | (13,815 | ) | 2010 | (A) | ||||||||||||||||||||||||
365 Main Street | San Francisco | — | 22,854 | — | 158,709 | 21,915 | — | 22,854 | — | 180,624 | 203,478 | (25,010 | ) | 2010 | (A) | ||||||||||||||||||||||||
720 2nd Street | San Francisco | — | 3,884 | — | 116,861 | 8,846 | — | 3,884 | — | 125,707 | 129,591 | (16,085 | ) | 2010 | (A) | ||||||||||||||||||||||||
2260 East El Segundo | Los Angeles | — | 11,053 | — | 51,397 | 12,152 | — | 11,053 | — | 63,549 | 74,602 | (9,439 | ) | 2010 | (A) | ||||||||||||||||||||||||
2121 South Price Road | Phoenix | — | 7,335 | — | 238,452 | 189,106 | — | 7,335 | — | 427,558 | 434,893 | (46,542 | ) | 2010 | (A) | ||||||||||||||||||||||||
4030 La Fayette | N. Virginia | — | 2,492 | — | 16,912 | 3,252 | — | 2,492 | — | 20,164 | 22,656 | (2,921 | ) | 2010 | (A) | ||||||||||||||||||||||||
4040 La Fayette | N. Virginia | — | 1,246 | — | 4,267 | 26,371 | — | 1,246 | — | 30,638 | 31,884 | (765 | ) | 2010 | (A) | ||||||||||||||||||||||||
4050 La Fayette | N. Virginia | — | 1,246 | — | 4,371 | 34,847 | — | 1,246 | — | 39,218 | 40,464 | (10,344 | ) | 2010 | (A) | ||||||||||||||||||||||||
800 Central Expressway | Silicon Valley | — | 8,976 | — | 18,155 | 115,725 | — | 8,976 | — | 133,880 | 142,856 | (4,984 | ) | 2010 | (A) | ||||||||||||||||||||||||
29A International Business Park | Singapore | — | — | — | 137,545 | 163,173 | — | — | — | 300,718 | 300,718 | (38,152 | ) | 2010 | (A) | ||||||||||||||||||||||||
Loudoun Parkway North | N. Virginia | — | 17,300 | — | — | 294,643 | — | 17,300 | — | 294,643 | 311,943 | (15,202 | ) | 2011 | (C) | ||||||||||||||||||||||||
1-23 Templar Road | Sydney | — | 11,173 | — | — | 43,301 | — | 8,947 | — | 45,527 | 54,474 | (4,765 | ) | 2011 | (C) | ||||||||||||||||||||||||
Fountain Court | London | — | 7,544 | — | 12,506 | 98,417 | — | 7,561 | — | 110,906 | 118,467 | (5,736 | ) | 2011 | (C) | ||||||||||||||||||||||||
98 Radnor Drive | Melbourne | — | 4,467 | — | — | 90,737 | — | 3,578 | — | 91,626 | 95,204 | (6,369 | ) | 2011 | (C) | ||||||||||||||||||||||||
Cabot Street | Boston | — | 2,386 | — | — | 58,220 | — | 2,427 | — | 58,179 | 60,606 | (1,745 | ) | 2011 | (C) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
PROPERTIES: | |||||||||||||||||||||||||||||||||||||||
3825 NW Aloclek Place | Portland | — | 1,689 | — | — | 56,632 | — | 1,689 | — | 56,632 | 58,321 | (7,388 | ) | 2011 | (C) | ||||||||||||||||||||||||
11085 Sun Center Drive | Sacramento | — | 2,490 | — | 21,509 | — | — | 2,490 | — | 21,509 | 23,999 | (2,013 | ) | 2011 | (A) | ||||||||||||||||||||||||
Profile Park | Dublin | — | 6,288 | — | — | 33,953 | — | 5,898 | — | 34,343 | 40,241 | — | 2011 | (C) | |||||||||||||||||||||||||
1506 Moran Road | N. Virginia | — | 1,527 | — | — | 17,187 | — | 1,115 | — | 17,599 | 18,714 | (896 | ) | 2011 | (A) | ||||||||||||||||||||||||
760 Doug Davis Drive | Atlanta | — | 4,837 | — | 53,551 | 2,796 | — | 4,837 | — | 56,347 | 61,184 | (5,591 | ) | 2011 | (A) | ||||||||||||||||||||||||
360 Spear Street | San Francisco | — | 19,828 | — | 56,733 | (927 | ) | — | 19,828 | — | 55,806 | 75,634 | (6,317 | ) | 2011 | (A) | |||||||||||||||||||||||
2501 S. State Hwy 121 | Dallas | — | 23,137 | — | 93,943 | 14,135 | — | 23,137 | — | 108,078 | 131,215 | (12,877 | ) | 2012 | (A) | ||||||||||||||||||||||||
9333, 9355, 9377 Grand Avenue | Chicago | — | 5,686 | — | 14,515 | 184,394 | — | 5,686 | — | 198,909 | 204,595 | (9,039 | ) | 2012 | (A) | ||||||||||||||||||||||||
8025 North Interstate 35 | Austin | 6,119 | (2) | 2,920 | — | 8,512 | 184 | — | 2,920 | — | 8,696 | 11,616 | (856 | ) | 2012 | (A) | |||||||||||||||||||||||
850 E Collins | Dallas | — | 1,614 | — | — | 80,751 | — | 1,614 | — | 80,751 | 82,365 | (3,163 | ) | 2012 | (C) | ||||||||||||||||||||||||
950 E Collins | Dallas | — | 1,546 | — | — | 66,094 | — | 1,546 | — | 66,094 | 67,640 | (1,073 | ) | 2012 | (C) | ||||||||||||||||||||||||
400 S. Akard | Dallas | — | 10,075 | — | 62,730 | 1,454 | — | 10,075 | — | 64,184 | 74,259 | (4,254 | ) | 2012 | (A) | ||||||||||||||||||||||||
410 Commerce Boulevard | NY Metro | — | — | — | — | 29,623 | — | — | — | 29,623 | 29,623 | (3,238 | ) | 2012 | (C) | ||||||||||||||||||||||||
Croydon | London | — | 1,683 | — | 104,728 | (1,992 | ) | — | 1,641 | — | 102,778 | 104,419 | (7,495 | ) | 2012 | (A) | |||||||||||||||||||||||
Watford | London | — | — | 7,355 | 219,273 | 21,617 | — | — | 7,629 | 240,616 | 248,245 | (16,096 | ) | 2012 | (A) | ||||||||||||||||||||||||
Unit 21 Goldsworth Park | London | — | 17,334 | — | 928,129 | 13,134 | — | 16,698 | — | 941,899 | 958,597 | (64,416 | ) | 2012 | (A) | ||||||||||||||||||||||||
11900 East Cornell | Denver | — | 3,352 | — | 80,640 | 1,365 | — | 3,352 | — | 82,005 | 85,357 | (6,004 | ) | 2012 | (A) | ||||||||||||||||||||||||
701 Union Boulevard | NY Metro | — | 10,045 | — | 6,755 | 25,174 | — | 10,045 | — | 31,929 | 41,974 | — | 2012 | (A) | |||||||||||||||||||||||||
23 Waterloo Road | Sydney | — | 7,112 | — | 3,868 | (2,345 | ) | — | 5,593 | — | 3,042 | 8,635 | (183 | ) | 2012 | (A) | |||||||||||||||||||||||
1 Rue Jean-Pierre | Paris | — | 9,621 | — | 35,825 | (3,772 | ) | — | 8,822 | — | 32,852 | 41,674 | (2,383 | ) | 2012 | (A) | |||||||||||||||||||||||
Liet-dit le Christ de Saclay | Paris | — | 3,402 | — | 3,090 | (539 | ) | — | 3,120 | — | 2,833 | 5,953 | (265 | ) | 2012 | (A) | |||||||||||||||||||||||
127 Rue de Paris | Paris | — | 8,637 | — | 10,838 | (1,617 | ) | — | 7,920 | — | 9,938 | 17,858 | (897 | ) | 2012 | (A) | |||||||||||||||||||||||
17201 Waterview Parkway | Dallas | — | 2,070 | — | 6,409 | (1 | ) | — | 2,070 | — | 6,408 | 8,478 | (404 | ) | 2013 | (A) | |||||||||||||||||||||||
1900 S. Price Road | Phoenix | — | 5,380 | — | 16,975 | 291 | — | 5,380 | — | 17,266 | 22,646 | (1,378 | ) | 2013 | (A) | ||||||||||||||||||||||||
Metropolitan | Encumbrances | Initial costs | Costs capitalized | Total costs | Accumulated | Date of | Acquisition | ||||||||||||||||||||||||||||||||
Area | subsequent to | depreciation | acquisition | (A) or | |||||||||||||||||||||||||||||||||||
acquisition | and | or | construction | ||||||||||||||||||||||||||||||||||||
Land | Acquired | Buildings and | Improvements | Carrying | Land | Acquired | Buildings and | Total | amortization | construction | (C) | ||||||||||||||||||||||||||||
ground | improvements | costs | ground | improvements | |||||||||||||||||||||||||||||||||||
lease | lease | ||||||||||||||||||||||||||||||||||||||
371 Gough Road | Toronto | — | 7,394 | 677 | 69,861 | — | 6,526 | — | 71,406 | 77,932 | (1,251 | ) | 2013 | (A) | |||||||||||||||||||||||||
1500 Towerview Road | Minneapolis | — | 10,190 | 20,054 | 657 | — | 10,190 | — | 20,711 | 30,901 | (1,310 | ) | 2013 | (A) | |||||||||||||||||||||||||
Principal Park | London | — | 11,837 | — | 92,590 | — | 13,804 | — | 90,623 | 104,427 | — | 2013 | (C) | ||||||||||||||||||||||||||
MetCenter Business Park | Austin | — | 8,604 | 20,314 | 45 | — | 8,604 | — | 20,359 | 28,963 | (1,322 | ) | 2013 | (A) | |||||||||||||||||||||||||
Liverpoolweg 10 | Amsterdam | — | 733 | 3,122 | 8,330 | — | 680 | — | 11,505 | 12,185 | (366 | ) | 2013 | (A) | |||||||||||||||||||||||||
De President Business Park | Amsterdam | — | 6,737 | — | 6,453 | — | 7,545 | — | 5,645 | 13,190 | — | 2013 | (C) | ||||||||||||||||||||||||||
Saito Industrial Park | Osaka | — | 9,649 | — | 1,704 | — | 8,369 | — | 2,984 | 11,353 | — | 2013 | (C) | ||||||||||||||||||||||||||
Crawley 2 | London | — | 24,305 | — | 1,274 | — | 23,233 | — | 2,346 | 25,579 | — | 2014 | (C) | ||||||||||||||||||||||||||
Other | — | — | 8,298 | 47,636 | — | — | — | 55,934 | 55,934 | (5,388 | ) | ||||||||||||||||||||||||||||
702,692 | 13,509 | 4,554,562 | 4,838,319 | (126,470 | ) | 671,602 | 12,196 | 9,298,814 | 9,982,612 | (1,874,054 | ) | ||||||||||||||||||||||||||||
-1 | The balance shown includes an unamortized premium of $520. | ||||||||||||||||||||||||||||||||||||||
-2 | The balance shown includes an unamortized premium of $62. | ||||||||||||||||||||||||||||||||||||||
(1) Tax Cost | |||||||||||||||||||||||||||||||||||||||
The aggregate gross cost of the Company’s properties for federal income tax purposes approximated $10.8 billion (unaudited) as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||||
(2) Historical Cost and Accumulated Depreciation and Amortization | |||||||||||||||||||||||||||||||||||||||
The following table reconciles the historical cost of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 9,879,578 | $ | 8,742,519 | $ | 6,118,583 | |||||||||||||||||||||||||||||||||
Additions during period (acquisitions and improvements) | 560,307 | 1,345,046 | 2,623,936 | ||||||||||||||||||||||||||||||||||||
Deductions during period (dispositions, impairments and assets held for sale) | (457,273 | ) | (207,987 | ) | — | ||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 9,982,612 | $ | 9,879,578 | $ | 8,742,519 | |||||||||||||||||||||||||||||||||
The following table reconciles accumulated depreciation and amortization of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,565,996 | $ | 1,206,017 | $ | 900,044 | |||||||||||||||||||||||||||||||||
Additions during period (depreciation and amortization expense) | 413,652 | 386,935 | 305,973 | ||||||||||||||||||||||||||||||||||||
Deductions during period (dispositions and assets held for sale) | (105,594 | ) | (26,956 | ) | — | ||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 1,874,054 | $ | 1,565,996 | $ | 1,206,017 | |||||||||||||||||||||||||||||||||
Schedules other than those listed above are omitted because they are not applicable or the information required is included in the consolidated financial statements or the notes thereto. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Principles Of Consolidation And Basis Of Presentation | (a) Principles of Consolidation and Basis of Presentation | ||
The accompanying consolidated financial statements include all of the accounts of Digital Realty Trust, Inc., the Operating Partnership and the subsidiaries of the Operating Partnership. Intercompany balances and transactions have been eliminated. | |||
The notes to the consolidated financial statements of Digital Realty Trust, Inc. and the Operating Partnership have been combined to provide the following benefits: | |||
• | enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; | ||
• | eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and | ||
• | creating time and cost efficiencies through the preparation of one set of notes instead of two separate sets of notes. | ||
There are few differences between the Company and the Operating Partnership, which are reflected in these consolidated financial statements. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. Digital Realty Trust, Inc.’s only material asset is its ownership of partnership interests of the Operating Partnership. As a result, Digital Realty Trust, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries. Digital Realty Trust, Inc. itself does not hold any indebtedness but guarantees the unsecured debt of the Operating Partnership and certain of its subsidiaries, as disclosed in these notes. The Operating Partnership holds substantially all the assets of the Company and holds the ownership interests in the Company’s joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by Digital Realty Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units. | |||
The presentation of noncontrolling interests in operating partnership, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Digital Realty Trust, Inc. and those of the Operating Partnership. The common limited partnership interests held by the limited partners in the Operating Partnership are presented as limited partners’ capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as noncontrolling interests in operating partnership within equity in Digital Realty Trust, Inc.’s consolidated financial statements. The common and preferred partnership interests held by Digital Realty Trust, Inc. in the Operating Partnership are presented as general partner’s capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as preferred stock, common stock, additional paid-in capital and accumulated dividends in excess of earnings within stockholders’ equity in Digital Realty Trust, Inc.’s consolidated financial statements. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity issued at the Digital Realty Trust, Inc. and the Operating Partnership levels. | |||
To help investors understand the significant differences between the Company and the Operating Partnership, these consolidated financial statements present the following separate sections for each of the Company and the Operating Partnership: | |||
• | consolidated face financial statements; and | ||
• | the following notes to the consolidated financial statements: | ||
• | Debt of the Company and Debt of the Operating Partnership; | ||
• | Income per Share and Income per Unit; | ||
• | Equity and Accumulated Other Comprehensive Loss, Net of the Company and Capital and Accumulated Other Comprehensive Income (Loss) of the Operating Partnership; and | ||
• | Quarterly Financial Information. | ||
In the sections that combine disclosure of Digital Realty Trust, Inc. and the Operating Partnership, these notes refer to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership. | |||
Cash Equivalents | (b) Cash Equivalents | ||
For the purpose of the consolidated statements of cash flows, we consider short-term investments with original maturities of 90 days or less to be cash equivalents. | |||
Investments In Real Estate | (c) Investments in Real Estate | ||
Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: | |||
Acquired ground leases | Terms of the related lease | ||
Buildings and improvements | 5-39 years | ||
Tenant improvements | Shorter of the estimated useful lives or the terms of the related leases | ||
Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. | |||
Investments In Unconsolidated Joint Ventures Policy | (d) Investment in Unconsolidated Joint Ventures | ||
The Company’s investment in unconsolidated joint ventures is accounted for using the equity method, whereby the investment is increased for capital contributed and our share of the joint ventures’ net income and decreased by distributions we receive and our share of any losses of the joint ventures. | |||
We amortize the difference between the cost of our investments in unconsolidated joint ventures and the book value of the underlying equity into equity in earnings from unconsolidated affiliates on a straight-line basis consistent with the lives of the underlying assets. | |||
Impairment Of Long-Lived Assets | (e) Impairment of Long-Lived Assets | ||
We review each of our properties for indicators that its carrying amount may not be recoverable. Examples of such indicators may include a significant decrease in the market price of the property, a significant adverse change in the extent or manner in which the property is being used in its physical condition or expected to be used based on the underwriting at the time of acquisition, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of the property, or a history of operating or cash flow losses of the property. When such impairment indicators exist, we review an estimate of the future probability weighted undiscounted net cash flows (excluding interest charges) expected to result from the real estate investment’s use and eventual disposition and compare that estimate to the carrying value of the property. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition, potential sales proceeds and other factors. If our undiscounted net cash flow evaluation indicates that we are unable to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. | |||
Purchase Accounting For Acquisitions Of Investments In Real Estate Policy | (f) Purchase Accounting for Acquisition of Investments in Real Estate | ||
Purchase accounting is applied to the assets and liabilities related to all real estate investments acquired from third parties. In accordance with current accounting guidance, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting primarily of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases, value of tenant relationships and acquired ground leases, based in each case on their fair values. Loan premiums, in the case of above market rate loans, or loan discounts, in the case of below market loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate. | |||
The fair values of the tangible assets of an acquired property are determined based on comparable land sales for land and replacement costs adjusted for physical and market obsolescence for the improvements. The fair values of the tangible assets of an acquired property are also determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property based on assumptions that a market participant would use, which is similar to methods used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related costs. | |||
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) estimated fair market lease rates from the perspective of a market participant for the corresponding in-place leases, measured, for above-market leases, over a period equal to the remaining non-cancelable term of the lease and, for below-market leases, over a period equal to the initial term plus any below market fixed rate renewal periods. The leases we have acquired do not currently include any below market fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values, also referred to as acquired lease obligations, are amortized as an increase to rental income over the initial terms of the respective leases and any below market fixed rate renewal periods. | |||
In addition to the intangible value for above market leases and the intangible negative value for below market leases, there is intangible value related to having tenants leasing space in the purchased property, which is referred to as in-place lease value and tenant relationship value. Such value results primarily from the buyer of a leased property avoiding the costs associated with leasing the property and also avoiding rent losses and unreimbursed operating expenses during the lease up period. The estimated avoided costs and avoided revenue losses are calculated and this aggregate value is allocated between in-place lease value and tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease; however, the value of tenant relationships has not been separated from in-place lease value for our real estate because such value and its consequence to amortization expense is immaterial for these particular acquisitions. The value of in-place leases exclusive of the value of above-market in-place leases is amortized to expense over the estimated term (including renewal and extension assumptions) of the respective leases. If a lease were to be terminated prior to its estimated term, all unamortized amounts relating to that lease would be written off. | |||
Capitalization Of Costs | (g) Capitalization of Costs | ||
Direct and indirect project costs that are clearly associated with the development of properties are capitalized as incurred. Project costs include all costs directly associated with the development of a property, including construction costs, interest, property taxes, insurance, legal fees and costs of personnel working on the project. Indirect costs that do not clearly relate to the projects under development are not capitalized and are charged to expense as incurred. | |||
Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. If and when development of a property is suspended pursuant to a formal change in the planned use of the property, we will evaluate whether the accumulated costs exceed the estimated value of the project and write off the amount of any such excess accumulated costs. For a development project that is suspended for reasons other than a formal change in the planned use of such property, the accumulated project costs are evaluated for impairment consistent with our impairment policies for long-lived assets. Capitalized costs are allocated to the specific components of a project that are benefited. | |||
Deferred Leasing Costs | (h) Deferred Leasing Costs | ||
Leasing commissions and other direct and indirect costs associated with the acquisition of tenants are capitalized and amortized on a straight line basis over the terms of the related leases. | |||
Foreign Currency Translation | (i) Foreign Currency Translation | ||
Assets and liabilities of our subsidiaries outside the United States with non-U.S. dollar functional currencies are translated into U.S. dollars using exchange rates as of the balance sheet dates. Income and expenses are translated using the average exchange rates for the reporting period. Foreign currency translation adjustments are recorded as a component of other comprehensive income. | |||
Deferred Financing Costs Policy | (j) Deferred Financing Costs | ||
Loan fees and costs are capitalized and amortized over the life of the related loans on a straight-line basis, which approximates the effective interest method. Such amortization is included as a component of interest expense. | |||
Restricted Cash | (k) Restricted Cash | ||
Restricted cash consists of deposits for real estate taxes and insurance and other amounts as required by our loan agreements including funds for leasing costs and improvements related to unoccupied space. | |||
Offering Costs Policy | (l) Offering Costs | ||
Underwriting commissions and other offering costs are reflected as a reduction in additional paid-in capital, or in the case of preferred stock, as a reduction of the carrying value of preferred stock. | |||
Share Based Compensation | (m) Share Based Compensation | ||
The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition. The estimated fair value of the long-term incentive units and Class D Units (discussed in note 13) granted by us is being amortized on a straight-line basis over the expected service period. | |||
The fair value of share-based compensation awards that contain a market condition is measured using a Monte Carlo simulation method and not adjusted based on actual achievement of the market condition. | |||
Accounting For Derivative Instruments And Hedging Activities | (n) Accounting for Derivative Instruments and Hedging Activities | ||
We account for our derivative instruments and hedging activities in accordance with the accounting standard for derivative and hedging activities. The accounting standard requires us to measure every derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record them in the balance sheet as either an asset or liability. | |||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The amount of gain recognized in income related to the ineffective portion of the hedging relationships for the year ended December 31, 2014 was approximately $0.8 million. During the years ended December 31, 2013 and 2012, respectively, there were no ineffective portions to our interest rate swaps. | |||
We actively manage our ratio of fixed-to-floating rate debt. To manage our fixed and floating rate debt in a cost-effective manner, we, from time to time, enter into interest rate swap agreements as cash flow hedges, under which we agree to exchange various combinations of fixed and/or variable interest rates based on agreed upon notional amounts. We do not enter into derivative instruments for trading purposes. | |||
Income Taxes | (o) Income Taxes | ||
Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. | |||
The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s U.S. consolidated taxable REIT subsidiaries are subject to both federal and state income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for its taxable REIT subsidiaries, certain states and non-U.S. jurisdictions, as appropriate. | |||
We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2014 and 2013, we have no assets or liabilities for uncertain tax positions. We classify interest and penalties from significant uncertain tax positions as interest expense and operating expense, respectively, in our consolidated income statements. For the years ended December 31, 2014, 2013 and 2012, we had no such interest or penalties. The tax year 2011 and thereafter remain open to examination by the major taxing jurisdictions with which the Company files tax returns. | |||
See Note 10 for further discussion on income taxes. | |||
Presentation Of Transactional Based Taxes Policy | (p) Presentation of Transactional-based Taxes | ||
We account for transactional-based taxes, such as value added tax, or VAT, for our international properties on a net basis. | |||
Revenue Recognition | (q) Revenue Recognition | ||
All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is included in deferred rent in the accompanying consolidated balance sheets and contractually due but unpaid rents are included in accounts and other receivables. | |||
Tenant reimbursements for real estate taxes, common area maintenance, and other recoverable costs are recognized in the period that the expenses are incurred. Lease termination fees, which are included in other revenue in the accompanying consolidated income statements, are recognized over the new remaining term of the lease, effective as of the date the lease modification is finalized, and assuming collection is probable. | |||
A provision for loss is made if the collection of the receivable balances related to contractual rent, rent recorded on a straight-line basis, tenant reimbursements and lease termination fees are considered to be doubtful. | |||
Asset Retirement Obligations | (r) Asset Retirement Obligations | ||
We record accruals for estimated retirement obligations as required by current accounting guidance. The amount of asset retirement obligations relates primarily to estimated asbestos removal costs at the end of the economic life of properties that were built before 1984. | |||
Construction Management Revenue | (s) Fee Income | ||
Occasionally, customers engage the company for certain services. The nature of these services historically involves property management, construction management, and assistance with financing. The proper revenue recognition of these services can be different, depending on whether the arrangements are service revenue or contractor type revenue. | |||
Service revenues are typically recognized on an equal monthly basis based on the minimum fee to be earned. The monthly amounts could be adjusted depending on if certain performance milestones are met. | |||
Fee income also includes management fees. These fees arise from contractual agreements with entities in which we have a noncontrolling interest. The management fees are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. | |||
Assets And Liabilities Measured At Fair Value | (t) Assets and Liabilities Measured at Fair Value | ||
Fair value under U.S. GAAP is a market-based measurement, not an entity-specific measurement. Therefore, our fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, we use a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the lowest level input that is significant would be used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||
Transactions Expense Policy | (u) Transactions Expense | ||
Transactions expense includes acquisition-related expenses and other business development expenses, which are expensed as incurred. Acquisition-related expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to acquisitions and significant transactions. | |||
Managements Estimates Policy | (v) Management’s Estimates | ||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made. On an on-going basis, we evaluate our estimates, including those related to the valuation of our real estate properties, contingent consideration, accounts receivable and deferred rent receivable, performance-based equity compensation plans and the completeness of accrued liabilities We base our estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could vary under different assumptions or conditions. | |||
Segment And Geographic Information | (w) Segment and Geographic Information | ||
All of our properties generate similar revenues and expenses related to tenant rent and reimbursements and operating expenses. The delivery of our products is consistent across all properties and although services are provided to a wide range of customers, the types of real estate services provided to them are standardized throughout the portfolio. As such, the properties in our portfolio have similar economic characteristics and the nature of the products and services provided to our customers and the method to distribute such services are consistent throughout the portfolio. Consequently, our properties qualify for aggregation into one reporting segment. | |||
Recent Accounting Pronouncements | (y) Recent Accounting Pronouncements | ||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-8, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. Under the previous guidance, the Company's current year disposals and assets classified as held for sale would have qualified for discontinued operations presentation. However, under the new guidance, the actual and planned disposals do not represent a strategic shift that will have a major effect on operations and financial results. As a result, discontinued operations presentation is not provided for these actual and planned disposals. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. As permitted by the standard, the Company has elected to early adopt the provisions of ASU 2014-8 as of January 1, 2014 and is applying the provisions prospectively. | |||
In May 2014, the FASB issued an update (ASU 2014-09) establishing ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. | |||
In June 2014, the FASB issued an update (ASU 2014-12) to ASC Topic 718, Compensation - Stock Compensation. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2014-12 on our consolidated financial statements. | |||
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In accordance with the guidance, all legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective in the first quarter of 2016, and early adoption is permitted. We are currently evaluating the potential impact of the adoption of ASU 2015-02 on our consolidated financial statements. | |||
Digital Realty Trust, L.P. | |||
Principles Of Consolidation And Basis Of Presentation | (a) Principles of Consolidation and Basis of Presentation | ||
The accompanying consolidated financial statements include all of the accounts of Digital Realty Trust, Inc., the Operating Partnership and the subsidiaries of the Operating Partnership. Intercompany balances and transactions have been eliminated. | |||
The notes to the consolidated financial statements of Digital Realty Trust, Inc. and the Operating Partnership have been combined to provide the following benefits: | |||
• | enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; | ||
• | eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and | ||
• | creating time and cost efficiencies through the preparation of one set of notes instead of two separate sets of notes. | ||
There are few differences between the Company and the Operating Partnership, which are reflected in these consolidated financial statements. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. Digital Realty Trust, Inc.’s only material asset is its ownership of partnership interests of the Operating Partnership. As a result, Digital Realty Trust, Inc. does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries. Digital Realty Trust, Inc. itself does not hold any indebtedness but guarantees the unsecured debt of the Operating Partnership and certain of its subsidiaries, as disclosed in these notes. The Operating Partnership holds substantially all the assets of the Company and holds the ownership interests in the Company’s joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by Digital Realty Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s direct or indirect incurrence of indebtedness or through the issuance of partnership units. | |||
The presentation of noncontrolling interests in operating partnership, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Digital Realty Trust, Inc. and those of the Operating Partnership. The common limited partnership interests held by the limited partners in the Operating Partnership are presented as limited partners’ capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as noncontrolling interests in operating partnership within equity in Digital Realty Trust, Inc.’s consolidated financial statements. The common and preferred partnership interests held by Digital Realty Trust, Inc. in the Operating Partnership are presented as general partner’s capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as preferred stock, common stock, additional paid-in capital and accumulated dividends in excess of earnings within stockholders’ equity in Digital Realty Trust, Inc.’s consolidated financial statements. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity issued at the Digital Realty Trust, Inc. and the Operating Partnership levels. | |||
To help investors understand the significant differences between the Company and the Operating Partnership, these consolidated financial statements present the following separate sections for each of the Company and the Operating Partnership: | |||
• | consolidated face financial statements; and | ||
• | the following notes to the consolidated financial statements: | ||
• | Debt of the Company and Debt of the Operating Partnership; | ||
• | Income per Share and Income per Unit; | ||
• | Equity and Accumulated Other Comprehensive Loss, Net of the Company and Capital and Accumulated Other Comprehensive Income (Loss) of the Operating Partnership; and | ||
• | Quarterly Financial Information. | ||
In the sections that combine disclosure of Digital Realty Trust, Inc. and the Operating Partnership, these notes refer to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership. | |||
Cash Equivalents | (b) Cash Equivalents | ||
For the purpose of the consolidated statements of cash flows, we consider short-term investments with original maturities of 90 days or less to be cash equivalents. | |||
Investments In Real Estate Policy | (c) Investments in Real Estate | ||
Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: | |||
Acquired ground leases | Terms of the related lease | ||
Buildings and improvements | 5-39 years | ||
Tenant improvements | Shorter of the estimated useful lives or the terms of the related leases | ||
Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. | |||
Assets that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. We classify assets as held for sale once management has the authority to approve and commits to a plan to sell, the assets are available for immediate sale, an active program to locate a buyer has commenced and the sale of the assets are probable and transfer of the assets are expected to occur within one year. Upon the classification of assets as held for sale or sold, the depreciation and amortization of the assets will cease. | |||
Investments In Unconsolidated Joint Ventures Policy | (d) Investment in Unconsolidated Joint Ventures | ||
The Company’s investment in unconsolidated joint ventures is accounted for using the equity method, whereby the investment is increased for capital contributed and our share of the joint ventures’ net income and decreased by distributions we receive and our share of any losses of the joint ventures. | |||
We amortize the difference between the cost of our investments in unconsolidated joint ventures and the book value of the underlying equity into equity in earnings from unconsolidated affiliates on a straight-line basis consistent with the lives of the underlying assets. | |||
Impairment Of Long-Lived Assets | (e) Impairment of Long-Lived Assets | ||
We review each of our properties for indicators that its carrying amount may not be recoverable. Examples of such indicators may include a significant decrease in the market price of the property, a significant adverse change in the extent or manner in which the property is being used in its physical condition or expected to be used based on the underwriting at the time of acquisition, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of the property, or a history of operating or cash flow losses of the property. When such impairment indicators exist, we review an estimate of the future probability weighted undiscounted net cash flows (excluding interest charges) expected to result from the real estate investment’s use and eventual disposition and compare that estimate to the carrying value of the property. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition, potential sales proceeds and other factors. If our undiscounted net cash flow evaluation indicates that we are unable to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. | |||
Purchase Accounting For Acquisitions Of Investments In Real Estate Policy | (f) Purchase Accounting for Acquisition of Investments in Real Estate | ||
Purchase accounting is applied to the assets and liabilities related to all real estate investments acquired from third parties. In accordance with current accounting guidance, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting primarily of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, other value of in-place leases, value of tenant relationships and acquired ground leases, based in each case on their fair values. Loan premiums, in the case of above market rate loans, or loan discounts, in the case of below market loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate. | |||
The fair values of the tangible assets of an acquired property are determined based on comparable land sales for land and replacement costs adjusted for physical and market obsolescence for the improvements. The fair values of the tangible assets of an acquired property are also determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property based on assumptions that a market participant would use, which is similar to methods used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related costs. | |||
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) estimated fair market lease rates from the perspective of a market participant for the corresponding in-place leases, measured, for above-market leases, over a period equal to the remaining non-cancelable term of the lease and, for below-market leases, over a period equal to the initial term plus any below market fixed rate renewal periods. The leases we have acquired do not currently include any below market fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values, also referred to as acquired lease obligations, are amortized as an increase to rental income over the initial terms of the respective leases and any below market fixed rate renewal periods. | |||
In addition to the intangible value for above market leases and the intangible negative value for below market leases, there is intangible value related to having tenants leasing space in the purchased property, which is referred to as in-place lease value and tenant relationship value. Such value results primarily from the buyer of a leased property avoiding the costs associated with leasing the property and also avoiding rent losses and unreimbursed operating expenses during the lease up period. The estimated avoided costs and avoided revenue losses are calculated and this aggregate value is allocated between in-place lease value and tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease; however, the value of tenant relationships has not been separated from in-place lease value for our real estate because such value and its consequence to amortization expense is immaterial for these particular acquisitions. The value of in-place leases exclusive of the value of above-market in-place leases is amortized to expense over the estimated term (including renewal and extension assumptions) of the respective leases. If a lease were to be terminated prior to its estimated term, all unamortized amounts relating to that lease would be written off. | |||
Capitalization Of Costs | (g) Capitalization of Costs | ||
Direct and indirect project costs that are clearly associated with the development of properties are capitalized as incurred. Project costs include all costs directly associated with the development of a property, including construction costs, interest, property taxes, insurance, legal fees and costs of personnel working on the project. Indirect costs that do not clearly relate to the projects under development are not capitalized and are charged to expense as incurred. | |||
Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences, and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. If and when development of a property is suspended pursuant to a formal change in the planned use of the property, we will evaluate whether the accumulated costs exceed the estimated value of the project and write off the amount of any such excess accumulated costs. For a development project that is suspended for reasons other than a formal change in the planned use of such property, the accumulated project costs are evaluated for impairment consistent with our impairment policies for long-lived assets. Capitalized costs are allocated to the specific components of a project that are benefited. | |||
Deferred Leasing Costs | (h) Deferred Leasing Costs | ||
Leasing commissions and other direct and indirect costs associated with the acquisition of tenants are capitalized and amortized on a straight line basis over the terms of the related leases. | |||
Foreign Currency Translation | (i) Foreign Currency Translation | ||
Assets and liabilities of our subsidiaries outside the United States with non-U.S. dollar functional currencies are translated into U.S. dollars using exchange rates as of the balance sheet dates. Income and expenses are translated using the average exchange rates for the reporting period. Foreign currency translation adjustments are recorded as a component of other comprehensive income. | |||
Deferred Financing Costs Policy | (j) Deferred Financing Costs | ||
Loan fees and costs are capitalized and amortized over the life of the related loans on a straight-line basis, which approximates the effective interest method. Such amortization is included as a component of interest expense. | |||
Restricted Cash | (k) Restricted Cash | ||
Restricted cash consists of deposits for real estate taxes and insurance and other amounts as required by our loan agreements including funds for leasing costs and improvements related to unoccupied space. | |||
Offering Costs Policy | (l) Offering Costs | ||
Underwriting commissions and other offering costs are reflected as a reduction in additional paid-in capital, or in the case of preferred stock, as a reduction of the carrying value of preferred stock. | |||
Share Based Compensation | (m) Share Based Compensation | ||
The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition. The estimated fair value of the long-term incentive units and Class D Units (discussed in note 13) granted by us is being amortized on a straight-line basis over the expected service period. | |||
The fair value of share-based compensation awards that contain a market condition is measured using a Monte Carlo simulation method and not adjusted based on actual achievement of the market condition. | |||
Accounting For Derivative Instruments And Hedging Activities | (n) Accounting for Derivative Instruments and Hedging Activities | ||
We account for our derivative instruments and hedging activities in accordance with the accounting standard for derivative and hedging activities. The accounting standard requires us to measure every derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record them in the balance sheet as either an asset or liability. | |||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The amount of gain recognized in income related to the ineffective portion of the hedging relationships for the year ended December 31, 2014 was approximately $0.8 million. During the years ended December 31, 2013 and 2012, respectively, there were no ineffective portions to our interest rate swaps. | |||
We actively manage our ratio of fixed-to-floating rate debt. To manage our fixed and floating rate debt in a cost-effective manner, we, from time to time, enter into interest rate swap agreements as cash flow hedges, under which we agree to exchange various combinations of fixed and/or variable interest rates based on agreed upon notional amounts. We do not enter into derivative instruments for trading purposes. | |||
Income Taxes | (o) Income Taxes | ||
Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. | |||
The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s U.S. consolidated taxable REIT subsidiaries are subject to both federal and state income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for its taxable REIT subsidiaries, certain states and non-U.S. jurisdictions, as appropriate. | |||
We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2014 and 2013, we have no assets or liabilities for uncertain tax positions. We classify interest and penalties from significant uncertain tax positions as interest expense and operating expense, respectively, in our consolidated income statements. For the years ended December 31, 2014, 2013 and 2012, we had no such interest or penalties. The tax year 2011 and thereafter remain open to examination by the major taxing jurisdictions with which the Company files tax returns. | |||
See Note 10 for further discussion on income taxes. | |||
Presentation Of Transactional Based Taxes Policy | (p) Presentation of Transactional-based Taxes | ||
We account for transactional-based taxes, such as value added tax, or VAT, for our international properties on a net basis. | |||
Revenue Recognition | (q) Revenue Recognition | ||
All leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is included in deferred rent in the accompanying consolidated balance sheets and contractually due but unpaid rents are included in accounts and other receivables. | |||
Tenant reimbursements for real estate taxes, common area maintenance, and other recoverable costs are recognized in the period that the expenses are incurred. Lease termination fees, which are included in other revenue in the accompanying consolidated income statements, are recognized over the new remaining term of the lease, effective as of the date the lease modification is finalized, and assuming collection is probable. | |||
A provision for loss is made if the collection of the receivable balances related to contractual rent, rent recorded on a straight-line basis, tenant reimbursements and lease termination fees are considered to be doubtful. | |||
Asset Retirement Obligations | (r) Asset Retirement Obligations | ||
We record accruals for estimated retirement obligations as required by current accounting guidance. The amount of asset retirement obligations relates primarily to estimated asbestos removal costs at the end of the economic life of properties that were built before 1984. | |||
Construction Management Revenue | (s) Fee Income | ||
Occasionally, customers engage the company for certain services. The nature of these services historically involves property management, construction management, and assistance with financing. The proper revenue recognition of these services can be different, depending on whether the arrangements are service revenue or contractor type revenue. | |||
Service revenues are typically recognized on an equal monthly basis based on the minimum fee to be earned. The monthly amounts could be adjusted depending on if certain performance milestones are met. | |||
Fee income also includes management fees. These fees arise from contractual agreements with entities in which we have a noncontrolling interest. The management fees are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. | |||
Assets And Liabilities Measured At Fair Value | (t) Assets and Liabilities Measured at Fair Value | ||
Fair value under U.S. GAAP is a market-based measurement, not an entity-specific measurement. Therefore, our fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, we use a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the lowest level input that is significant would be used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||
Transactions Expense Policy | (u) Transactions Expense | ||
Transactions expense includes acquisition-related expenses and other business development expenses, which are expensed as incurred. Acquisition-related expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to acquisitions and significant transactions. | |||
Managements Estimates Policy | (v) Management’s Estimates | ||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made. On an on-going basis, we evaluate our estimates, including those related to the valuation of our real estate properties, contingent consideration, accounts receivable and deferred rent receivable, performance-based equity compensation plans and the completeness of accrued liabilities We base our estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could vary under different assumptions or conditions. | |||
Segment And Geographic Information | (w) Segment and Geographic Information | ||
All of our properties generate similar revenues and expenses related to tenant rent and reimbursements and operating expenses. The delivery of our products is consistent across all properties and although services are provided to a wide range of customers, the types of real estate services provided to them are standardized throughout the portfolio. As such, the properties in our portfolio have similar economic characteristics and the nature of the products and services provided to our customers and the method to distribute such services are consistent throughout the portfolio. Consequently, our properties qualify for aggregation into one reporting segment. | |||
Recent Accounting Pronouncements | (y) Recent Accounting Pronouncements | ||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-8, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-8, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. Under the previous guidance, the Company's current year disposals and assets classified as held for sale would have qualified for discontinued operations presentation. However, under the new guidance, the actual and planned disposals do not represent a strategic shift that will have a major effect on operations and financial results. As a result, discontinued operations presentation is not provided for these actual and planned disposals. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. As permitted by the standard, the Company has elected to early adopt the provisions of ASU 2014-8 as of January 1, 2014 and is applying the provisions prospectively. | |||
In May 2014, the FASB issued an update (ASU 2014-09) establishing ASC Topic 606, Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. | |||
In June 2014, the FASB issued an update (ASU 2014-12) to ASC Topic 718, Compensation - Stock Compensation. ASU 2014-12 requires an entity to treat performance targets that can be met after the requisite service period of a share based award has ended, as a performance condition that affects vesting. ASU 2014-12 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. We are currently evaluating the impact of the adoption of ASU 2014-12 on our consolidated financial statements. | |||
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In accordance with the guidance, all legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective in the first quarter of 2016, and early adoption is permitted. We are currently evaluating the potential impact of the adoption of ASU 2015-02 on our consolidated financial statements. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment | Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: | ||
Acquired ground leases | Terms of the related lease | ||
Buildings and improvements | 5-39 years | ||
Tenant improvements | Shorter of the estimated useful lives or the terms of the related leases | ||
Digital Realty Trust, L.P. | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment | Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: | ||
Acquired ground leases | Terms of the related lease | ||
Buildings and improvements | 5-39 years | ||
Tenant improvements | Shorter of the estimated useful lives or the terms of the related leases |
Investments_In_Real_Estate_Tab
Investments In Real Estate (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Schedule of Real Estate Properties | A summary of our investments in properties as of December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Property Type | Land | Acquired | Building and | Tenant | Accumulated | Net | ||||||||||||||||||
Ground | Improvements (1) | Improvements | Depreciation | Investment | ||||||||||||||||||||
Lease | and | in Properties | ||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Internet Gateway Datacenters | $ | 112,265 | $ | — | $ | 1,459,952 | $ | 99,842 | $ | (541,023 | ) | $ | 1,131,036 | |||||||||||
Corporate Datacenters | 525,191 | 12,196 | 7,117,767 | 368,859 | (1,286,024 | ) | 6,737,989 | |||||||||||||||||
Technology Manufacturing | 25,471 | — | 67,238 | 4,764 | (20,506 | ) | 76,967 | |||||||||||||||||
Technology Office | 5,368 | — | 42,356 | 1,459 | (14,759 | ) | 34,424 | |||||||||||||||||
Other | 3,307 | — | 136,501 | 76 | (11,742 | ) | 128,142 | |||||||||||||||||
$ | 671,602 | $ | 12,196 | $ | 8,823,814 | $ | 475,000 | $ | (1,874,054 | ) | $ | 8,108,558 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Property Type | Land | Acquired | Building and | Tenant | Accumulated | Net | ||||||||||||||||||
Ground | Improvements(1) | Improvements | Depreciation | Investment | ||||||||||||||||||||
Lease | and | in Properties | ||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Internet Gateway Datacenters | $ | 117,863 | $ | — | $ | 1,466,489 | $ | 100,481 | $ | (474,867 | ) | $ | 1,209,966 | |||||||||||
Corporate Datacenters | 542,108 | 13,296 | 6,963,052 | 382,219 | (1,048,229 | ) | 6,852,446 | |||||||||||||||||
Technology Manufacturing | 25,471 | 1,322 | 73,807 | 6,333 | (24,177 | ) | 82,756 | |||||||||||||||||
Technology Office | 4,971 | — | 48,143 | 1,459 | (10,725 | ) | 43,848 | |||||||||||||||||
Other | 3,378 | — | 129,186 | — | (7,998 | ) | 124,566 | |||||||||||||||||
$ | 693,791 | $ | 14,618 | $ | 8,680,677 | $ | 490,492 | $ | (1,565,996 | ) | $ | 8,313,582 | ||||||||||||
-1 | Balance includes, as of December 31, 2014 and 2013, $1.0 billion and $1.1 billion of direct and accrued costs associated with development in progress, respectively. | |||||||||||||||||||||||
Schedule Of Real Estate Property Acquisitions | Acquisitions | |||||||||||||||||||||||
We acquired the following real estate properties during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Location | Metropolitan Area | Date Acquired | Amount | |||||||||||||||||||||
(in millions)(1) | ||||||||||||||||||||||||
Crawley 2 (2) | London | September 16, 2014 | $ | 23 | ||||||||||||||||||||
Total Acquisitions—Year Ended December 31, 2014 | $ | 23 | ||||||||||||||||||||||
Location | Metropolitan Area | Date Acquired | Amount | |||||||||||||||||||||
(in millions)(1) | ||||||||||||||||||||||||
17201 Waterview Parkway | Dallas, Texas | January 31, 2013 | $ | 8.5 | ||||||||||||||||||||
1900 S. Price Road | Phoenix, Arizona | January 31, 2013 | 24 | |||||||||||||||||||||
371 Gough Road | Toronto, Canada | March 12, 2013 | 8.4 | |||||||||||||||||||||
1500 Towerview Road | Minneapolis, Minnesota | March 27, 2013 | 37 | |||||||||||||||||||||
CarTech(2) | London, England | April 2, 2013 | 3.6 | |||||||||||||||||||||
MetCenter Business Park(3) | Austin, Texas | May 20, 2013 | 31.9 | |||||||||||||||||||||
Liverpoolweg 10(4) | Amsterdam, Netherlands | June 27, 2013 | 3.9 | |||||||||||||||||||||
Saito Industrial Park(2) | Osaka, Japan | August 9, 2013 | 9.6 | |||||||||||||||||||||
Principal Park(2) | London, England | September 23, 2013 | 19.3 | |||||||||||||||||||||
De President, Hoofddorp(2) | Amsterdam, Netherlands | September 24, 2013 | 6.7 | |||||||||||||||||||||
636 Pierce Street(5) | New York Metro | December 19, 2013 | 35.3 | |||||||||||||||||||||
Total Acquisitions—Year Ended December 31, 2013 | $ | 188.2 | ||||||||||||||||||||||
-1 | Purchase prices are all in U.S. dollars and exclude capitalized closing costs on land acquisitions. Purchase prices for acquisitions outside the United States are based on the exchange rate at the date of acquisition. | |||||||||||||||||||||||
-2 | Represents currently vacant land which is not included in our operating property count. | |||||||||||||||||||||||
-3 | MetCenter Business Park consists of three buildings at 8201 E. Riverside Drive and three buildings at 7401 E. Ben White Boulevard in the Austin metropolitan area. MetCenter Business Park is considered one property for our property count. | |||||||||||||||||||||||
-4 | Acquisition of a partially-built data center in Groningen, Netherlands for a purchase price of $3.9 million. We paid an additional $2.6 million in October 2013 upon completion of construction by the tenant, with the final payment of $1.4 million made in December 2013. | |||||||||||||||||||||||
-5 | In connection with the acquisition, we assumed a $26.4 million secured mortgage loan. | |||||||||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Schedule of Real Estate Properties | A summary of our investments in properties as of December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Property Type | Land | Acquired | Building and | Tenant | Accumulated | Net | ||||||||||||||||||
Ground | Improvements (1) | Improvements | Depreciation | Investment | ||||||||||||||||||||
Lease | and | in Properties | ||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Internet Gateway Datacenters | $ | 112,265 | $ | — | $ | 1,459,952 | $ | 99,842 | $ | (541,023 | ) | $ | 1,131,036 | |||||||||||
Corporate Datacenters | 525,191 | 12,196 | 7,117,767 | 368,859 | (1,286,024 | ) | 6,737,989 | |||||||||||||||||
Technology Manufacturing | 25,471 | — | 67,238 | 4,764 | (20,506 | ) | 76,967 | |||||||||||||||||
Technology Office | 5,368 | — | 42,356 | 1,459 | (14,759 | ) | 34,424 | |||||||||||||||||
Other | 3,307 | — | 136,501 | 76 | (11,742 | ) | 128,142 | |||||||||||||||||
$ | 671,602 | $ | 12,196 | $ | 8,823,814 | $ | 475,000 | $ | (1,874,054 | ) | $ | 8,108,558 | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Property Type | Land | Acquired | Building and | Tenant | Accumulated | Net | ||||||||||||||||||
Ground | Improvements(1) | Improvements | Depreciation | Investment | ||||||||||||||||||||
Lease | and | in Properties | ||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||
Internet Gateway Datacenters | $ | 117,863 | $ | — | $ | 1,466,489 | $ | 100,481 | $ | (474,867 | ) | $ | 1,209,966 | |||||||||||
Corporate Datacenters | 542,108 | 13,296 | 6,963,052 | 382,219 | (1,048,229 | ) | 6,852,446 | |||||||||||||||||
Technology Manufacturing | 25,471 | 1,322 | 73,807 | 6,333 | (24,177 | ) | 82,756 | |||||||||||||||||
Technology Office | 4,971 | — | 48,143 | 1,459 | (10,725 | ) | 43,848 | |||||||||||||||||
Other | 3,378 | — | 129,186 | — | (7,998 | ) | 124,566 | |||||||||||||||||
$ | 693,791 | $ | 14,618 | $ | 8,680,677 | $ | 490,492 | $ | (1,565,996 | ) | $ | 8,313,582 | ||||||||||||
-1 | Balance includes, as of December 31, 2014 and 2013, $1.0 billion and $1.1 billion of direct and accrued costs associated with development in progress, respectively. | |||||||||||||||||||||||
Schedule Of Real Estate Property Acquisitions | Acquisitions | |||||||||||||||||||||||
We acquired the following real estate properties during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
Location | Metropolitan Area | Date Acquired | Amount | |||||||||||||||||||||
(in millions)(1) | ||||||||||||||||||||||||
Crawley 2 (2) | London | September 16, 2014 | $ | 23 | ||||||||||||||||||||
Total Acquisitions—Year Ended December 31, 2014 | $ | 23 | ||||||||||||||||||||||
Location | Metropolitan Area | Date Acquired | Amount | |||||||||||||||||||||
(in millions)(1) | ||||||||||||||||||||||||
17201 Waterview Parkway | Dallas, Texas | January 31, 2013 | $ | 8.5 | ||||||||||||||||||||
1900 S. Price Road | Phoenix, Arizona | January 31, 2013 | 24 | |||||||||||||||||||||
371 Gough Road | Toronto, Canada | March 12, 2013 | 8.4 | |||||||||||||||||||||
1500 Towerview Road | Minneapolis, Minnesota | March 27, 2013 | 37 | |||||||||||||||||||||
CarTech(2) | London, England | April 2, 2013 | 3.6 | |||||||||||||||||||||
MetCenter Business Park(3) | Austin, Texas | May 20, 2013 | 31.9 | |||||||||||||||||||||
Liverpoolweg 10(4) | Amsterdam, Netherlands | June 27, 2013 | 3.9 | |||||||||||||||||||||
Saito Industrial Park(2) | Osaka, Japan | August 9, 2013 | 9.6 | |||||||||||||||||||||
Principal Park(2) | London, England | September 23, 2013 | 19.3 | |||||||||||||||||||||
De President, Hoofddorp(2) | Amsterdam, Netherlands | September 24, 2013 | 6.7 | |||||||||||||||||||||
636 Pierce Street(5) | New York Metro | December 19, 2013 | 35.3 | |||||||||||||||||||||
Total Acquisitions—Year Ended December 31, 2013 | $ | 188.2 | ||||||||||||||||||||||
-1 | Purchase prices are all in U.S. dollars and exclude capitalized closing costs on land acquisitions. Purchase prices for acquisitions outside the United States are based on the exchange rate at the date of acquisition. | |||||||||||||||||||||||
-2 | Represents currently vacant land which is not included in our operating property count. | |||||||||||||||||||||||
-3 | MetCenter Business Park consists of three buildings at 8201 E. Riverside Drive and three buildings at 7401 E. Ben White Boulevard in the Austin metropolitan area. MetCenter Business Park is considered one property for our property count. | |||||||||||||||||||||||
-4 | Acquisition of a partially-built data center in Groningen, Netherlands for a purchase price of $3.9 million. We paid an additional $2.6 million in October 2013 upon completion of construction by the tenant, with the final payment of $1.4 million made in December 2013. | |||||||||||||||||||||||
-5 | In connection with the acquisition, we assumed a $26.4 million secured mortgage loan. |
Investment_In_Unconsolidated_J1
Investment In Unconsolidated Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Summary Of Financial Information For Joint Ventures | The following tables present summarized financial information for the joint ventures for the years ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
2014 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 37,620 | $ | 42,537 | $ | 104,523 | $ | 110,749 | $ | (68,212 | ) | $ | 39,807 | $ | (14,707 | ) | $ | 25,100 | $ | 11,982 | |||||||||||||||||
2020 Fifth Avenue | 50 | % | 47,239 | 55,123 | 47,000 | 47,795 | 7,328 | 8,308 | (1,086 | ) | 7,222 | 4,844 | |||||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 143,014 | 165,912 | — | 10,210 | 155,702 | 8,671 | (2,625 | ) | 6,046 | 2,976 | |||||||||||||||||||||||||||
PREI ® | 20 | % | 429,358 | 492,494 | 208,000 | 296,480 | 196,014 | 39,467 | (6,144 | ) | 33,323 | 12,378 | |||||||||||||||||||||||||||
GCEAR | 20 | % | 122,521 | 186,041 | 102,025 | 104,661 | 81,380 | 6,050 | (2,311 | ) | 3,739 | (1,603 | ) | ||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 779,752 | $ | 942,107 | $ | 461,548 | $ | 569,895 | $ | 372,212 | $ | 102,303 | $ | (26,873 | ) | $ | 75,430 | $ | 30,577 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 94,729 | $ | 13,289 | |||||||||||||||||||||||||||||||||||
2013 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 33,980 | $ | 39,674 | $ | 105,953 | $ | 111,943 | $ | (72,269 | ) | $ | 37,625 | $ | (11,981 | ) | $ | 25,644 | $ | 12,346 | |||||||||||||||||
700/750 Central Expressway | 50 | % | — | — | — | — | — | 55 | (1 | ) | 54 | 58 | |||||||||||||||||||||||||||
2020 Fifth Avenue | 50 | % | 47,901 | 53,389 | 47,000 | 47,525 | 5,864 | 7,513 | (522 | ) | 6,991 | 5,756 | |||||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 102,428 | 122,890 | — | 8,382 | 114,508 | — | (44 | ) | (44 | ) | (150 | ) | |||||||||||||||||||||||||
PREI ® | 20 | % | 400,528 | 460,062 | 185,000 | 276,212 | 183,850 | 9,577 | (4,479 | ) | 5,098 | 2,641 | |||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 584,837 | $ | 676,015 | $ | 337,953 | $ | 444,062 | $ | 231,953 | $ | 54,770 | $ | (17,027 | ) | $ | 37,743 | $ | 20,651 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 70,504 | $ | 9,796 | |||||||||||||||||||||||||||||||||||
2012 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 33,397 | $ | 40,340 | $ | 107,294 | $ | 113,207 | $ | (72,867 | ) | $ | 35,031 | $ | (10,266 | ) | $ | 24,765 | $ | 11,823 | |||||||||||||||||
700/750 Central Expressway | 50 | % | — | 879 | — | 496 | 383 | 1,798 | (582 | ) | 1,216 | 4,389 | |||||||||||||||||||||||||||
2020 Fifth Avenue | 50 | % | 46,339 | 47,680 | — | 1,543 | 46,137 | — | (38 | ) | (38 | ) | (38 | ) | |||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 33,144 | 72,391 | — | 953 | 71,438 | — | (24 | ) | (24 | ) | (44 | ) | |||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 112,880 | $ | 161,290 | $ | 107,294 | $ | 116,199 | $ | 45,091 | $ | 36,829 | $ | (10,910 | ) | $ | 25,919 | $ | 16,130 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 66,634 | $ | 8,135 | |||||||||||||||||||||||||||||||||||
Digital Realty Trust, L.P. | |||||||||||||||||||||||||||||||||||||||
Summary Of Financial Information For Joint Ventures | The following tables present summarized financial information for the joint ventures for the years ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||||||||||||||||||||||||||||
2014 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 37,620 | $ | 42,537 | $ | 104,523 | $ | 110,749 | $ | (68,212 | ) | $ | 39,807 | $ | (14,707 | ) | $ | 25,100 | $ | 11,982 | |||||||||||||||||
2020 Fifth Avenue | 50 | % | 47,239 | 55,123 | 47,000 | 47,795 | 7,328 | 8,308 | (1,086 | ) | 7,222 | 4,844 | |||||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 143,014 | 165,912 | — | 10,210 | 155,702 | 8,671 | (2,625 | ) | 6,046 | 2,976 | |||||||||||||||||||||||||||
PREI ® | 20 | % | 429,358 | 492,494 | 208,000 | 296,480 | 196,014 | 39,467 | (6,144 | ) | 33,323 | 12,378 | |||||||||||||||||||||||||||
GCEAR | 20 | % | 122,521 | 186,041 | 102,025 | 104,661 | 81,380 | 6,050 | (2,311 | ) | 3,739 | (1,603 | ) | ||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 779,752 | $ | 942,107 | $ | 461,548 | $ | 569,895 | $ | 372,212 | $ | 102,303 | $ | (26,873 | ) | $ | 75,430 | $ | 30,577 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 94,729 | $ | 13,289 | |||||||||||||||||||||||||||||||||||
2013 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 33,980 | $ | 39,674 | $ | 105,953 | $ | 111,943 | $ | (72,269 | ) | $ | 37,625 | $ | (11,981 | ) | $ | 25,644 | $ | 12,346 | |||||||||||||||||
700/750 Central Expressway | 50 | % | — | — | — | — | — | 55 | (1 | ) | 54 | 58 | |||||||||||||||||||||||||||
2020 Fifth Avenue | 50 | % | 47,901 | 53,389 | 47,000 | 47,525 | 5,864 | 7,513 | (522 | ) | 6,991 | 5,756 | |||||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 102,428 | 122,890 | — | 8,382 | 114,508 | — | (44 | ) | (44 | ) | (150 | ) | |||||||||||||||||||||||||
PREI ® | 20 | % | 400,528 | 460,062 | 185,000 | 276,212 | 183,850 | 9,577 | (4,479 | ) | 5,098 | 2,641 | |||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 584,837 | $ | 676,015 | $ | 337,953 | $ | 444,062 | $ | 231,953 | $ | 54,770 | $ | (17,027 | ) | $ | 37,743 | $ | 20,651 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 70,504 | $ | 9,796 | |||||||||||||||||||||||||||||||||||
2012 | % | Net Investment | Total | Mortgage | Total | Equity / | Revenues | Property | Net | Net | |||||||||||||||||||||||||||||
Ownership | in Properties | Assets | Loans | Liabilities | (Deficit) | Operating | Operating | Income | |||||||||||||||||||||||||||||||
Expense | Income | (Loss) | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | |||||||||||||||||||||||||||||||||||||||
2001 Sixth Avenue | 50 | % | $ | 33,397 | $ | 40,340 | $ | 107,294 | $ | 113,207 | $ | (72,867 | ) | $ | 35,031 | $ | (10,266 | ) | $ | 24,765 | $ | 11,823 | |||||||||||||||||
700/750 Central Expressway | 50 | % | — | 879 | — | 496 | 383 | 1,798 | (582 | ) | 1,216 | 4,389 | |||||||||||||||||||||||||||
2020 Fifth Avenue | 50 | % | 46,339 | 47,680 | — | 1,543 | 46,137 | — | (38 | ) | (38 | ) | (38 | ) | |||||||||||||||||||||||||
33 Chun Choi Street (Hong Kong) | 50 | % | 33,144 | 72,391 | — | 953 | 71,438 | — | (24 | ) | (24 | ) | (44 | ) | |||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | $ | 112,880 | $ | 161,290 | $ | 107,294 | $ | 116,199 | $ | 45,091 | $ | 36,829 | $ | (10,910 | ) | $ | 25,919 | $ | 16,130 | ||||||||||||||||||||
Our investment in and share of equity in earnings of unconsolidated joint ventures | $ | 66,634 | $ | 8,135 | |||||||||||||||||||||||||||||||||||
Acquired_Intangible_Assets_And1
Acquired Intangible Assets And Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Summary Of Acquired Intangible Assets | The following summarizes our acquired intangible assets (acquired in place lease value and acquired above-market lease value) and intangible liabilities (acquired below-market lease value) as of December 31, 2014 and December 31, 2013. | |||||||
Balance as of | ||||||||
(Amounts in thousands) | December 31, | December 31, | ||||||
2014 | 2013 | |||||||
Acquired in place lease value: | ||||||||
Gross amount | $ | 680,419 | $ | 725,458 | ||||
Accumulated amortization | (452,739 | ) | (423,549 | ) | ||||
Net | $ | 227,680 | $ | 301,909 | ||||
Acquired above market leases: | ||||||||
Gross amount | $ | 126,677 | $ | 132,750 | ||||
Accumulated amortization | (88,072 | ) | (80,486 | ) | ||||
Net | $ | 38,605 | $ | 52,264 | ||||
Acquired below market leases: | ||||||||
Gross amount | $ | 282,670 | $ | 291,638 | ||||
Accumulated amortization | (178,435 | ) | (161,369 | ) | ||||
Net | $ | 104,235 | $ | 130,269 | ||||
Schedule Of Estimated Annual Amortization Of Below Market Leases | Estimated annual amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years and thereafter, commencing January 1, 2015 is as follows: | |||||||
(Amounts in thousands) | ||||||||
2015 | $ | 9,051 | ||||||
2016 | 7,569 | |||||||
2017 | 6,127 | |||||||
2018 | 4,515 | |||||||
2019 | 2,388 | |||||||
Thereafter | 35,980 | |||||||
Total | $ | 65,630 | ||||||
Schedule Of Estimated Annual Amortization Of Acquired In Place Leases | Estimated annual amortization of acquired in place lease value for each of the five succeeding years and thereafter, commencing January 1, 2015 is as follows: | |||||||
(Amounts in thousands) | ||||||||
2015 | $ | 40,935 | ||||||
2016 | 32,297 | |||||||
2017 | 27,804 | |||||||
2018 | 25,462 | |||||||
2019 | 22,241 | |||||||
Thereafter | 78,941 | |||||||
Total | $ | 227,680 | ||||||
Digital Realty Trust, L.P. | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Summary Of Acquired Intangible Assets | The following summarizes our acquired intangible assets (acquired in place lease value and acquired above-market lease value) and intangible liabilities (acquired below-market lease value) as of December 31, 2014 and December 31, 2013. | |||||||
Balance as of | ||||||||
(Amounts in thousands) | December 31, | December 31, | ||||||
2014 | 2013 | |||||||
Acquired in place lease value: | ||||||||
Gross amount | $ | 680,419 | $ | 725,458 | ||||
Accumulated amortization | (452,739 | ) | (423,549 | ) | ||||
Net | $ | 227,680 | $ | 301,909 | ||||
Acquired above market leases: | ||||||||
Gross amount | $ | 126,677 | $ | 132,750 | ||||
Accumulated amortization | (88,072 | ) | (80,486 | ) | ||||
Net | $ | 38,605 | $ | 52,264 | ||||
Acquired below market leases: | ||||||||
Gross amount | $ | 282,670 | $ | 291,638 | ||||
Accumulated amortization | (178,435 | ) | (161,369 | ) | ||||
Net | $ | 104,235 | $ | 130,269 | ||||
Schedule Of Estimated Annual Amortization Of Below Market Leases | Estimated annual amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years and thereafter, commencing January 1, 2015 is as follows: | |||||||
(Amounts in thousands) | ||||||||
2015 | $ | 9,051 | ||||||
2016 | 7,569 | |||||||
2017 | 6,127 | |||||||
2018 | 4,515 | |||||||
2019 | 2,388 | |||||||
Thereafter | 35,980 | |||||||
Total | $ | 65,630 | ||||||
Schedule Of Estimated Annual Amortization Of Acquired In Place Leases | Estimated annual amortization of acquired in place lease value for each of the five succeeding years and thereafter, commencing January 1, 2015 is as follows: | |||||||
(Amounts in thousands) | ||||||||
2015 | $ | 40,935 | ||||||
2016 | 32,297 | |||||||
2017 | 27,804 | |||||||
2018 | 25,462 | |||||||
2019 | 22,241 | |||||||
Thereafter | 78,941 | |||||||
Total | $ | 227,680 | ||||||
Debt_Of_The_Operating_Partners1
Debt Of The Operating Partnership (Tables) (Digital Realty Trust, L.P.) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Summary Of Outstanding Indebtedness Of The Operating Partnership | A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||||||||
Indebtedness | Interest Rate at December 31, 2014 | Maturity Date | Principal Outstanding December 31, 2014 | Principal Outstanding December 31, 2013 | ||||||||||||||||||||
Global revolving credit facility | Various | (1) | Nov 3, 2017 | $ | 525,951 | (2) | $ | 724,668 | (2) | |||||||||||||||
Unsecured term loan | Various | (3)(8) | Apr 16, 2017 | 976,600 | (4) | 1,020,984 | (4) | |||||||||||||||||
Unsecured senior notes: | ||||||||||||||||||||||||
Prudential Shelf Facility: | ||||||||||||||||||||||||
Series C | 9.68% | Jan 6, 2016 | 25,000 | 25,000 | ||||||||||||||||||||
Series D | 4.57% | Jan 20, 2015 | 50,000 | 50,000 | ||||||||||||||||||||
Series E | 5.73% | Jan 20, 2017 | 50,000 | 50,000 | ||||||||||||||||||||
Series F | 4.50% | Feb 3, 2015 | 17,000 | 17,000 | ||||||||||||||||||||
Total Prudential Shelf Facility | 142,000 | 142,000 | ||||||||||||||||||||||
Senior Notes: | ||||||||||||||||||||||||
4.50% notes due 2015 | 4.50% | Jul 15, 2015 | 375,000 | 375,000 | ||||||||||||||||||||
5.875% notes due 2020 | 5.88% | Feb 1, 2020 | 500,000 | 500,000 | ||||||||||||||||||||
5.25% notes due 2021 | 5.25% | Mar 15, 2021 | 400,000 | 400,000 | ||||||||||||||||||||
3.625% notes due 2022 | 3.62% | Oct 1, 2022 | 300,000 | 300,000 | ||||||||||||||||||||
4.75% notes due 2023 | 4.75% | Oct 13, 2023 | 467,310 | (9) | — | |||||||||||||||||||
4.25% notes due 2025 | 4.25% | Jan 17, 2025 | 623,080 | (9) | 662,280 | (9) | ||||||||||||||||||
Unamortized discounts | (15,632 | ) | (15,048 | ) | ||||||||||||||||||||
Total senior notes, net of discount | 2,649,758 | 2,222,232 | ||||||||||||||||||||||
Total unsecured senior notes, net of discount | 2,791,758 | 2,364,232 | ||||||||||||||||||||||
Exchangeable senior debentures: | ||||||||||||||||||||||||
5.50% exchangeable senior debentures due 2029 | 5.50% | Apr 15, 2029 | (5) | — | 266,400 | |||||||||||||||||||
Total exchangeable senior debentures | — | 266,400 | ||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||
Secured Term Debt (6)(7) | 5.65% | Nov 11, 2014 | $ | — | $ | 132,966 | ||||||||||||||||||
200 Paul Avenue 1-4 (7) | 5.74% | Oct 8, 2015 | 68,665 | 70,713 | ||||||||||||||||||||
2045 & 2055 Lafayette Street (7) | 5.93% | Feb 6, 2017 | 62,563 | 63,623 | ||||||||||||||||||||
34551 Ardenwood Boulevard 1-4 (7) | 5.95% | Nov 11, 2016 | 51,339 | 52,152 | ||||||||||||||||||||
1100 Space Park Drive (7) | 5.89% | Dec 11, 2016 | 51,295 | 52,115 | ||||||||||||||||||||
600 West Seventh Street | 5.80% | Mar 15, 2016 | 47,825 | 49,548 | ||||||||||||||||||||
150 South First Street (7) | 6.30% | Feb 6, 2017 | 49,316 | 50,097 | ||||||||||||||||||||
2334 Lundy Place (7) | 5.96% | Nov 11, 2016 | 37,340 | 37,930 | ||||||||||||||||||||
Cressex 1 | 5.68% | Oct 16, 2014 | — | (11) | 28,583 | (9) | ||||||||||||||||||
636 Pierce Street | 5.27% | Apr 15, 2023 | — | (10) | 26,327 | |||||||||||||||||||
Manchester Technopark | 5.68% | Oct 16, 2014 | — | (11) | 8,695 | (9) | ||||||||||||||||||
8025 North Interstate 35 | 4.09% | Mar 6, 2016 | 6,057 | 6,314 | ||||||||||||||||||||
731 East Trade Street | 8.22% | Jul 1, 2020 | 3,836 | 4,186 | ||||||||||||||||||||
Unamortized net premiums | 582 | 2,359 | ||||||||||||||||||||||
Total mortgage loans, net of premiums | 378,818 | 585,608 | ||||||||||||||||||||||
Total indebtedness | $ | 4,673,127 | $ | 4,961,892 | ||||||||||||||||||||
-1 | The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 110 basis points, which is based on the credit rating of our long-term debt. An annual facility fee of 20 basis points, which is based on the credit rating of our long-term debt, is due and payable quarterly on the total commitment amount of the facility. Two six-month extensions are available, which we may exercise if certain conditions are met. | |||||||||||||||||||||||
-2 | Balances as of December 31, 2014 and December 31, 2013 are as follows (balances, in thousands): | |||||||||||||||||||||||
Denomination of Draw | Balance as of December 31, 2014 | Weighted-average | Balance as of December 31, 2013 | Weighted-average | ||||||||||||||||||||
interest rate | interest rate | |||||||||||||||||||||||
Floating Rate Borrowing (a) | ||||||||||||||||||||||||
U.S. dollar ($) | $ | 90,000 | 1.27 | % | $ | 466,000 | 1.27 | % | ||||||||||||||||
British pound sterling (£) | 132,716 | (c) | 1.61 | % | — | — | % | |||||||||||||||||
Euro (€) | 58,071 | (c) | 1.13 | % | 78,335 | (d) | 1.33 | % | ||||||||||||||||
Australian dollar (AUD) | 72,676 | (c) | 3.74 | % | 67,212 | (d) | 3.7 | % | ||||||||||||||||
Hong Kong dollar (HKD) | 79,336 | (c) | 1.34 | % | 57,390 | (d) | 1.31 | % | ||||||||||||||||
Japanese yen (JPY) | 13,201 | (c) | 1.17 | % | 12,858 | (d) | 1.21 | % | ||||||||||||||||
Singapore dollar (SGD) | 6,565 | (c) | 1.64 | % | — | — | ||||||||||||||||||
Canadian dollar (CAD) | 62,386 | (c) | 2.39 | % | 14,873 | (d) | 2.32 | % | ||||||||||||||||
Total | $ | 514,951 | 1.84 | % | $ | 696,668 | 1.53 | % | ||||||||||||||||
Base Rate Borrowing (b) | ||||||||||||||||||||||||
U.S. dollar ($) | $ | 11,000 | 3.35 | % | $ | 28,000 | 3.35 | % | ||||||||||||||||
Total borrowings | $ | 525,951 | 1.87 | % | $ | 724,668 | 1.6 | % | ||||||||||||||||
(a) | The interest rates for floating rate borrowings under the global revolving credit facility equal the applicable index plus a margin of 110 basis points, which is based on the credit rating of our long-term debt. | |||||||||||||||||||||||
(b) | The interest rates for base rate borrowings under the global revolving credit facility equal the U.S. Prime Rate plus a margin of 10 basis points, which is based on the credit rating of our long-term debt. | |||||||||||||||||||||||
(c) | Based on exchange rates of $1.56 to £1.00, $1.21 to €1.00, $0.82 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.75 to 1.00 SGD and $0.86 to 1.00 CAD, respectively, as of December 31, 2014. | |||||||||||||||||||||||
(d) | Based on exchange rates of $1.37 to €1.00, $0.89 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.94 to 1.00 CAD, respectively, as of December 31, 2013. | |||||||||||||||||||||||
-3 | Interest rates are based on our current senior unsecured debt ratings and are 120 basis points over the applicable index for floating rate advances. Two six-month extensions are available, which we may exercise if certain conditions are met. | |||||||||||||||||||||||
-4 | Balances as of December 31, 2014 and December 31, 2013 are as follows (balances, in thousands): | |||||||||||||||||||||||
Denomination of Draw | Balance as of December 31, 2014 | Weighted-average | Balance as of December 31, 2013 | Weighted-average | ||||||||||||||||||||
interest rate | interest rate | |||||||||||||||||||||||
U.S. dollar ($) | $ | 410,905 | 1.36 | % | (b) | $ | 410,905 | 1.37 | % | (d) | ||||||||||||||
Singapore dollar (SGD) | 172,426 | (a) | 1.45 | % | (b) | 180,918 | (c) | 1.4 | % | (d) | ||||||||||||||
British pound sterling (£) | 188,365 | (a) | 1.76 | % | 200,216 | (c) | 1.72 | % | ||||||||||||||||
Euro (€) | 120,375 | (a) | 1.22 | % | 136,743 | (c) | 1.43 | % | ||||||||||||||||
Australian dollar (AUD) | 84,529 | (a) | 3.98 | % | 92,202 | (c) | 3.78 | % | ||||||||||||||||
Total | $ | 976,600 | 1.66 | % | (b) | $ | 1,020,984 | 1.67 | % | (d) | ||||||||||||||
(a) | Based on exchange rates of $0.75 to 1.00 SGD, $1.56 to £1.00, $1.21 to €1.00 and $0.82 to 1.00 AUD, respectively, as of December 31, 2014. | |||||||||||||||||||||||
(b) | As of December 31, 2014, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.01% (Singapore dollar) and 2.00% (Total). See Note 14 for further discussion on interest rate swaps. | |||||||||||||||||||||||
(c) | Based on exchange rates of $0.79 to 1.00 SGD, $1.66 to £1.00, $1.37 to €1.00 and $0.89 to 1.00 AUD, respectively, as of December 31, 2013. | |||||||||||||||||||||||
(d) | As of December 31, 2013, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.00% (Singapore dollar) and 2.00% (Total). See Note 14 for further discussion on interest rate swaps. | |||||||||||||||||||||||
-5 | The 2029 Debentures were redeemed in April 2014. | |||||||||||||||||||||||
-6 | This represents six mortgage loans secured by our interests in 36 NE 2nd Street, 3300 East Birch Street, 100 & 200 Quannapowitt Parkway, 300 Boulevard East, 4849 Alpha Road, and 11830 Webb Chapel Road. Each of these loans is cross-collateralized by the six properties. These were repaid in full in September 2014. | |||||||||||||||||||||||
-7 | The respective borrower’s assets and credit are not available to satisfy the debts and other obligations of affiliates or any other person. | |||||||||||||||||||||||
-8 | We have entered into interest rate swap agreements as a cash flow hedge for interest generated by the U.S. dollar and Singapore dollar tranches of the unsecured term loan. See note 14 for further information. | |||||||||||||||||||||||
-9 | Based on exchange rate of $1.56 to £1.00 as of December 31, 2014 and $1.66 to £1.00 as of December 31, 2013. | |||||||||||||||||||||||
-10 | On March 5, 2014, we contributed this property to our unconsolidated joint venture with an investment fund managed by Prudential Real Estate Investors which was formed in September 2013. Also on March 5, 2014, the joint venture assumed the debt and repaid in full the outstanding balance of $26.3 million on the mortgage loan. | |||||||||||||||||||||||
-11 | These loans were repaid in full in October 2014. | |||||||||||||||||||||||
Schedule Of Debt Maturities And Principal Maturities | The table below summarizes our debt maturities and principal payments as of December 31, 2014 (in thousands): | |||||||||||||||||||||||
Global Revolving | Unsecured | Prudential | Senior Notes | Mortgage | Total | |||||||||||||||||||
Credit Facility(1) | Term Loan (1) | Shelf Facility | Loans | Debt | ||||||||||||||||||||
2015 | $ | — | $ | — | $ | 67,000 | (2) | $ | 375,000 | $ | 75,493 | $ | 517,493 | |||||||||||
2016 | — | — | 25,000 | — | 191,979 | 216,979 | ||||||||||||||||||
2017 | 525,951 | 976,600 | 50,000 | — | 108,395 | 1,660,946 | ||||||||||||||||||
2018 | — | — | — | — | 593 | 593 | ||||||||||||||||||
2019 | — | — | — | — | 643 | 643 | ||||||||||||||||||
Thereafter | — | — | — | 2,290,390 | 1,133 | 2,291,523 | ||||||||||||||||||
Subtotal | $ | 525,951 | $ | 976,600 | $ | 142,000 | $ | 2,665,390 | $ | 378,236 | $ | 4,688,177 | ||||||||||||
Unamortized discount | — | — | — | (15,632 | ) | — | (15,632 | ) | ||||||||||||||||
Unamortized premium | — | — | — | — | 582 | 582 | ||||||||||||||||||
Total | $ | 525,951 | $ | 976,600 | $ | 142,000 | $ | 2,649,758 | $ | 378,818 | $ | 4,673,127 | ||||||||||||
-1 | Subject to two six -month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility and the unsecured term loan, as applicable. | |||||||||||||||||||||||
Global revolving credit facility | ||||||||||||||||||||||||
Schedule Of Balances And Foreign Currency Translation Revolving Credit Facilities | Balances as of December 31, 2014 and December 31, 2013 are as follows (balances, in thousands): | |||||||||||||||||||||||
Denomination of Draw | Balance as of December 31, 2014 | Weighted-average | Balance as of December 31, 2013 | Weighted-average | ||||||||||||||||||||
interest rate | interest rate | |||||||||||||||||||||||
Floating Rate Borrowing (a) | ||||||||||||||||||||||||
U.S. dollar ($) | $ | 90,000 | 1.27 | % | $ | 466,000 | 1.27 | % | ||||||||||||||||
British pound sterling (£) | 132,716 | (c) | 1.61 | % | — | — | % | |||||||||||||||||
Euro (€) | 58,071 | (c) | 1.13 | % | 78,335 | (d) | 1.33 | % | ||||||||||||||||
Australian dollar (AUD) | 72,676 | (c) | 3.74 | % | 67,212 | (d) | 3.7 | % | ||||||||||||||||
Hong Kong dollar (HKD) | 79,336 | (c) | 1.34 | % | 57,390 | (d) | 1.31 | % | ||||||||||||||||
Japanese yen (JPY) | 13,201 | (c) | 1.17 | % | 12,858 | (d) | 1.21 | % | ||||||||||||||||
Singapore dollar (SGD) | 6,565 | (c) | 1.64 | % | — | — | ||||||||||||||||||
Canadian dollar (CAD) | 62,386 | (c) | 2.39 | % | 14,873 | (d) | 2.32 | % | ||||||||||||||||
Total | $ | 514,951 | 1.84 | % | $ | 696,668 | 1.53 | % | ||||||||||||||||
Base Rate Borrowing (b) | ||||||||||||||||||||||||
U.S. dollar ($) | $ | 11,000 | 3.35 | % | $ | 28,000 | 3.35 | % | ||||||||||||||||
Total borrowings | $ | 525,951 | 1.87 | % | $ | 724,668 | 1.6 | % | ||||||||||||||||
(a) | The interest rates for floating rate borrowings under the global revolving credit facility equal the applicable index plus a margin of 110 basis points, which is based on the credit rating of our long-term debt. | |||||||||||||||||||||||
(b) | The interest rates for base rate borrowings under the global revolving credit facility equal the U.S. Prime Rate plus a margin of 10 basis points, which is based on the credit rating of our long-term debt. | |||||||||||||||||||||||
(c) | Based on exchange rates of $1.56 to £1.00, $1.21 to €1.00, $0.82 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.75 to 1.00 SGD and $0.86 to 1.00 CAD, respectively, as of December 31, 2014. | |||||||||||||||||||||||
(d) | Based on exchange rates of $1.37 to €1.00, $0.89 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.94 to 1.00 CAD, respectively, as of December 31, 2013. | |||||||||||||||||||||||
Unsecured term loan | ||||||||||||||||||||||||
Schedule Of Balances And Foreign Currency Translation Revolving Credit Facilities | Balances as of December 31, 2014 and December 31, 2013 are as follows (balances, in thousands): | |||||||||||||||||||||||
Denomination of Draw | Balance as of December 31, 2014 | Weighted-average | Balance as of December 31, 2013 | Weighted-average | ||||||||||||||||||||
interest rate | interest rate | |||||||||||||||||||||||
U.S. dollar ($) | $ | 410,905 | 1.36 | % | (b) | $ | 410,905 | 1.37 | % | (d) | ||||||||||||||
Singapore dollar (SGD) | 172,426 | (a) | 1.45 | % | (b) | 180,918 | (c) | 1.4 | % | (d) | ||||||||||||||
British pound sterling (£) | 188,365 | (a) | 1.76 | % | 200,216 | (c) | 1.72 | % | ||||||||||||||||
Euro (€) | 120,375 | (a) | 1.22 | % | 136,743 | (c) | 1.43 | % | ||||||||||||||||
Australian dollar (AUD) | 84,529 | (a) | 3.98 | % | 92,202 | (c) | 3.78 | % | ||||||||||||||||
Total | $ | 976,600 | 1.66 | % | (b) | $ | 1,020,984 | 1.67 | % | (d) | ||||||||||||||
(a) | Based on exchange rates of $0.75 to 1.00 SGD, $1.56 to £1.00, $1.21 to €1.00 and $0.82 to 1.00 AUD, respectively, as of December 31, 2014. | |||||||||||||||||||||||
(b) | As of December 31, 2014, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.01% (Singapore dollar) and 2.00% (Total). See Note 14 for further discussion on interest rate swaps. | |||||||||||||||||||||||
(c) | Based on exchange rates of $0.79 to 1.00 SGD, $1.66 to £1.00, $1.37 to €1.00 and $0.89 to 1.00 AUD, respectively, as of December 31, 2013. | |||||||||||||||||||||||
(d) | As of December 31, 2013, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.00% (Singapore dollar) and 2.00% (Total). See Note 14 for further discussion on interest rate swaps. |
Income_Per_Share_Tables
Income Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Summary Of Basic And Diluted Earnings Per Share | The following is a summary of basic and diluted income per share (in thousands, except share and per share amounts): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income available to common stockholders | $ | 132,718 | $ | 271,583 | $ | 171,662 | ||||||
Weighted average shares outstanding—basic | 133,369,047 | 127,941,134 | 115,717,667 | |||||||||
Potentially dilutive common shares: | ||||||||||||
Stock options | 30,434 | 61,375 | 72,818 | |||||||||
Unvested incentive units | 90,449 | 125,132 | 216,092 | |||||||||
2014 market performance-based awards | 147,305 | — | — | |||||||||
Weighted average shares outstanding—diluted | 133,637,235 | 128,127,641 | 116,006,577 | |||||||||
Income per share: | ||||||||||||
Basic | $ | 1 | $ | 2.12 | $ | 1.48 | ||||||
Diluted | $ | 0.99 | $ | 2.12 | $ | 1.48 | ||||||
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. | 2,753,614 | 2,521,400 | 4,143,713 | |||||||||
Potentially dilutive 2029 Debentures | 1,957,963 | 6,649,510 | 6,486,358 | |||||||||
Potentially dilutive Series C Cumulative Convertible Preferred Stock | — | — | 814,063 | |||||||||
Potentially dilutive Series D Cumulative Convertible Preferred Stock | — | 470,748 | 4,016,560 | |||||||||
Potentially dilutive Series E Cumulative Redeemable Preferred Stock | 4,956,175 | 5,176,886 | 4,122,752 | |||||||||
Potentially dilutive Series F Cumulative Redeemable Preferred Stock | 3,143,195 | 3,283,169 | 1,304,940 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | 4,297,805 | 3,898,376 | — | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | 4,320,495 | — | — | |||||||||
21,429,247 | 22,000,089 | 20,888,386 | ||||||||||
Income_Per_Unit_Tables
Income Per Unit (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Summary Of Basic And Diluted Earnings Per Share | The following is a summary of basic and diluted income per share (in thousands, except share and per share amounts): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income available to common stockholders | $ | 132,718 | $ | 271,583 | $ | 171,662 | ||||||
Weighted average shares outstanding—basic | 133,369,047 | 127,941,134 | 115,717,667 | |||||||||
Potentially dilutive common shares: | ||||||||||||
Stock options | 30,434 | 61,375 | 72,818 | |||||||||
Unvested incentive units | 90,449 | 125,132 | 216,092 | |||||||||
2014 market performance-based awards | 147,305 | — | — | |||||||||
Weighted average shares outstanding—diluted | 133,637,235 | 128,127,641 | 116,006,577 | |||||||||
Income per share: | ||||||||||||
Basic | $ | 1 | $ | 2.12 | $ | 1.48 | ||||||
Diluted | $ | 0.99 | $ | 2.12 | $ | 1.48 | ||||||
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. | 2,753,614 | 2,521,400 | 4,143,713 | |||||||||
Potentially dilutive 2029 Debentures | 1,957,963 | 6,649,510 | 6,486,358 | |||||||||
Potentially dilutive Series C Cumulative Convertible Preferred Stock | — | — | 814,063 | |||||||||
Potentially dilutive Series D Cumulative Convertible Preferred Stock | — | 470,748 | 4,016,560 | |||||||||
Potentially dilutive Series E Cumulative Redeemable Preferred Stock | 4,956,175 | 5,176,886 | 4,122,752 | |||||||||
Potentially dilutive Series F Cumulative Redeemable Preferred Stock | 3,143,195 | 3,283,169 | 1,304,940 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | 4,297,805 | 3,898,376 | — | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | 4,320,495 | — | — | |||||||||
21,429,247 | 22,000,089 | 20,888,386 | ||||||||||
Digital Realty Trust, L.P. | ||||||||||||
Summary Of Basic And Diluted Earnings Per Share | The following is a summary of basic and diluted income per unit (in thousands, except unit and per unit amounts): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income available to common unitholders | $ | 135,485 | $ | 276,949 | $ | 177,819 | ||||||
Weighted average units outstanding—basic | 136,122,661 | 130,462,534 | 119,861,380 | |||||||||
Potentially dilutive common units: | ||||||||||||
Stock options | 30,434 | 61,375 | 72,818 | |||||||||
Unvested incentive units | 90,449 | 125,132 | 216,092 | |||||||||
2014 market performance-based awards | 147,305 | — | — | |||||||||
Weighted average units outstanding—diluted | 136,390,849 | 130,649,041 | 120,150,290 | |||||||||
Income per unit: | ||||||||||||
Basic | $ | 1 | $ | 2.12 | $ | 1.48 | ||||||
Diluted | $ | 0.99 | $ | 2.12 | $ | 1.48 | ||||||
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Potentially dilutive 2029 Debentures | 1,957,963 | 6,649,510 | 6,486,358 | |||||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | — | — | 814,063 | |||||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | — | 470,748 | 4,016,560 | |||||||||
Potentially dilutive Series E Cumulative Redeemable Preferred Units | 4,956,175 | 5,176,886 | 4,122,752 | |||||||||
Potentially dilutive Series F Cumulative Redeemable Preferred Units | 3,143,195 | 3,283,169 | 1,304,940 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Units | 4,297,805 | 3,898,376 | — | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Units | 4,320,495 | — | — | |||||||||
18,675,633 | 19,478,689 | 16,744,673 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Line Items] | |||||||||
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2014 and 2013 were as follows (in thousands): | ||||||||
2014 | 2013 | ||||||||
Gross deferred income tax assets: | |||||||||
Net operating loss carryforwards | $ | 74,285 | $ | 70,166 | |||||
Basis difference - real estate property | 42,989 | 46,005 | |||||||
Basis difference - intangibles | 8,817 | 10,695 | |||||||
Other - temporary differences | 9,310 | 4,776 | |||||||
Total gross deferred income tax assets | 135,401 | 131,642 | |||||||
Valuation allowance | (23,357 | ) | (21,264 | ) | |||||
Total deferred income tax assets, net of valuation allowance | 112,044 | 110,378 | |||||||
Gross deferred income tax liabilities: | |||||||||
Basis difference - real estate property | 202,499 | 206,991 | |||||||
Basis difference - intangibles | 24,712 | 30,734 | |||||||
Straight-line rent | 15,561 | 13,482 | |||||||
Other-temporary differences | 7,220 | 5,788 | |||||||
Total gross deferred income tax liabilities | 249,992 | 256,995 | |||||||
Net deferred income tax liabilities | $ | 137,948 | $ | 146,617 | |||||
Digital Realty Trust, L.P. | |||||||||
Income Taxes [Line Items] | |||||||||
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2014 and 2013 were as follows (in thousands): | ||||||||
2014 | 2013 | ||||||||
Gross deferred income tax assets: | |||||||||
Net operating loss carryforwards | $ | 74,285 | $ | 70,166 | |||||
Basis difference - real estate property | 42,989 | 46,005 | |||||||
Basis difference - intangibles | 8,817 | 10,695 | |||||||
Other - temporary differences | 9,310 | 4,776 | |||||||
Total gross deferred income tax assets | 135,401 | 131,642 | |||||||
Valuation allowance | (23,357 | ) | (21,264 | ) | |||||
Total deferred income tax assets, net of valuation allowance | 112,044 | 110,378 | |||||||
Gross deferred income tax liabilities: | |||||||||
Basis difference - real estate property | 202,499 | 206,991 | |||||||
Basis difference - intangibles | 24,712 | 30,734 | |||||||
Straight-line rent | 15,561 | 13,482 | |||||||
Other-temporary differences | 7,220 | 5,788 | |||||||
Total gross deferred income tax liabilities | 249,992 | 256,995 | |||||||
Net deferred income tax liabilities | $ | 137,948 | $ | 146,617 | |||||
Equity_And_Accumulated_Other_C1
Equity And Accumulated Other Comprehensive Loss, Net (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Equity And Accumulated Other Comprehensive Income, Net [Abstract] | ||||||||||||||||||||||||||||||||
Ownership Interest In The Operating Partnership | Noncontrolling interests in the Operating Partnership relate to the interests that are not owned by Digital Realty Trust, Inc. The following table shows the ownership interest in the Operating Partnership as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Number of | Percentage | Number of | Percentage | |||||||||||||||||||||||||||||
units | of total | units | of total | |||||||||||||||||||||||||||||
Digital Realty Trust, Inc. | 135,626,255 | 97.8 | % | 128,455,350 | 97.7 | % | ||||||||||||||||||||||||||
Noncontrolling interests consist of: | ||||||||||||||||||||||||||||||||
Common units held by third parties | 1,463,814 | 1.1 | % | 1,491,814 | 1.2 | % | ||||||||||||||||||||||||||
Incentive units held by employees and directors (see note 13) | 1,549,847 | 1.1 | % | 1,475,207 | 1.1 | % | ||||||||||||||||||||||||||
138,639,916 | 100 | % | 131,422,371 | 100 | % | |||||||||||||||||||||||||||
Summary Of Activity For Noncontrolling Interests In The Operating Partnership | The following table shows activity for the noncontrolling interests in the Operating Partnership for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||
Common | Incentive | Total | ||||||||||||||||||||||||||||||
Units | Units | |||||||||||||||||||||||||||||||
As of December 31, 2011 | 3,405,814 | 1,530,316 | 4,936,130 | |||||||||||||||||||||||||||||
Redemption of common units for shares of Digital Realty Trust, Inc. common stock(1) | (1,890,000 | ) | — | (1,890,000 | ) | |||||||||||||||||||||||||||
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock(1) | — | (344,860 | ) | (344,860 | ) | |||||||||||||||||||||||||||
Vesting of Class C Units (2007 Grant) | — | (15,950 | ) | (15,950 | ) | |||||||||||||||||||||||||||
Grant of incentive units to employees and directors | — | 166,080 | 166,080 | |||||||||||||||||||||||||||||
As of December 31, 2012 | 1,515,814 | 1,335,586 | 2,851,400 | |||||||||||||||||||||||||||||
Redemption of common units for shares of Digital Realty Trust, Inc. common stock(1) | (24,000 | ) | — | (24,000 | ) | |||||||||||||||||||||||||||
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock(1) | — | (33,138 | ) | (33,138 | ) | |||||||||||||||||||||||||||
Cancellation of incentive units held by employees and directors | — | (19,483 | ) | (19,483 | ) | |||||||||||||||||||||||||||
Grant of incentive units to employees and directors | 192,242 | 192,242 | ||||||||||||||||||||||||||||||
As of December 31, 2013 | 1,491,814 | 1,475,207 | 2,967,021 | |||||||||||||||||||||||||||||
Redemption of common units for shares of Digital Realty Trust, Inc. common stock(1) | (28,000 | ) | — | (28,000 | ) | |||||||||||||||||||||||||||
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock(1) | — | (106,073 | ) | (106,073 | ) | |||||||||||||||||||||||||||
Cancellation of incentive units held by employees and directors | — | (18,773 | ) | (18,773 | ) | |||||||||||||||||||||||||||
Grant of incentive units to employees and directors | — | 199,486 | 199,486 | |||||||||||||||||||||||||||||
As of December 31, 2014 | 1,463,814 | 1,549,847 | 3,013,661 | |||||||||||||||||||||||||||||
-1 | This redemption was 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/Distributions | We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||
Date dividend declared | Dividend payable date | Series C Preferred Stock | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | Series H Preferred Stock | Common | ||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||||||||
February 14, 2012 | March 30, 2012 | $ | 1,402 | $ | 2,398 | $ | 5,031 | $ | — | $ | — | $ | — | $ | 78,335 | (1) | ||||||||||||||||
April 23, 2012 | June 29, 2012 | — | (2) | 2,394 | 5,031 | 2,888 | (3) | — | — | 80,478 | (1) | |||||||||||||||||||||
July 19, 2012 | September 28, 2012 | — | 1,723 | 5,031 | 3,023 | — | — | 89,679 | (1) | |||||||||||||||||||||||
October 30, 2012 | December 31, 2012 for Series D, E and F Preferred | — | 1,697 | 5,031 | 3,023 | — | — | 90,582 | (1) | |||||||||||||||||||||||
Stock; January 15, 2013 for Common Stock | ||||||||||||||||||||||||||||||||
$ | 1,402 | $ | 8,212 | $ | 20,124 | $ | 8,934 | $ | — | $ | — | $ | 339,074 | |||||||||||||||||||
February 12, 2013 | March 29, 2013 | $ | — | $ | — | (4) | $ | 5,031 | $ | 3,023 | $ | — | $ | — | $ | 100,165 | (5) | |||||||||||||||
May 1, 2013 | June 28, 2013 | — | — | 5,031 | 3,023 | 3,345 | (6) | — | 100,169 | (5) | ||||||||||||||||||||||
July 23, 2013 | September 30, 2013 | — | — | 5,031 | 3,023 | 3,672 | — | 100,180 | (5) | |||||||||||||||||||||||
October 23, 2013 | December 31, 2013 for Series E, F and G Preferred | — | — | 5,031 | 3,023 | 3,672 | — | 100,187 | (5) | |||||||||||||||||||||||
Stock; January 15, 2014 for Common Stock | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 10,689 | $ | — | $ | 400,701 | |||||||||||||||||||
February 11, 2014 | March 31, 2014 | $ | — | $ | — | $ | 5,031 | $ | 3,023 | $ | 3,672 | $ | — | $ | 106,743 | (7) | ||||||||||||||||
April 29, 2014 | June 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 7,104 | (8) | 112,357 | (7) | ||||||||||||||||||||||
July 21, 2014 | September 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 112,465 | (7) | |||||||||||||||||||||||
November 4, 2014 | December 31, 2014 for Series E, F, G and H Preferred | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 112,538 | (7) | |||||||||||||||||||||||
Stock; January 15, 2015 for Common Stock | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 14,688 | $ | 20,564 | $ | 444,103 | |||||||||||||||||||
Annual rate of dividend per share | $ | 1.094 | $ | 1.375 | $ | 1.75 | $ | 1.65625 | $ | 1.46875 | $ | 1.84375 | ||||||||||||||||||||
-1 | $2.920 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-2 | Effective April 17, 2012, Digital Realty Trust, Inc. converted all outstanding shares of its 4.375% series C cumulative convertible preferred stock, or the series C preferred stock, into shares of its common stock in accordance with the terms of the series C preferred stock. Each share of series C preferred stock was converted into 0.5480 share of common stock of Digital Realty Trust, Inc. | |||||||||||||||||||||||||||||||
-3 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2012. | |||||||||||||||||||||||||||||||
-4 | Effective February 26, 2013, Digital Realty Trust, Inc. converted all outstanding shares of its series D preferred stock into shares of its common stock in accordance with the terms of the series D preferred stock. Each share of series D preferred stock was converted into 0.6360 share of common stock of Digital Realty Trust, Inc. | |||||||||||||||||||||||||||||||
-5 | $3.120 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-6 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2013. | |||||||||||||||||||||||||||||||
-7 | $3.320 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-8 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2014. | |||||||||||||||||||||||||||||||
All distributions on our units are at the discretion of Digital Realty Trust, Inc.’s board of directors. We have declared and paid the following distributions on our common and preferred units for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||
Date distribution declared | Distribution payable date | Series C Preferred Units | Series D Preferred Units | Series E Preferred Units | Series F Preferred Units | Series G Preferred Units | Series H Preferred Units | Common | ||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||||||
14-Feb-12 | March 30, 2012 | $ | 1,402 | $ | 2,398 | $ | 5,031 | $ | — | $ | — | $ | — | $ | 81,917 | (1) | ||||||||||||||||
23-Apr-12 | June 29, 2012 | — | (2) | 2,394 | 5,031 | 2,888 | (3) | — | — | 83,982 | (1) | |||||||||||||||||||||
19-Jul-12 | September 28, 2012 | — | 1,723 | 5,031 | 3,023 | — | — | 93,076 | (1) | |||||||||||||||||||||||
30-Oct-12 | December 31, 2012 for Series D, E and F Preferred | — | 1,697 | 5,031 | 3,023 | — | — | 93,434 | (1) | |||||||||||||||||||||||
Units; January 15, 2013 for Common Units | ||||||||||||||||||||||||||||||||
$ | 1,402 | $ | 8,212 | $ | 20,124 | $ | 8,934 | $ | — | $ | — | $ | 352,409 | |||||||||||||||||||
12-Feb-13 | March 29, 2013 | $ | — | $ | — | (4) | $ | 5,031 | $ | 3,023 | $ | — | $ | — | $ | 102,506 | (5) | |||||||||||||||
1-May-13 | June 28, 2013 | — | — | 5,031 | 3,023 | 3,345 | (6) | — | 102,507 | (5) | ||||||||||||||||||||||
23-Jul-13 | September 30, 2013 | — | — | 5,031 | 3,023 | 3,672 | — | 102,506 | (5) | |||||||||||||||||||||||
23-Oct-13 | December 31, 2013 for Series E, F and G Preferred | — | — | 5,031 | 3,023 | 3,672 | — | 102,509 | (5) | |||||||||||||||||||||||
Units; January 15, 2014 for Common Units | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 10,689 | $ | — | $ | 410,028 | |||||||||||||||||||
11-Feb-14 | March 31, 2014 | $ | — | $ | — | $ | 5,031 | $ | 3,023 | $ | 3,672 | $ | — | $ | 109,378 | (7) | ||||||||||||||||
29-Apr-14 | June 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 7,104 | (8) | 115,008 | (7) | ||||||||||||||||||||||
21-Jul-14 | September 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 115,012 | (7) | |||||||||||||||||||||||
4-Nov-14 | December 31, 2014 for Series E, F, G and H Preferred | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 115,016 | (7) | |||||||||||||||||||||||
Units; January 15, 2015 for Common Units | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 14,688 | $ | 20,564 | $ | 454,414 | |||||||||||||||||||
-1 | $2.920 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-2 | Effective April 17, 2012, in connection with the conversion of the series C preferred stock by Digital Realty Trust, Inc., all of the outstanding 4.375% series C cumulative convertible preferred units, or the series C preferred units, were converted into common units in accordance with the terms of the series C preferred units. Each series C preferred unit was converted into 0.5480 common unit of the Operating Partnership. | |||||||||||||||||||||||||||||||
-3 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2012. | |||||||||||||||||||||||||||||||
-4 | Effective February 26, 2013, in connection with the conversion of the series D preferred stock by Digital Realty Trust, Inc., all of the outstanding series D preferred units were converted into common units in accordance with the terms of the series D preferred units. Each series D preferred unit was converted into 0.6360 common unit of the Operating Partnership. | |||||||||||||||||||||||||||||||
-5 | $3.120 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-6 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2013. | |||||||||||||||||||||||||||||||
-7 | $3.320 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-8 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2014. | |||||||||||||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | The accumulated balances for each item within other comprehensive income (loss), net are as follows (in thousands): | |||||||||||||||||||||||||||||||
Foreign | Cash flow | Accumulated | ||||||||||||||||||||||||||||||
currency | hedge | other | ||||||||||||||||||||||||||||||
translation | adjustments | comprehensive | ||||||||||||||||||||||||||||||
adjustments | income (loss), net | |||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | (2,576 | ) | $ | (9,615 | ) | $ | (12,191 | ) | |||||||||||||||||||||||
Net current period change | 14,321 | 2,423 | 16,744 | |||||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 6,138 | 6,138 | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 11,745 | $ | (1,054 | ) | $ | 10,691 | |||||||||||||||||||||||||
Net current period change | (51,312 | ) | (7,775 | ) | (59,087 | ) | ||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 3,350 | 3,350 | |||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | (39,567 | ) | $ | (5,479 | ) | $ | (45,046 | ) | |||||||||||||||||||||||
The accumulated balances for each item within other comprehensive income (loss) are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Foreign | Cash flow | Accumulated | ||||||||||||||||||||||||||||||
currency | hedge | other | ||||||||||||||||||||||||||||||
translation | adjustments | comprehensive | ||||||||||||||||||||||||||||||
adjustments | income (loss) | |||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | (4,401 | ) | $ | (10,509 | ) | $ | (14,910 | ) | |||||||||||||||||||||||
Net current period change | 14,636 | 2,473 | 17,109 | |||||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 6,258 | 6,258 | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 10,235 | $ | (1,778 | ) | $ | 8,457 | |||||||||||||||||||||||||
Net current period change | (52,373 | ) | (7,936 | ) | (60,309 | ) | ||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 3,419 | 3,419 | |||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | (42,138 | ) | $ | (6,295 | ) | $ | (48,433 | ) |
Capital_And_Accumulated_Other_1
Capital And Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Schedule Of Dividends Declared And Payable | We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||
Date dividend declared | Dividend payable date | Series C Preferred Stock | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | Series H Preferred Stock | Common | ||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||||||||
February 14, 2012 | March 30, 2012 | $ | 1,402 | $ | 2,398 | $ | 5,031 | $ | — | $ | — | $ | — | $ | 78,335 | (1) | ||||||||||||||||
April 23, 2012 | June 29, 2012 | — | (2) | 2,394 | 5,031 | 2,888 | (3) | — | — | 80,478 | (1) | |||||||||||||||||||||
July 19, 2012 | September 28, 2012 | — | 1,723 | 5,031 | 3,023 | — | — | 89,679 | (1) | |||||||||||||||||||||||
October 30, 2012 | December 31, 2012 for Series D, E and F Preferred | — | 1,697 | 5,031 | 3,023 | — | — | 90,582 | (1) | |||||||||||||||||||||||
Stock; January 15, 2013 for Common Stock | ||||||||||||||||||||||||||||||||
$ | 1,402 | $ | 8,212 | $ | 20,124 | $ | 8,934 | $ | — | $ | — | $ | 339,074 | |||||||||||||||||||
February 12, 2013 | March 29, 2013 | $ | — | $ | — | (4) | $ | 5,031 | $ | 3,023 | $ | — | $ | — | $ | 100,165 | (5) | |||||||||||||||
May 1, 2013 | June 28, 2013 | — | — | 5,031 | 3,023 | 3,345 | (6) | — | 100,169 | (5) | ||||||||||||||||||||||
July 23, 2013 | September 30, 2013 | — | — | 5,031 | 3,023 | 3,672 | — | 100,180 | (5) | |||||||||||||||||||||||
October 23, 2013 | December 31, 2013 for Series E, F and G Preferred | — | — | 5,031 | 3,023 | 3,672 | — | 100,187 | (5) | |||||||||||||||||||||||
Stock; January 15, 2014 for Common Stock | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 10,689 | $ | — | $ | 400,701 | |||||||||||||||||||
February 11, 2014 | March 31, 2014 | $ | — | $ | — | $ | 5,031 | $ | 3,023 | $ | 3,672 | $ | — | $ | 106,743 | (7) | ||||||||||||||||
April 29, 2014 | June 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 7,104 | (8) | 112,357 | (7) | ||||||||||||||||||||||
July 21, 2014 | September 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 112,465 | (7) | |||||||||||||||||||||||
November 4, 2014 | December 31, 2014 for Series E, F, G and H Preferred | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 112,538 | (7) | |||||||||||||||||||||||
Stock; January 15, 2015 for Common Stock | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 14,688 | $ | 20,564 | $ | 444,103 | |||||||||||||||||||
Annual rate of dividend per share | $ | 1.094 | $ | 1.375 | $ | 1.75 | $ | 1.65625 | $ | 1.46875 | $ | 1.84375 | ||||||||||||||||||||
-1 | $2.920 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-2 | Effective April 17, 2012, Digital Realty Trust, Inc. converted all outstanding shares of its 4.375% series C cumulative convertible preferred stock, or the series C preferred stock, into shares of its common stock in accordance with the terms of the series C preferred stock. Each share of series C preferred stock was converted into 0.5480 share of common stock of Digital Realty Trust, Inc. | |||||||||||||||||||||||||||||||
-3 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2012. | |||||||||||||||||||||||||||||||
-4 | Effective February 26, 2013, Digital Realty Trust, Inc. converted all outstanding shares of its series D preferred stock into shares of its common stock in accordance with the terms of the series D preferred stock. Each share of series D preferred stock was converted into 0.6360 share of common stock of Digital Realty Trust, Inc. | |||||||||||||||||||||||||||||||
-5 | $3.120 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-6 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2013. | |||||||||||||||||||||||||||||||
-7 | $3.320 annual rate of dividend per share. | |||||||||||||||||||||||||||||||
-8 | Represents a pro rata dividend from and including the original issue date to and including June 30, 2014. | |||||||||||||||||||||||||||||||
All distributions on our units are at the discretion of Digital Realty Trust, Inc.’s board of directors. We have declared and paid the following distributions on our common and preferred units for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||||
Date distribution declared | Distribution payable date | Series C Preferred Units | Series D Preferred Units | Series E Preferred Units | Series F Preferred Units | Series G Preferred Units | Series H Preferred Units | Common | ||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||||||
14-Feb-12 | March 30, 2012 | $ | 1,402 | $ | 2,398 | $ | 5,031 | $ | — | $ | — | $ | — | $ | 81,917 | (1) | ||||||||||||||||
23-Apr-12 | June 29, 2012 | — | (2) | 2,394 | 5,031 | 2,888 | (3) | — | — | 83,982 | (1) | |||||||||||||||||||||
19-Jul-12 | September 28, 2012 | — | 1,723 | 5,031 | 3,023 | — | — | 93,076 | (1) | |||||||||||||||||||||||
30-Oct-12 | December 31, 2012 for Series D, E and F Preferred | — | 1,697 | 5,031 | 3,023 | — | — | 93,434 | (1) | |||||||||||||||||||||||
Units; January 15, 2013 for Common Units | ||||||||||||||||||||||||||||||||
$ | 1,402 | $ | 8,212 | $ | 20,124 | $ | 8,934 | $ | — | $ | — | $ | 352,409 | |||||||||||||||||||
12-Feb-13 | March 29, 2013 | $ | — | $ | — | (4) | $ | 5,031 | $ | 3,023 | $ | — | $ | — | $ | 102,506 | (5) | |||||||||||||||
1-May-13 | June 28, 2013 | — | — | 5,031 | 3,023 | 3,345 | (6) | — | 102,507 | (5) | ||||||||||||||||||||||
23-Jul-13 | September 30, 2013 | — | — | 5,031 | 3,023 | 3,672 | — | 102,506 | (5) | |||||||||||||||||||||||
23-Oct-13 | December 31, 2013 for Series E, F and G Preferred | — | — | 5,031 | 3,023 | 3,672 | — | 102,509 | (5) | |||||||||||||||||||||||
Units; January 15, 2014 for Common Units | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 10,689 | $ | — | $ | 410,028 | |||||||||||||||||||
11-Feb-14 | March 31, 2014 | $ | — | $ | — | $ | 5,031 | $ | 3,023 | $ | 3,672 | $ | — | $ | 109,378 | (7) | ||||||||||||||||
29-Apr-14 | June 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 7,104 | (8) | 115,008 | (7) | ||||||||||||||||||||||
21-Jul-14 | September 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 115,012 | (7) | |||||||||||||||||||||||
4-Nov-14 | December 31, 2014 for Series E, F, G and H Preferred | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 115,016 | (7) | |||||||||||||||||||||||
Units; January 15, 2015 for Common Units | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 14,688 | $ | 20,564 | $ | 454,414 | |||||||||||||||||||
-1 | $2.920 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-2 | Effective April 17, 2012, in connection with the conversion of the series C preferred stock by Digital Realty Trust, Inc., all of the outstanding 4.375% series C cumulative convertible preferred units, or the series C preferred units, were converted into common units in accordance with the terms of the series C preferred units. Each series C preferred unit was converted into 0.5480 common unit of the Operating Partnership. | |||||||||||||||||||||||||||||||
-3 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2012. | |||||||||||||||||||||||||||||||
-4 | Effective February 26, 2013, in connection with the conversion of the series D preferred stock by Digital Realty Trust, Inc., all of the outstanding series D preferred units were converted into common units in accordance with the terms of the series D preferred units. Each series D preferred unit was converted into 0.6360 common unit of the Operating Partnership. | |||||||||||||||||||||||||||||||
-5 | $3.120 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-6 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2013. | |||||||||||||||||||||||||||||||
-7 | $3.320 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-8 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2014. | |||||||||||||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | The accumulated balances for each item within other comprehensive income (loss), net are as follows (in thousands): | |||||||||||||||||||||||||||||||
Foreign | Cash flow | Accumulated | ||||||||||||||||||||||||||||||
currency | hedge | other | ||||||||||||||||||||||||||||||
translation | adjustments | comprehensive | ||||||||||||||||||||||||||||||
adjustments | income (loss), net | |||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | (2,576 | ) | $ | (9,615 | ) | $ | (12,191 | ) | |||||||||||||||||||||||
Net current period change | 14,321 | 2,423 | 16,744 | |||||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 6,138 | 6,138 | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 11,745 | $ | (1,054 | ) | $ | 10,691 | |||||||||||||||||||||||||
Net current period change | (51,312 | ) | (7,775 | ) | (59,087 | ) | ||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 3,350 | 3,350 | |||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | (39,567 | ) | $ | (5,479 | ) | $ | (45,046 | ) | |||||||||||||||||||||||
The accumulated balances for each item within other comprehensive income (loss) are as follows (in thousands): | ||||||||||||||||||||||||||||||||
Foreign | Cash flow | Accumulated | ||||||||||||||||||||||||||||||
currency | hedge | other | ||||||||||||||||||||||||||||||
translation | adjustments | comprehensive | ||||||||||||||||||||||||||||||
adjustments | income (loss) | |||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | (4,401 | ) | $ | (10,509 | ) | $ | (14,910 | ) | |||||||||||||||||||||||
Net current period change | 14,636 | 2,473 | 17,109 | |||||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 6,258 | 6,258 | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 10,235 | $ | (1,778 | ) | $ | 8,457 | |||||||||||||||||||||||||
Net current period change | (52,373 | ) | (7,936 | ) | (60,309 | ) | ||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 3,419 | 3,419 | |||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | (42,138 | ) | $ | (6,295 | ) | $ | (48,433 | ) | |||||||||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||||||||||||||
Schedule Of Dividends Declared And Payable | All distributions on our units are at the discretion of Digital Realty Trust, Inc.’s board of directors. We have declared and paid the following distributions on our common and preferred units for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||
Date distribution declared | Distribution payable date | Series C Preferred Units | Series D Preferred Units | Series E Preferred Units | Series F Preferred Units | Series G Preferred Units | Series H Preferred Units | Common | ||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||||||
14-Feb-12 | March 30, 2012 | $ | 1,402 | $ | 2,398 | $ | 5,031 | $ | — | $ | — | $ | — | $ | 81,917 | (1) | ||||||||||||||||
23-Apr-12 | June 29, 2012 | — | (2) | 2,394 | 5,031 | 2,888 | (3) | — | — | 83,982 | (1) | |||||||||||||||||||||
19-Jul-12 | September 28, 2012 | — | 1,723 | 5,031 | 3,023 | — | — | 93,076 | (1) | |||||||||||||||||||||||
30-Oct-12 | December 31, 2012 for Series D, E and F Preferred | — | 1,697 | 5,031 | 3,023 | — | — | 93,434 | (1) | |||||||||||||||||||||||
Units; January 15, 2013 for Common Units | ||||||||||||||||||||||||||||||||
$ | 1,402 | $ | 8,212 | $ | 20,124 | $ | 8,934 | $ | — | $ | — | $ | 352,409 | |||||||||||||||||||
12-Feb-13 | March 29, 2013 | $ | — | $ | — | (4) | $ | 5,031 | $ | 3,023 | $ | — | $ | — | $ | 102,506 | (5) | |||||||||||||||
1-May-13 | June 28, 2013 | — | — | 5,031 | 3,023 | 3,345 | (6) | — | 102,507 | (5) | ||||||||||||||||||||||
23-Jul-13 | September 30, 2013 | — | — | 5,031 | 3,023 | 3,672 | — | 102,506 | (5) | |||||||||||||||||||||||
23-Oct-13 | December 31, 2013 for Series E, F and G Preferred | — | — | 5,031 | 3,023 | 3,672 | — | 102,509 | (5) | |||||||||||||||||||||||
Units; January 15, 2014 for Common Units | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 10,689 | $ | — | $ | 410,028 | |||||||||||||||||||
11-Feb-14 | March 31, 2014 | $ | — | $ | — | $ | 5,031 | $ | 3,023 | $ | 3,672 | $ | — | $ | 109,378 | (7) | ||||||||||||||||
29-Apr-14 | June 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 7,104 | (8) | 115,008 | (7) | ||||||||||||||||||||||
21-Jul-14 | September 30, 2014 | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 115,012 | (7) | |||||||||||||||||||||||
4-Nov-14 | December 31, 2014 for Series E, F, G and H Preferred | — | — | 5,031 | 3,023 | 3,672 | 6,730 | 115,016 | (7) | |||||||||||||||||||||||
Units; January 15, 2015 for Common Units | ||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 20,124 | $ | 12,092 | $ | 14,688 | $ | 20,564 | $ | 454,414 | |||||||||||||||||||
-1 | $2.920 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-2 | Effective April 17, 2012, in connection with the conversion of the series C preferred stock by Digital Realty Trust, Inc., all of the outstanding 4.375% series C cumulative convertible preferred units, or the series C preferred units, were converted into common units in accordance with the terms of the series C preferred units. Each series C preferred unit was converted into 0.5480 common unit of the Operating Partnership. | |||||||||||||||||||||||||||||||
-3 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2012. | |||||||||||||||||||||||||||||||
-4 | Effective February 26, 2013, in connection with the conversion of the series D preferred stock by Digital Realty Trust, Inc., all of the outstanding series D preferred units were converted into common units in accordance with the terms of the series D preferred units. Each series D preferred unit was converted into 0.6360 common unit of the Operating Partnership. | |||||||||||||||||||||||||||||||
-5 | $3.120 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-6 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2013. | |||||||||||||||||||||||||||||||
-7 | $3.320 annual rate of distribution per unit. | |||||||||||||||||||||||||||||||
-8 | Represents a pro rata distribution from and including the original issue date to and including June 30, 2014. | |||||||||||||||||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | The accumulated balances for each item within other comprehensive income (loss) are as follows (in thousands): | |||||||||||||||||||||||||||||||
Foreign | Cash flow | Accumulated | ||||||||||||||||||||||||||||||
currency | hedge | other | ||||||||||||||||||||||||||||||
translation | adjustments | comprehensive | ||||||||||||||||||||||||||||||
adjustments | income (loss) | |||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | (4,401 | ) | $ | (10,509 | ) | $ | (14,910 | ) | |||||||||||||||||||||||
Net current period change | 14,636 | 2,473 | 17,109 | |||||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 6,258 | 6,258 | |||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 10,235 | $ | (1,778 | ) | $ | 8,457 | |||||||||||||||||||||||||
Net current period change | (52,373 | ) | (7,936 | ) | (60,309 | ) | ||||||||||||||||||||||||||
Reclassification to interest expense from interest rate swaps | — | 3,419 | 3,419 | |||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | (42,138 | ) | $ | (6,295 | ) | $ | (48,433 | ) |
Incentive_Plan_Tables
Incentive Plan (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Schedule of Nonvested Performance-based Units Activity | Below is a summary of our long-term incentive unit activity for the year ended December 31, 2014. | ||||||||||||
Unvested Long-term Incentive Units | Units | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 440,951 | $ | 62.42 | ||||||||||
Granted | 199,486 | 52.42 | |||||||||||
Vested | (307,249 | ) | 58.9 | ||||||||||
Cancelled or expired | (18,773 | ) | 65.21 | ||||||||||
Unvested, end of period | 314,415 | 59.34 | |||||||||||
Schedule of Share-based Compensation, Performance Based Awards | In the event that the RMS Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of Class D units or RSUs, as applicable, set forth below: | ||||||||||||
Level | RMS Relative | Market | |||||||||||
Market Performance | Performance | ||||||||||||
Vesting | |||||||||||||
Percentage | |||||||||||||
Below Threshold Level | < 0 basis points | 0 | % | ||||||||||
Threshold Level | 0 basis points | 25 | % | ||||||||||
Target Level | 325 basis points | 50 | % | ||||||||||
High Level | > 650 basis points | 100 | % | ||||||||||
Summary Of Incentive Award Plan Stock Options | The following table summarizes the Amended and Restated 2004 Incentive Award Plan’s stock option activity for the year ended December 31, 2014: | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Shares | Weighted average | ||||||||||||
exercise price | |||||||||||||
Options outstanding, beginning of period | 123,690 | $ | 30.13 | ||||||||||
Exercised | (42,757 | ) | 16.65 | ||||||||||
Cancelled / Forfeited | — | — | |||||||||||
Options outstanding, end of period | 80,933 | $ | 37.25 | ||||||||||
Exercisable, end of period | 80,933 | $ | 37.25 | ||||||||||
Summary Of Stock Option Outstanding And Exercisable | The following table summarizes information about stock options outstanding and exercisable as of December 31, 2014: | ||||||||||||
Options outstanding and exercisable | |||||||||||||
Exercise price | Number | Weighted | Weighted | Aggregate | |||||||||
outstanding | average | average | intrinsic | ||||||||||
remaining | exercise | value | |||||||||||
contractual | price | ||||||||||||
life (years) | |||||||||||||
$20.37-28.09 | 15,000 | 0.85 | 20.37 | 688,950 | |||||||||
$33.18-41.73 | 65,933 | 2.3 | 41.09 | 1,662,091 | |||||||||
80,933 | 2.03 | $ | 37.25 | $ | 2,351,041 | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Below is a summary of our restricted stock activity for the year ended December 31, 2014. | ||||||||||||
Unvested Restricted Stock | Shares | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 255,081 | $ | 63.35 | ||||||||||
Granted (1) | 179,768 | 50.78 | |||||||||||
Vested | (76,946 | ) | 60.39 | ||||||||||
Cancelled or expired | (57,401 | ) | 60.7 | ||||||||||
Unvested, end of period | 300,502 | 57.1 | |||||||||||
Digital Realty Trust, L.P. | |||||||||||||
Schedule of Nonvested Performance-based Units Activity | Below is a summary of our long-term incentive unit activity for the year ended December 31, 2014. | ||||||||||||
Unvested Long-term Incentive Units | Units | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 440,951 | $ | 62.42 | ||||||||||
Granted | 199,486 | 52.42 | |||||||||||
Vested | (307,249 | ) | 58.9 | ||||||||||
Cancelled or expired | (18,773 | ) | 65.21 | ||||||||||
Unvested, end of period | 314,415 | 59.34 | |||||||||||
Schedule of Share-based Compensation, Performance Based Awards | In the event that the RMS Relative Market Performance during the Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of Class D units or RSUs, as applicable, set forth below: | ||||||||||||
Level | RMS Relative | Market | |||||||||||
Market Performance | Performance | ||||||||||||
Vesting | |||||||||||||
Percentage | |||||||||||||
Below Threshold Level | < 0 basis points | 0 | % | ||||||||||
Threshold Level | 0 basis points | 25 | % | ||||||||||
Target Level | 325 basis points | 50 | % | ||||||||||
High Level | > 650 basis points | 100 | % | ||||||||||
Summary Of Incentive Award Plan Stock Options | The following table summarizes the Amended and Restated 2004 Incentive Award Plan’s stock option activity for the year ended December 31, 2014: | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||
Shares | Weighted average | ||||||||||||
exercise price | |||||||||||||
Options outstanding, beginning of period | 123,690 | $ | 30.13 | ||||||||||
Exercised | (42,757 | ) | 16.65 | ||||||||||
Cancelled / Forfeited | — | — | |||||||||||
Options outstanding, end of period | 80,933 | $ | 37.25 | ||||||||||
Exercisable, end of period | 80,933 | $ | 37.25 | ||||||||||
Summary Of Stock Option Outstanding And Exercisable | The following table summarizes information about stock options outstanding and exercisable as of December 31, 2014: | ||||||||||||
Options outstanding and exercisable | |||||||||||||
Exercise price | Number | Weighted | Weighted | Aggregate | |||||||||
outstanding | average | average | intrinsic | ||||||||||
remaining | exercise | value | |||||||||||
contractual | price | ||||||||||||
life (years) | |||||||||||||
$20.37-28.09 | 15,000 | 0.85 | 20.37 | 688,950 | |||||||||
$33.18-41.73 | 65,933 | 2.3 | 41.09 | 1,662,091 | |||||||||
80,933 | 2.03 | $ | 37.25 | $ | 2,351,041 | ||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Below is a summary of our restricted stock activity for the year ended December 31, 2014. | ||||||||||||
Unvested Restricted Stock | Shares | Weighted-Average | |||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Unvested, beginning of period | 255,081 | $ | 63.35 | ||||||||||
Granted (1) | 179,768 | 50.78 | |||||||||||
Vested | (76,946 | ) | 60.39 | ||||||||||
Cancelled or expired | (57,401 | ) | 60.7 | ||||||||||
Unvested, end of period | 300,502 | 57.1 | |||||||||||
-1 | All restricted stock granted in 2014 is subject only to a service condition. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Schedule Of Outstanding Derivative Instruments | As of December 31, 2014 and December 31, 2013, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands): | |||||||||||||||||||||||
Notional Amount | Fair Value at Significant Other | |||||||||||||||||||||||
Observable Inputs (Level 2) | ||||||||||||||||||||||||
As of | As of | Type of | Strike | Effective Date | Expiration Date | As of | As of | |||||||||||||||||
December 31, | December 31, | Derivative | Rate | December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Currently-paying contracts | ||||||||||||||||||||||||
$ | 410,905 | -1 | $ | 410,905 | -1 | Swap | 0.717 | Various | Various | $ | (241 | ) | $ | (76 | ) | |||||||||
142,965 | -2 | 150,040 | -2 | Swap | 0.925 | 17-Jul-12 | 18-Apr-17 | 669 | 131 | |||||||||||||||
553,870 | 560,945 | 428 | 55 | |||||||||||||||||||||
Forward-starting contracts | ||||||||||||||||||||||||
150,000 | -3 | — | Forward-starting Swap | 2.091 | 15-Jul-14 | 15-Jul-19 | (2,837 | ) | — | |||||||||||||||
Total | ||||||||||||||||||||||||
$ | 703,870 | $ | 560,945 | $ | (2,409 | ) | $ | 55 | ||||||||||||||||
-1 | Represents the U.S. dollar tranche of the unsecured term loan. | |||||||||||||||||||||||
-2 | Represents a portion of the Singapore dollar tranche of the unsecured term loan. Translation to U.S. dollars is based on exchange rate of $0.75 to 1.00 SGD as of December 31, 2014 and $0.79 to 1.00 SGD as of December 31, 2013. | |||||||||||||||||||||||
-3 | In January 2014, we entered into a forward-starting five-year swap contract to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The accrual period of the swap contract was designed to match the tenor of the planned debt issuance. In the fourth quarter of 2014, changes in the forecasted transaction resulted in the discontinuation of cash flow hedge accounting. As such, changes in the fair value of the forward starting swap were recognized in earnings, within the other income (expense) line item. During 2014 the total net gain recognized on the forward starting swap was approximately $0.8 million, and on January 13, 2015, we cash settled the forward starting swap for approximately $5.7 million, including accrued interest. | |||||||||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||||||
Schedule Of Outstanding Derivative Instruments | As of December 31, 2014 and December 31, 2013, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands): | |||||||||||||||||||||||
Notional Amount | Fair Value at Significant Other | |||||||||||||||||||||||
Observable Inputs (Level 2) | ||||||||||||||||||||||||
As of | As of | Type of | Strike | Effective Date | Expiration Date | As of | As of | |||||||||||||||||
December 31, | December 31, | Derivative | Rate | December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Currently-paying contracts | ||||||||||||||||||||||||
$ | 410,905 | -1 | $ | 410,905 | -1 | Swap | 0.717 | Various | Various | $ | (241 | ) | $ | (76 | ) | |||||||||
142,965 | -2 | 150,040 | -2 | Swap | 0.925 | 17-Jul-12 | 18-Apr-17 | 669 | 131 | |||||||||||||||
553,870 | 560,945 | 428 | 55 | |||||||||||||||||||||
Forward-starting contracts | ||||||||||||||||||||||||
150,000 | -3 | — | Forward-starting Swap | 2.091 | 15-Jul-14 | 15-Jul-19 | (2,837 | ) | — | |||||||||||||||
Total | ||||||||||||||||||||||||
$ | 703,870 | $ | 560,945 | $ | (2,409 | ) | $ | 55 | ||||||||||||||||
-1 | Represents the U.S. dollar tranche of the unsecured term loan. | |||||||||||||||||||||||
-2 | Represents a portion of the Singapore dollar tranche of the unsecured term loan. Translation to U.S. dollars is based on exchange rate of $0.75 to 1.00 SGD as of December 31, 2014 and $0.79 to 1.00 SGD as of December 31, 2013. | |||||||||||||||||||||||
-3 | In January 2014, we entered into a forward-starting five-year swap contract to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a forecasted issuance of debt. The accrual period of the swap contract was designed to match the tenor of the planned debt issuance. In the fourth quarter of 2014, changes in the forecasted transaction resulted in the discontinuation of cash flow hedge accounting. As such, changes in the fair value of the forward starting swap were recognized in earnings, within the other income (expense) line item. During 2014 the total net gain recognized on the forward starting swap was approximately $0.8 million, and on January 13, 2015, we cash settled the forward starting swap for approximately $5.7 million, including accrued interest. |
Fair_Value_Of_Instruments_Tabl
Fair Value Of Instruments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Estimated Fair Value And Carrying Amounts | As of December 31, 2014 and December 31, 2013, the aggregate estimated fair value and carrying value of our global revolving credit facility, unsecured term loan, unsecured senior notes, exchangeable senior debentures and mortgage loans were as follows (in thousands): | |||||||||||||||||
Categorization | As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
under the fair value | ||||||||||||||||||
hierarchy | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | ||||||||||||||
Global revolving credit facility (1) | Level 2 | $ | 525,951 | $ | 525,951 | $ | 724,668 | $ | 724,668 | |||||||||
Unsecured term loan (2) | Level 2 | 976,600 | 976,600 | 1,020,984 | 1,020,984 | |||||||||||||
Unsecured senior notes (3)(4) | Level 2 | 2,968,073 | 2,791,758 | 2,379,999 | 2,364,232 | |||||||||||||
Exchangeable senior debentures (3) | Level 2 | — | — | 336,847 | 266,400 | |||||||||||||
Mortgage loans (3) | Level 2 | 399,569 | 378,818 | 622,580 | 585,608 | |||||||||||||
$ | 4,870,193 | $ | 4,673,127 | $ | 5,085,078 | $ | 4,961,892 | |||||||||||
-1 | The carrying value of our global revolving credit facility approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating. | |||||||||||||||||
-2 | The carrying value of our unsecured term loan approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating. | |||||||||||||||||
-3 | Valuations for our unsecured senior notes and mortgage loans are determined based on the expected future payments discounted at risk-adjusted rates. The 2015 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes and 2029 Debentures are valued based on quoted market prices. | |||||||||||||||||
-4 | The carrying value of the 2015 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes are net of discount of $15.6 million and $15.0 million in the aggregate as of December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||
Estimated Fair Value And Carrying Amounts | As of December 31, 2014 and December 31, 2013, the aggregate estimated fair value and carrying value of our global revolving credit facility, unsecured term loan, unsecured senior notes, exchangeable senior debentures and mortgage loans were as follows (in thousands): | |||||||||||||||||
Categorization | As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
under the fair value | ||||||||||||||||||
hierarchy | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | ||||||||||||||
Global revolving credit facility (1) | Level 2 | $ | 525,951 | $ | 525,951 | $ | 724,668 | $ | 724,668 | |||||||||
Unsecured term loan (2) | Level 2 | 976,600 | 976,600 | 1,020,984 | 1,020,984 | |||||||||||||
Unsecured senior notes (3)(4) | Level 2 | 2,968,073 | 2,791,758 | 2,379,999 | 2,364,232 | |||||||||||||
Exchangeable senior debentures (3) | Level 2 | — | — | 336,847 | 266,400 | |||||||||||||
Mortgage loans (3) | Level 2 | 399,569 | 378,818 | 622,580 | 585,608 | |||||||||||||
$ | 4,870,193 | $ | 4,673,127 | $ | 5,085,078 | $ | 4,961,892 | |||||||||||
-1 | The carrying value of our global revolving credit facility approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating. | |||||||||||||||||
-2 | The carrying value of our unsecured term loan approximates estimated fair value, due to the variability of interest rates and the stability of our credit rating. | |||||||||||||||||
-3 | Valuations for our unsecured senior notes and mortgage loans are determined based on the expected future payments discounted at risk-adjusted rates. The 2015 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes and 2029 Debentures are valued based on quoted market prices. | |||||||||||||||||
-4 | The carrying value of the 2015 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes are net of discount of $15.6 million and $15.0 million in the aggregate as of December 31, 2014 and December 31, 2013, respectively |
Tenant_Leases_Tables
Tenant Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leased Assets [Line Items] | ||||
Schedule Of Future Minimum Lease Payments To Be Received | The future minimum lease payments to be received (excluding operating expense reimbursements) by us as of December 31, 2014, under non-cancelable operating leases are as follows (in thousands): | |||
2015 | $ | 1,184,835 | ||
2016 | 1,118,153 | |||
2017 | 1,055,080 | |||
2018 | 948,635 | |||
2019 | 827,175 | |||
Thereafter | 3,322,079 | |||
Total | $ | 8,455,957 | ||
Tel(x) And SoftLayer | ||||
Operating Leased Assets [Line Items] | ||||
Schedule Of Future Minimum Lease Payments To Be Received | The future minimum lease payments to be received (excluding operating expense reimbursements) by us from tel(x) and SoftLayer, entered into while both tel(x) and SoftLayer were related parties, as of December 31, 2014, under non-cancelable operating leases are as follows (in thousands): | |||
2015 | $ | 85,625 | ||
2016 | 88,004 | |||
2017 | 90,353 | |||
2018 | 92,594 | |||
2019 | 95,256 | |||
Thereafter | 510,424 | |||
Total | $ | 962,256 | ||
Digital Realty Trust, L.P. | ||||
Operating Leased Assets [Line Items] | ||||
Schedule Of Future Minimum Lease Payments To Be Received | The future minimum lease payments to be received (excluding operating expense reimbursements) by us as of December 31, 2014, under non-cancelable operating leases are as follows (in thousands): | |||
2015 | $ | 1,184,835 | ||
2016 | 1,118,153 | |||
2017 | 1,055,080 | |||
2018 | 948,635 | |||
2019 | 827,175 | |||
Thereafter | 3,322,079 | |||
Total | $ | 8,455,957 | ||
Digital Realty Trust, L.P. | Tel(x) And SoftLayer | ||||
Operating Leased Assets [Line Items] | ||||
Schedule Of Future Minimum Lease Payments To Be Received | The future minimum lease payments to be received (excluding operating expense reimbursements) by us from tel(x) and SoftLayer, entered into while both tel(x) and SoftLayer were related parties, as of December 31, 2014, under non-cancelable operating leases are as follows (in thousands): | |||
2015 | $ | 85,625 | ||
2016 | 88,004 | |||
2017 | 90,353 | |||
2018 | 92,594 | |||
2019 | 95,256 | |||
Thereafter | 510,424 | |||
Total | $ | 962,256 | ||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Schedule Of Future Minimum Lease Payments | The minimum commitment under these leases, excluding the fully prepaid ground leases, as of December 31, 2014 was as follows (in thousands): | |||
2015 | $ | 15,347 | ||
2016 | 15,011 | |||
2017 | 15,012 | |||
2018 | 14,362 | |||
2019 | 14,730 | |||
Thereafter | 101,964 | |||
Total | $ | 176,426 | ||
Digital Realty Trust, L.P. | ||||
Schedule Of Future Minimum Lease Payments | The minimum commitment under these leases, excluding the fully prepaid ground leases, as of December 31, 2014 was as follows (in thousands): | |||
2015 | $ | 15,347 | ||
2016 | 15,011 | |||
2017 | 15,012 | |||
2018 | 14,362 | |||
2019 | 14,730 | |||
Thereafter | 101,964 | |||
Total | $ | 176,426 | ||
Quarterly_Financial_Informatio2
Quarterly Financial Information (Digital Realty Trust, Inc.) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Summary Of Selected Quarterly Financial Data | The tables below reflect selected quarterly information for the years ended December 31, 2014 and 2013. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per share amounts). | |||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Total operating revenues | $ | 412,216 | $ | 412,186 | $ | 401,446 | $ | 390,590 | ||||||||
Net income (loss) | (34,794 | ) | 130,161 | 61,332 | 46,717 | |||||||||||
Net income (loss) attributable to Digital Realty Trust, Inc. | (33,833 | ) | 127,769 | 60,339 | 45,912 | |||||||||||
Preferred stock dividends | 18,455 | 18,455 | 18,829 | 11,726 | ||||||||||||
Net income (loss) available to common stockholders | (52,288 | ) | 109,314 | 41,510 | 34,186 | |||||||||||
Basic net income (loss) per share available to common stockholders | $ | (0.39 | ) | $ | 0.81 | $ | 0.31 | $ | 0.27 | |||||||
Diluted net income (loss) per share available to common stockholders | $ | (0.39 | ) | $ | 0.8 | $ | 0.31 | $ | 0.26 | |||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total operating revenues | $ | 380,931 | $ | 379,456 | $ | 363,502 | $ | 358,370 | ||||||||
Net income | 55,667 | 153,480 | 59,621 | 51,681 | ||||||||||||
Net income attributable to Digital Realty Trust, Inc. | 54,703 | 150,598 | 58,476 | 50,711 | ||||||||||||
Preferred stock dividends | 11,726 | 11,726 | 11,399 | 8,054 | ||||||||||||
Net income available to common stockholders | 42,977 | 138,872 | 47,077 | 42,657 | ||||||||||||
Basic net income per share available to common stockholders | $ | 0.33 | $ | 1.08 | $ | 0.37 | $ | 0.34 | ||||||||
Diluted net income per share available to common stockholders | $ | 0.33 | $ | 1.06 | $ | 0.37 | $ | 0.34 | ||||||||
Digital Realty Trust, L.P. | ||||||||||||||||
Summary Of Selected Quarterly Financial Data | The tables below reflect selected quarterly information for the years ended December 31, 2014 and 2013. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per unit amounts). | |||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Total operating revenues | $ | 412,216 | $ | 412,186 | $ | 401,446 | $ | 390,590 | ||||||||
Net income (loss) | (34,794 | ) | 130,161 | 61,332 | 46,717 | |||||||||||
Net income (loss) attributable to Digital Realty Trust, L.P. | (34,907 | ) | 130,041 | 61,212 | 46,605 | |||||||||||
Preferred unit distributions | 18,455 | 18,455 | 18,829 | 11,726 | ||||||||||||
Net income (loss) available to common unitholders | (53,362 | ) | 111,586 | 42,383 | 34,879 | |||||||||||
Basic net income (loss) per unit available to common unitholders | $ | (0.39 | ) | $ | 0.81 | $ | 0.31 | $ | 0.27 | |||||||
Diluted net income (loss) per unit available to common unitholders | $ | (0.39 | ) | $ | 0.8 | $ | 0.31 | $ | 0.26 | |||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total operating revenues | $ | 380,931 | $ | 379,456 | $ | 363,502 | $ | 358,370 | ||||||||
Net income | 55,667 | 153,480 | 59,621 | 51,681 | ||||||||||||
Net income attributable to Digital Realty Trust, L.P. | 55,552 | 153,355 | 59,412 | 51,535 | ||||||||||||
Preferred unit distributions | 11,726 | 11,726 | 11,399 | 8,054 | ||||||||||||
Net income available to common unitholders | 43,826 | 141,629 | 48,013 | 43,481 | ||||||||||||
Basic net income per unit available to common unitholders | $ | 0.33 | $ | 1.08 | $ | 0.37 | $ | 0.34 | ||||||||
Diluted net income per unit available to common unitholders | $ | 0.33 | $ | 1.06 | $ | 0.37 | $ | 0.34 | ||||||||
Quarterly_Financial_Informatio3
Quarterly Financial Information (Digital Realty Trust, L.P.) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Summary Of Selected Quarterly Financial Data | The tables below reflect selected quarterly information for the years ended December 31, 2014 and 2013. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per share amounts). | |||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Total operating revenues | $ | 412,216 | $ | 412,186 | $ | 401,446 | $ | 390,590 | ||||||||
Net income (loss) | (34,794 | ) | 130,161 | 61,332 | 46,717 | |||||||||||
Net income (loss) attributable to Digital Realty Trust, Inc. | (33,833 | ) | 127,769 | 60,339 | 45,912 | |||||||||||
Preferred stock dividends | 18,455 | 18,455 | 18,829 | 11,726 | ||||||||||||
Net income (loss) available to common stockholders | (52,288 | ) | 109,314 | 41,510 | 34,186 | |||||||||||
Basic net income (loss) per share available to common stockholders | $ | (0.39 | ) | $ | 0.81 | $ | 0.31 | $ | 0.27 | |||||||
Diluted net income (loss) per share available to common stockholders | $ | (0.39 | ) | $ | 0.8 | $ | 0.31 | $ | 0.26 | |||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total operating revenues | $ | 380,931 | $ | 379,456 | $ | 363,502 | $ | 358,370 | ||||||||
Net income | 55,667 | 153,480 | 59,621 | 51,681 | ||||||||||||
Net income attributable to Digital Realty Trust, Inc. | 54,703 | 150,598 | 58,476 | 50,711 | ||||||||||||
Preferred stock dividends | 11,726 | 11,726 | 11,399 | 8,054 | ||||||||||||
Net income available to common stockholders | 42,977 | 138,872 | 47,077 | 42,657 | ||||||||||||
Basic net income per share available to common stockholders | $ | 0.33 | $ | 1.08 | $ | 0.37 | $ | 0.34 | ||||||||
Diluted net income per share available to common stockholders | $ | 0.33 | $ | 1.06 | $ | 0.37 | $ | 0.34 | ||||||||
Digital Realty Trust, L.P. | ||||||||||||||||
Summary Of Selected Quarterly Financial Data | The tables below reflect selected quarterly information for the years ended December 31, 2014 and 2013. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per unit amounts). | |||||||||||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | |||||||||||||
Total operating revenues | $ | 412,216 | $ | 412,186 | $ | 401,446 | $ | 390,590 | ||||||||
Net income (loss) | (34,794 | ) | 130,161 | 61,332 | 46,717 | |||||||||||
Net income (loss) attributable to Digital Realty Trust, L.P. | (34,907 | ) | 130,041 | 61,212 | 46,605 | |||||||||||
Preferred unit distributions | 18,455 | 18,455 | 18,829 | 11,726 | ||||||||||||
Net income (loss) available to common unitholders | (53,362 | ) | 111,586 | 42,383 | 34,879 | |||||||||||
Basic net income (loss) per unit available to common unitholders | $ | (0.39 | ) | $ | 0.81 | $ | 0.31 | $ | 0.27 | |||||||
Diluted net income (loss) per unit available to common unitholders | $ | (0.39 | ) | $ | 0.8 | $ | 0.31 | $ | 0.26 | |||||||
Three Months Ended | ||||||||||||||||
December 31, | September 30, | June 30, | March 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
Total operating revenues | $ | 380,931 | $ | 379,456 | $ | 363,502 | $ | 358,370 | ||||||||
Net income | 55,667 | 153,480 | 59,621 | 51,681 | ||||||||||||
Net income attributable to Digital Realty Trust, L.P. | 55,552 | 153,355 | 59,412 | 51,535 | ||||||||||||
Preferred unit distributions | 11,726 | 11,726 | 11,399 | 8,054 | ||||||||||||
Net income available to common unitholders | 43,826 | 141,629 | 48,013 | 43,481 | ||||||||||||
Basic net income per unit available to common unitholders | $ | 0.33 | $ | 1.08 | $ | 0.37 | $ | 0.34 | ||||||||
Diluted net income per unit available to common unitholders | $ | 0.33 | $ | 1.06 | $ | 0.37 | $ | 0.34 | ||||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Schedule Of Dividends Declared And Distributions Per Unit | On February 25, 2015, we declared the following dividends per share and the Operating Partnership declared an equivalent distribution per unit: | |||||||||||||||||||
Share / Unit Class | Series E | Series F | Series G | Series H | Common stock and | |||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | common unit | ||||||||||||||||
and Unit | and Unit | and Unit | and Unit | |||||||||||||||||
Dividend and distribution amount | $ | 0.4375 | $ | 0.414063 | $ | 0.367188 | $ | 0.460938 | $ | 0.85 | ||||||||||
Dividend and distribution payable date | March 31, 2015 | March 31, 2015 | March 31, 2015 | March 31, 2015 | March 31, 2015 | |||||||||||||||
Dividend and distribution payable to holders of record on | March 13, 2015 | March 13, 2015 | March 13, 2015 | March 13, 2015 | March 13, 2015 | |||||||||||||||
Annual equivalent rate of dividend and distribution | $ | 1.75 | $ | 1.656 | $ | 1.469 | $ | 1.844 | $ | 3.4 | ||||||||||
Digital Realty Trust, L.P. | ||||||||||||||||||||
Schedule Of Dividends Declared And Distributions Per Unit | On February 25, 2015, we declared the following dividends per share and the Operating Partnership declared an equivalent distribution per unit: | |||||||||||||||||||
Share / Unit Class | Series E | Series F | Series G | Series H | Common stock and | |||||||||||||||
Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | common unit | ||||||||||||||||
and Unit | and Unit | and Unit | and Unit | |||||||||||||||||
Dividend and distribution amount | $ | 0.4375 | $ | 0.414063 | $ | 0.367188 | $ | 0.460938 | $ | 0.85 | ||||||||||
Dividend and distribution payable date | March 31, 2015 | March 31, 2015 | March 31, 2015 | March 31, 2015 | March 31, 2015 | |||||||||||||||
Dividend and distribution payable to holders of record on | March 13, 2015 | March 13, 2015 | March 13, 2015 | March 13, 2015 | March 13, 2015 | |||||||||||||||
Annual equivalent rate of dividend and distribution | $ | 1.75 | $ | 1.656 | $ | 1.469 | $ | 1.844 | $ | 3.4 | ||||||||||
Organization_And_Description_O1
Organization And Description Of Business (Narrative) (Details) | Dec. 31, 2014 |
property | |
Organization and Description of Business [Line Items] | |
Number of properties owned | 131 |
Common Interest | |
Organization and Description of Business [Line Items] | |
Ownership percentage in the Operating Partnership | 97.80% |
Preferred Interest | |
Organization and Description of Business [Line Items] | |
Ownership percentage in the Operating Partnership | 100.00% |
Joint Ventures | |
Organization and Description of Business [Line Items] | |
Number of properties held as investments in unconsolidated joint ventures | 14 |
North America | |
Organization and Description of Business [Line Items] | |
Number of properties owned | 105 |
Europe | |
Organization and Description of Business [Line Items] | |
Number of properties owned | 21 |
Australia | |
Organization and Description of Business [Line Items] | |
Number of properties owned | 3 |
Asia | |
Organization and Description of Business [Line Items] | |
Number of properties owned | 2 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
segment | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Period in which short-term investment become cash equivalents | 90 days | ||||||||||
Impairment of investments in real estate | $0 | $126,470,000 | $0 | $0 | |||||||
Interest capitalized | 20,400,000 | 26,300,000 | 21,500,000 | ||||||||
Compensation costs, leasing and construction activities | 50,100,000 | 38,400,000 | 31,600,000 | ||||||||
Cash flows from capitalized leasing costs | 49,000,000 | 57,500,000 | 40,100,000 | ||||||||
Gain on Cash Flow Hedge Ineffectiveness | 800,000 | 0 | 0 | ||||||||
Asset retirement obligations | -1,700,000 | -1,700,000 | -1,700,000 | -1,700,000 | |||||||
Assets or liabilities for uncertain tax positions | 0 | 0 | |||||||||
Interest or penalties from uncertain tax positions | 0 | 0 | |||||||||
Number of reportable segments | 1 | ||||||||||
Operating revenue | 412,216,000 | 412,186,000 | 401,446,000 | 390,590,000 | 380,931,000 | 379,456,000 | 363,502,000 | 358,370,000 | 1,616,438,000 | 1,482,259,000 | 1,279,067,000 |
Change in fair value of contingent consideration | -8,093,000 | -1,762,000 | -1,051,000 | ||||||||
Scenario, Previously Reported | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Prepaid Rent | 58,900,000 | 58,900,000 | |||||||||
United States | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Operating revenue | 1,200,000,000 | 1,100,000,000 | 1,100,000,000 | ||||||||
Long-lived assets | 5,400,000,000 | 5,600,000,000 | 5,400,000,000 | 5,600,000,000 | 5,000,000,000 | ||||||
Outside The United States | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Operating revenue | 383,000,000 | 349,100,000 | 228,900,000 | ||||||||
Long-lived assets | 2,700,000,000 | 2,700,000,000 | 2,700,000,000 | 2,700,000,000 | 2,500,000,000 | ||||||
United Kingdom | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Operating revenue | 215,700,000 | 197,000,000 | 117,200,000 | ||||||||
Long-lived assets | $1,700,000,000 | $1,800,000,000 | $1,700,000,000 | $1,800,000,000 | $1,700,000,000 | ||||||
Sales | United Kingdom | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Concentration risk | 13.30% | 13.30% | 9.20% | ||||||||
Long-Lived Assets | United Kingdom | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Concentration risk | 21.30% | 21.10% | 22.30% | ||||||||
Minimum | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Building and improvements, useful life | 5 years | ||||||||||
Maximum | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Building and improvements, useful life | 39 years | ||||||||||
Midwest and Northeast Regions | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Number of Real Estate Properties | 5 | 5 |
Investments_In_Real_Estate_Nar
Investments In Real Estate (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 07, 2014 | Apr. 07, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | 6 Braham Street | 6 Braham Street | Midwest and Northeast Regions | Assets Held-for-sale | |
USD ($) | GBP (£) | property | USD ($) | |||||
property | ||||||||
Business Acquisition [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $41,500,000 | £ 25,000,000 | ||||||
Disposal Group, Including Discontinued Operation, Consideration After Costs And Various Tenant Prepayments | 37,500,000 | 22,600,000 | ||||||
Gain on sale of property | 15,945,000 | 0 | 0 | 15,900,000 | ||||
Impairment of investments in real estate | 0 | 126,470,000 | 0 | 0 | ||||
Number of Real Estate Properties | 5 | 5 | ||||||
Assets | 9,526,784,000 | 9,626,830,000 | 120,500,000 | |||||
Total liabilities | $5,612,546,000 | $5,980,318,000 | $5,800,000 |
Investments_In_Real_Estate_Sum
Investments In Real Estate (Summary Of Investment Properties) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Properties [Line Items] | ||
Land | $671,602,000 | $693,791,000 |
Acquired Ground Lease | 12,196,000 | 14,618,000 |
Building and Improvements | 8,823,814,000 | 8,680,677,000 |
Tenant Improvements | 475,000,000 | 490,492,000 |
Accumulated Depreciation and Amortization | -1,874,054,000 | -1,565,996,000 |
Net Investment in Properties | 8,108,558,000 | 8,313,582,000 |
Direct and accrued costs related to work in progress | 1,000,000,000 | 1,100,000,000 |
Internet Gateway Datacenters | ||
Real Estate Properties [Line Items] | ||
Land | 112,265,000 | 117,863,000 |
Building and Improvements | 1,459,952,000 | 1,466,489,000 |
Tenant Improvements | 99,842,000 | 100,481,000 |
Accumulated Depreciation and Amortization | -541,023,000 | -474,867,000 |
Net Investment in Properties | 1,131,036,000 | 1,209,966,000 |
Corporate Datacenters | ||
Real Estate Properties [Line Items] | ||
Land | 525,191,000 | 542,108,000 |
Acquired Ground Lease | 12,196,000 | 13,296,000 |
Building and Improvements | 7,117,767,000 | 6,963,052,000 |
Tenant Improvements | 368,859,000 | 382,219,000 |
Accumulated Depreciation and Amortization | -1,286,024,000 | -1,048,229,000 |
Net Investment in Properties | 6,737,989,000 | 6,852,446,000 |
Technology Manufacturing | ||
Real Estate Properties [Line Items] | ||
Land | 25,471,000 | 25,471,000 |
Acquired Ground Lease | 0 | 1,322,000 |
Building and Improvements | 67,238,000 | 73,807,000 |
Tenant Improvements | 4,764,000 | 6,333,000 |
Accumulated Depreciation and Amortization | -20,506,000 | -24,177,000 |
Net Investment in Properties | 76,967,000 | 82,756,000 |
Technology Office | ||
Real Estate Properties [Line Items] | ||
Land | 5,368,000 | 4,971,000 |
Building and Improvements | 42,356,000 | 48,143,000 |
Tenant Improvements | 1,459,000 | 1,459,000 |
Accumulated Depreciation and Amortization | -14,759,000 | -10,725,000 |
Net Investment in Properties | 34,424,000 | 43,848,000 |
Other | ||
Real Estate Properties [Line Items] | ||
Land | 3,307,000 | 3,378,000 |
Building and Improvements | 136,501,000 | 129,186,000 |
Tenant Improvements | 76,000 | |
Accumulated Depreciation and Amortization | -11,742,000 | -7,998,000 |
Net Investment in Properties | $128,142,000 | $124,566,000 |
Investments_In_Real_Estate_Sch
Investments In Real Estate (Schedule Of Real Estate Property Acquisitions) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 |
Business Acquisition [Line Items] | |||
Purchase price | $23 | $188.20 | |
17201 Waterview Parkway | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | Dallas, Texas | ||
Acquisition, Date Acquired | 31-Jan-13 | ||
Purchase price | 8.5 | ||
1900 S. Price Road | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | Phoenix, Arizona | ||
Acquisition, Date Acquired | 31-Jan-13 | ||
Purchase price | 24 | ||
371 Gough Road | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | Toronto, Canada | ||
Acquisition, Date Acquired | 12-Mar-13 | ||
Purchase price | 8.4 | ||
1500 Towerview Road | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | Minneapolis, Minnesota | ||
Acquisition, Date Acquired | 27-Mar-13 | ||
Purchase price | 37 | ||
Cartech | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | London, England | ||
Acquisition, Date Acquired | 2-Apr-13 | ||
Purchase price | 3.6 | ||
MetCenter Business Park | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | Austin, Texas | ||
Acquisition, Date Acquired | 20-May-13 | ||
Purchase price | 31.9 | ||
Number of Real Estate Properties | 1 | ||
Liverpoolweg 10 | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | Amsterdam, Netherlands | ||
Acquisition, Date Acquired | 27-Jun-13 | ||
Purchase price | 3.9 | 2.6 | |
Expected payment in November 2013 | 1.4 | ||
Saito Industrial Park | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | Osaka, Japan | ||
Acquisition, Date Acquired | 9-Aug-13 | ||
Purchase price | 9.6 | ||
Principal Park | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | London, England | ||
Acquisition, Date Acquired | 23-Sep-13 | ||
Purchase price | 19.3 | ||
De President, Hoofddorp | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | Amsterdam, Netherlands | ||
Acquisition, Date Acquired | 24-Sep-13 | ||
Purchase price | 6.7 | ||
Crawley 2 | |||
Business Acquisition [Line Items] | |||
Acquisition, Metropolitan Area | New York Metro | ||
Acquisition, Date Acquired | 19-Dec-13 | ||
Purchase price | 35.3 | ||
Secured mortgage loan assumed in acquisition | 26.4 | ||
8201 E. Riverside Drive | |||
Business Acquisition [Line Items] | |||
Number of Real Estate Properties | 3 | ||
7401 E. Ben White Boulevard | |||
Business Acquisition [Line Items] | |||
Number of Real Estate Properties | 3 | ||
Crawley | |||
Business Acquisition [Line Items] | |||
Acquisition Metropolitan Area | London | ||
Acquisition, Date Acquired | 16-Sep-14 | ||
Purchase price | $23 |
Investment_In_Unconsolidated_J2
Investment In Unconsolidated Joint Ventures (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 05, 2014 | Sep. 09, 2014 | Oct. 17, 2014 | Dec. 31, 2014 | Jun. 26, 2012 | Sep. 27, 2013 | Sep. 30, 2014 | |
sqft | property | property | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Gain on contribution of properties to unconsolidated joint ventures | $95,404,000 | $115,609,000 | $0 | |||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 94,729,000 | 70,504,000 | 94,729,000 | |||||||
2001 Sixth Avenue | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
% Ownership | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Number of Joint Ventures | 3 | |||||||||
33 Chun Choi Street (Hong Kong) | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
% Ownership | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Square footage of real estate property | 164,000 | |||||||||
Contributions to joint venture | 57,400,000 | 57,400,000 | ||||||||
PREI ® | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
% Ownership | 20.00% | 20.00% | 20.00% | 20.00% | ||||||
Number of Joint Ventures | 2 | |||||||||
Number of Real Estate Properties | 10 | 9 | 10 | |||||||
Number of properties contributed | 9 | |||||||||
Gross Value | 366,400,000 | |||||||||
Joint venture, closing costs percentage | 20.00% | |||||||||
Joint venture closing costs | 2,800,000 | |||||||||
Investment fund manager, ownership interest in joint venture | 80.00% | |||||||||
Loan to value ratio | 50.00% | 50.00% | ||||||||
Net proceeds from joint venture | 328,600,000 | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | |||||||||
Amortization of difference from cost and book value of investment in joint venture | 500,000 | 100,000 | ||||||||
Gain on sale of investment | 164,800,000 | |||||||||
PREI ® | Notes Payable to Banks | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Debt Instrument, Face Amount | 185,000,000 | 185,000,000 | ||||||||
Debt instrument term | 5 years | |||||||||
Crawley 2 | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Gross Value | 40,400,000 | |||||||||
Net proceeds from joint venture | 17,500,000 | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | |||||||||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 26,100,000 | |||||||||
Proceeds from sale of equity investment | 11,400,000 | |||||||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures | 14,300,000 | |||||||||
Principal outstanding | 23,000,000 | |||||||||
Gain on sale of investment | 1,900,000 | |||||||||
GCEAR | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
% Ownership | 20.00% | 20.00% | 20.00% | |||||||
Number of Real Estate Properties | 1 | |||||||||
Gross Value | 185,500,000 | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | 80.00% | 80.00% | |||||||
Business Acquisition, Transaction Costs | 2,100,000 | |||||||||
GCEAR | Secured Debt | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Debt Instrument, Face Amount | 102,000,000 | |||||||||
Debt instrument term | 5 years | |||||||||
Interest rate basis spread | 2.25% | |||||||||
Proceeds from sale of equity investment | 167,500,000 | |||||||||
Gain on sale of investment | 93,500,000 | |||||||||
Equity Method Investment, Qualitative Disclosure, Loan to Value Ratio | 55.00% | |||||||||
Number of extension options | 2 | |||||||||
Debt Instrument, Extension Length | 1 year | |||||||||
Southwestern United States and Mexico Properties | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Net proceeds from joint venture | 31,700,000 | |||||||||
Gain on sale of investment | 14,600,000 | |||||||||
Southwestern United States and Mexico Properties | Other Assets | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Gross Value | 17,100,000 | |||||||||
Interest Rate Swap | GCEAR | Secured Debt | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Debt Instrument, Face Amount | $51,000,000 |
Investment_In_Unconsolidated_J3
Investment In Unconsolidated Joint Ventures (Summary Of Financial Information For Joint Ventures) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Sep. 09, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||
Net Investment in Properties | $779,752 | $584,837 | $112,880 | ||
Total Assets | 942,107 | 676,015 | 161,290 | ||
Mortgage Loans | 461,548 | 337,953 | 107,294 | ||
Total Liabilities | 569,895 | 444,062 | 116,199 | ||
Equity / (Deficit) | 372,212 | 231,953 | 45,091 | ||
Investment in and share of equity | 94,729 | 70,504 | 66,634 | ||
Revenues | 102,303 | 54,770 | 36,829 | ||
Property Operating Expense | -26,873 | -17,027 | -10,910 | ||
Net Operating Income | 75,430 | 37,743 | 25,919 | ||
Net Income (Loss) | 30,577 | 20,651 | 16,130 | ||
Investment in and share of net income (loss) | 13,289 | 9,796 | 8,135 | ||
2001 Sixth Avenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
% Ownership | 50.00% | 50.00% | 50.00% | ||
Net Investment in Properties | 37,620 | 33,980 | 33,397 | ||
Total Assets | 42,537 | 39,674 | 40,340 | ||
Mortgage Loans | 104,523 | 105,953 | 107,294 | ||
Total Liabilities | 110,749 | 111,943 | 113,207 | ||
Equity / (Deficit) | -68,212 | -72,269 | -72,867 | ||
Revenues | 39,807 | 37,625 | 35,031 | ||
Property Operating Expense | -14,707 | -11,981 | -10,266 | ||
Net Operating Income | 25,100 | 25,644 | 24,765 | ||
Net Income (Loss) | 11,982 | 12,346 | 11,823 | ||
700/750 Central Expressway | |||||
Schedule of Equity Method Investments [Line Items] | |||||
% Ownership | 50.00% | 50.00% | |||
Net Investment in Properties | 0 | 0 | |||
Total Assets | 0 | 879 | |||
Mortgage Loans | 0 | 0 | |||
Total Liabilities | 0 | 496 | |||
Equity / (Deficit) | 0 | 383 | |||
Revenues | 55 | 1,798 | |||
Property Operating Expense | -1 | -582 | |||
Net Operating Income | 54 | 1,216 | |||
Net Income (Loss) | 58 | 4,389 | |||
2020 Fifth Avenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
% Ownership | 50.00% | 50.00% | 50.00% | ||
Net Investment in Properties | 47,239 | 47,901 | 46,339 | ||
Total Assets | 55,123 | 53,389 | 47,680 | ||
Mortgage Loans | 47,000 | 47,000 | 0 | ||
Total Liabilities | 47,795 | 47,525 | 1,543 | ||
Equity / (Deficit) | 7,328 | 5,864 | 46,137 | ||
Revenues | 8,308 | 7,513 | 0 | ||
Property Operating Expense | -1,086 | -522 | -38 | ||
Net Operating Income | 7,222 | 6,991 | -38 | ||
Net Income (Loss) | 4,844 | 5,756 | -38 | ||
33 Chun Choi Street (Hong Kong) | |||||
Schedule of Equity Method Investments [Line Items] | |||||
% Ownership | 50.00% | 50.00% | 50.00% | ||
Net Investment in Properties | 143,014 | 102,428 | 33,144 | ||
Total Assets | 165,912 | 122,890 | 72,391 | ||
Mortgage Loans | 0 | 0 | 0 | ||
Total Liabilities | 10,210 | 8,382 | 953 | ||
Equity / (Deficit) | 155,702 | 114,508 | 71,438 | ||
Revenues | 8,671 | 0 | 0 | ||
Property Operating Expense | -2,625 | -44 | -24 | ||
Net Operating Income | 6,046 | -44 | -24 | ||
Net Income (Loss) | 2,976 | -150 | -44 | ||
PREI ® | |||||
Schedule of Equity Method Investments [Line Items] | |||||
% Ownership | 20.00% | 20.00% | 20.00% | ||
Net Investment in Properties | 429,358 | 400,528 | |||
Total Assets | 492,494 | 460,062 | |||
Mortgage Loans | 208,000 | 185,000 | |||
Total Liabilities | 296,480 | 276,212 | |||
Equity / (Deficit) | 196,014 | 183,850 | |||
Revenues | 39,467 | 9,577 | |||
Property Operating Expense | -6,144 | -4,479 | |||
Net Operating Income | 33,323 | 5,098 | |||
Net Income (Loss) | 12,378 | 2,641 | |||
GCEAR | |||||
Schedule of Equity Method Investments [Line Items] | |||||
% Ownership | 20.00% | 20.00% | |||
Net Investment in Properties | 122,521 | ||||
Total Assets | 186,041 | ||||
Mortgage Loans | 102,025 | ||||
Total Liabilities | 104,661 | ||||
Equity / (Deficit) | 81,380 | ||||
Revenues | 6,050 | ||||
Property Operating Expense | -2,311 | ||||
Net Operating Income | 3,739 | ||||
Net Income (Loss) | ($1,603) |
Acquired_Intangible_Assets_And2
Acquired Intangible Assets And Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of below market leases | $10,000,000 | $11,700,000 | $10,300,000 |
Expected average remaining lives of acquired below market leases | 5 years 10 months | ||
Amortization of intangible assets | 82,310,000 | 77,872,000 | 66,489,000 |
Acquired Above-Market Lease Value | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected average remaining lives | 3 years 10 months | ||
Acquired In Place Lease Value | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected average remaining lives | 6 years 2 months 15 days | ||
Amortization of intangible assets | $62,200,000 | $62,700,000 | $54,000,000 |
Weighted average remaining contractual life for acquired leases excluding renewals or extensions | 4 years 8 months 2 days |
Acquired_Intangible_Assets_And3
Acquired Intangible Assets And Liabilities (Summary Of Acquired Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | ($88,072) | ($80,486) |
Net | 227,680 | |
Gross amount | 282,670 | 291,638 |
Accumulated amortization | -178,435 | -161,369 |
Net | 104,235 | 130,269 |
Acquired In Place Lease Value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 680,419 | 725,458 |
Accumulated amortization | -452,739 | -423,549 |
Net | 227,680 | 301,909 |
Acquired Above-Market Lease Value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 126,677 | 132,750 |
Accumulated amortization | -88,072 | -80,486 |
Net | $38,605 | $52,264 |
Acquired_Intangible_Assets_And4
Acquired Intangible Assets And Liabilities (Schedule Of Estimated Annual Amortization Of Below Market Leases) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net | $104,235 | $130,269 |
Below Market Leases, Net of Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Year one | 9,051 | |
Year two | 7,569 | |
Year three | 6,127 | |
Year four | 4,515 | |
Year five | 2,388 | |
Below market leases, Thereafter | 35,980 | |
Net | $65,630 |
Acquired_Intangible_Assets_And5
Acquired Intangible Assets And Liabilities (Schedule Of Estimated Annual Amortization Of Acquired In Place Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Acquired Intangible Assets And Liabilities [Abstract] | |
Year one | $40,935 |
Year two | 32,297 |
Year three | 27,804 |
Year four | 25,462 |
Year five | 22,241 |
Thereafter | 78,941 |
Net | $227,680 |
Debt_Of_The_Company_Details
Debt Of The Company (Details) | Dec. 31, 2014 |
Exchangeable senior debentures | 4.750% Notes Due 2023 | |
Debt Instrument [Line Items] | |
Interest rate | 4.75% |
Senior Notes | 4.50% Notes Due 2015 | |
Debt Instrument [Line Items] | |
Interest rate | 4.50% |
Senior Notes | 5.875% Notes Due 2020 | |
Debt Instrument [Line Items] | |
Interest rate | 5.88% |
Senior Notes | 5.25% Notes Due 2021 | |
Debt Instrument [Line Items] | |
Interest rate | 5.25% |
Senior Notes | 3.625% Notes Due 2022 | |
Debt Instrument [Line Items] | |
Interest rate | 3.63% |
Senior Notes | 4.25% Notes Due 2025 | |
Debt Instrument [Line Items] | |
Interest rate | 4.25% |
Debt_Of_The_Operating_Partners2
Debt Of The Operating Partnership (Global Revolving Credit Facility) (Narrative) (Details) (Global revolving credit facility, Digital Realty Trust, L.P., USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 15, 2013 | Aug. 14, 2013 | |
extension | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility borrowing capacity | $2,000,000,000 | $1,800,000,000 | ||
Number of extension options | 2 | |||
Revolving credit facility commitments extension | 6 months | |||
Interest rate basis spread | 1.10% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||
Weighted-average interest rate | 1.87% | 1.60% | ||
Capitalized financing costs related to global revolving facilities | 18,000,000 | |||
Principal outstanding | 525,951,000 | 724,668,000 | ||
Letter of credit security amount | 9,300,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 1,400,000,000 | |||
Base Rate | ||||
Debt Instrument [Line Items] | ||||
Interest rate basis spread | 0.10% | |||
Weighted-average interest rate | 3.35% | |||
Floating Rate | ||||
Debt Instrument [Line Items] | ||||
Interest rate basis spread | 1.10% | 1.10% | ||
Weighted-average interest rate | 1.84% | 1.53% | ||
Principal outstanding | 514,951,000 | 696,668,000 | ||
Accordian Feature | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility borrowing capacity | $2,550,000,000 |
Debt_Of_The_Operating_Partners3
Debt Of The Operating Partnership (Unsecured Term Loan) (Narrative) (Details) (Unsecured term loan, Digital Realty Trust, L.P., USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 15, 2013 | Aug. 14, 2013 | |
extension | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $1,000,000,000 | $750,000,000 | ||
Maturity date | 16-Apr-17 | |||
Number of extension options | 2 | |||
Revolving credit facility commitments extension | 6 months | |||
Interest rate basis spread | 1.20% | |||
Principal outstanding | 976,600,000 | 1,020,984,000 | ||
Capitalized financing costs | 8,400,000 | |||
Accordian Feature | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | $1,100,000,000 |
Debt_Of_The_Operating_Partners4
Debt Of The Operating Partnership (Unsecured Senior Notes) (Narrative) (Details) (Digital Realty Trust, L.P., USD $) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 15, 2013 | Jul. 24, 2011 | Dec. 08, 2010 | Dec. 07, 2010 | Jan. 20, 2010 | Feb. 03, 2010 | Jul. 25, 2011 | Jul. 31, 2008 | Nov. 05, 2013 | Nov. 30, 2008 | Jan. 31, 2009 | |
Debt of the Operating Partnership [Line Items] | |||||||||||||
Balance outstanding | 4,688,177,000 | ||||||||||||
Unsecured Senior Notes | |||||||||||||
Debt of the Operating Partnership [Line Items] | |||||||||||||
Senior face amount | 50,000,000 | ||||||||||||
Balance outstanding | 142,000,000 | 142,000,000 | |||||||||||
Prudential Shelf Facility | Unsecured Senior Notes | |||||||||||||
Debt of the Operating Partnership [Line Items] | |||||||||||||
Issuance date | 20-Jan-10 | ||||||||||||
Senior face amount | 250,000,000 | 200,000,000 | 100,000,000 | ||||||||||
Unissued amount | 50,000,000 | ||||||||||||
Series D | Unsecured Senior Notes | |||||||||||||
Debt of the Operating Partnership [Line Items] | |||||||||||||
Senior face amount | 50,000,000 | ||||||||||||
Interest rate | 4.57% | ||||||||||||
debt instrument term | 5 years | ||||||||||||
Series E | Unsecured Senior Notes | |||||||||||||
Debt of the Operating Partnership [Line Items] | |||||||||||||
Senior face amount | 50,000,000 | ||||||||||||
Interest rate | 5.73% | ||||||||||||
debt instrument term | 7 years | ||||||||||||
Series F | Unsecured Senior Notes | |||||||||||||
Debt of the Operating Partnership [Line Items] | |||||||||||||
Issuance date | 3-Feb-10 | ||||||||||||
Senior face amount | 17,000,000 | ||||||||||||
Interest rate | 4.50% | ||||||||||||
debt instrument term | 5 years | ||||||||||||
Series A | Unsecured Senior Notes | |||||||||||||
Debt of the Operating Partnership [Line Items] | |||||||||||||
Senior face amount | 25,000,000 | ||||||||||||
Interest rate | 7.00% | ||||||||||||
Repaid amount | 25,000,000 | ||||||||||||
Series B | Unsecured Senior Notes | |||||||||||||
Debt of the Operating Partnership [Line Items] | |||||||||||||
Senior face amount | 33,000,000 | ||||||||||||
Interest rate | 9.32% | ||||||||||||
Repaid amount | 33,000,000 | ||||||||||||
Series C | Unsecured Senior Notes | |||||||||||||
Debt of the Operating Partnership [Line Items] | |||||||||||||
Senior face amount | $25,000,000 |
Debt_Of_The_Operating_Partners5
Debt Of The Operating Partnership (4.500% Notes Due 2015) (Narrative) (Details) (Digital Realty Trust, L.P., USD $) | 0 Months Ended | 12 Months Ended | |
Jul. 08, 2010 | Dec. 31, 2014 | Jul. 08, 2010 | |
Debt Instrument [Line Items] | |||
Unamortized discount | 15,632,000 | ||
4.50% Notes Due 2015 | |||
Debt Instrument [Line Items] | |||
Issuance date | 8-Jul-10 | ||
Senior face amount | 375,000,000 | 375,000,000 | |
Maturity date | 15-Jul-15 | ||
Interest rate | 4.50% | 4.50% | |
Purchase price paid, percentage of face amount | 99.70% | ||
Unamortized discount | 1,100,000 | 1,100,000 | |
Debt issuance cost | 3,100,000 | ||
Proceeds from Issuance of Unsecured Debt | $370,800,000 | ||
Leverage ratio percentage | 60.00% | ||
Secured debt ratio percentage | 40.00% | ||
Interest coverage ratio | 1.5 | ||
Unencumbered assets percentage to unsecured debt | 150.00% |
Debt_Of_The_Operating_Partners6
Debt Of The Operating Partnership (5.875% Notes Due 2020) (Narrative) (Details) (Digital Realty Trust, L.P., USD $) | 0 Months Ended | 12 Months Ended | |
Jan. 28, 2010 | Dec. 31, 2014 | Jan. 28, 2010 | |
Debt Instrument [Line Items] | |||
Unamortized discount | 15,632,000 | ||
5.875% Notes Due 2020 | |||
Debt Instrument [Line Items] | |||
Issuance date | 28-Jan-10 | ||
Senior face amount | 500,000,000 | 500,000,000 | |
Maturity date | 1-Feb-20 | ||
Interest rate | 5.88% | 5.88% | |
Purchase price paid, percentage of face amount | 98.30% | ||
Unamortized discount | 8,500,000 | 8,500,000 | |
Debt issuance cost | 4,400,000 | ||
Borrowings of unsecured senior notes | $487,100,000 | ||
Leverage ratio percentage | 60.00% | ||
Secured debt ratio percentage | 40.00% | ||
Interest coverage ratio | 1.5 | ||
Unencumbered assets percentage to unsecured debt | 150.00% |
Debt_Of_The_Operating_Partners7
Debt Of The Operating Partnership (5.250% Notes Due 2021) (Narrative) (Details) (Digital Realty Trust, L.P., USD $) | 0 Months Ended | 12 Months Ended | |
Mar. 08, 2011 | Dec. 31, 2014 | Mar. 08, 2011 | |
Debt Instrument [Line Items] | |||
Unamortized discount | 15,632,000 | ||
5.25% Notes Due 2021 | |||
Debt Instrument [Line Items] | |||
Issuance date | 8-Mar-11 | ||
Senior face amount | 400,000,000 | 400,000,000 | |
Maturity date | 15-Mar-21 | ||
Interest rate | 5.25% | 5.25% | |
Purchase price paid, percentage of face amount | 99.78% | ||
Unamortized discount | 900,000 | 900,000 | |
Debt issuance cost | 3,600,000 | ||
Borrowings of unsecured senior notes | $395,500,000 | ||
Leverage ratio percentage | 60.00% | ||
Secured debt ratio percentage | 40.00% | ||
Interest coverage ratio | 1.5 | ||
Unencumbered assets percentage to unsecured debt | 150.00% |
Debt_Of_The_Operating_Partners8
Debt Of The Operating Partnership (3.625% Notes Due 2022) (Narrative) (Details) (Digital Realty Trust, L.P., USD $) | 0 Months Ended | 12 Months Ended | |
Sep. 24, 2012 | Dec. 31, 2014 | Sep. 24, 2012 | |
Debt Instrument [Line Items] | |||
Unamortized discount | 15,632,000 | ||
3.625% Notes Due 2022 | |||
Debt Instrument [Line Items] | |||
Issuance date | 24-Sep-12 | ||
Senior face amount | 300,000,000 | 300,000,000 | |
Maturity date | 1-Oct-22 | ||
Interest rate | 3.63% | 3.63% | |
Purchase price paid, percentage of face amount | 98.68% | ||
Unamortized discount | 3,900,000 | 3,900,000 | |
Debt issuance cost | 3,000,000 | ||
Borrowings of unsecured senior notes | $293,100,000 | ||
Leverage ratio percentage | 60.00% | ||
Secured debt ratio percentage | 40.00% | ||
Interest coverage ratio | 1.5 | ||
Unencumbered assets percentage to unsecured debt | 150.00% |
Recovered_Sheet1
Debt of the Operating Partnership (4.750% Notes Due 2023) (Narrative) (Details) (Digital Realty Trust, L.P.) | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 01, 2014 | Apr. 01, 2014 | Apr. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | 4.750% Notes Due 2023 | 4.750% Notes Due 2023 | 4.750% Notes Due 2023 | British pound sterling (£) | Maximum | Minimum | |
USD ($) | USD ($) | GBP (£) | 4.750% Notes Due 2023 | Secured Debt | 4.750% Notes Due 2023 | ||
USD ($) | 4.750% Notes Due 2023 | ||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $498,900,000 | £ 300,000,000 | |||||
Derivative, Forward Exchange Rate | 1.66 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | |||||
Unamortized discount | 15,632,000 | 3,000,000 | |||||
Debt issuance cost | 5,000,000 | ||||||
Proceeds from Debt, Net of Issuance Costs | $490,900,000 | ||||||
Leverage Ratio | 60.00% | ||||||
Secured debt ratio percentage | 40.00% | ||||||
Interest Coverage Ratio | 150.00% | ||||||
Debt Instrument, Covenant Compliance, Minimu Percentage Of Unemcumbered Assets To Aggregate Principal Amount Of Debt | 150.00% |
Debt_Of_The_Operating_Partners9
Debt Of The Operating Partnership (4.25% Notes Due 2025) (Narrative) (Details) (Digital Realty Trust, L.P.) | Dec. 31, 2014 | Jan. 18, 2013 | Dec. 31, 2014 | Jan. 18, 2013 | Jan. 18, 2013 |
USD ($) | 4.25% Notes Due 2025 | 4.25% Notes Due 2025 | 4.25% Notes Due 2025 | 4.25% Notes Due 2025 | |
USD ($) | USD ($) | GBP (£) | |||
Debt Instrument [Line Items] | |||||
Issuance date | 18-Jan-13 | ||||
Senior face amount | $634,800,000 | £ 400,000,000 | |||
Exchange rate | 1.59 | ||||
Interest rate | 4.25% | 4.25% | |||
Unamortized discount | 15,632,000 | 4,800,000 | |||
Debt issuance cost | 5,800,000 | ||||
Borrowings of unsecured senior notes | $624,200,000 | ||||
Leverage ratio percentage | 60.00% | ||||
Secured debt ratio percentage | 40.00% | ||||
Interest coverage ratio | 1.5 | ||||
Unencumbered assets percentage to unsecured debt | 150.00% |
Recovered_Sheet2
Debt Of The Operating Partnership (5.50% Exchangeable Senior Notes Due 2029) (Narrative) (Details) (5.50% Exchangeable Senior Debentures Due 2029, Digital Realty Trust, L.P., USD $) | 0 Months Ended | 12 Months Ended | |||||
Jul. 11, 2014 | Apr. 18, 2014 | Mar. 17, 2014 | Dec. 11, 2013 | Apr. 20, 2009 | Dec. 31, 2014 | Apr. 20, 2009 | |
5.50% Exchangeable Senior Debentures Due 2029 | Digital Realty Trust, L.P. | |||||||
Debt Instrument [Line Items] | |||||||
Senior face amount | $266,400,000 | $266,400,000 | |||||
Interest rate | 5.50% | 5.50% | |||||
Debt issuance cost | 7,800,000 | ||||||
Amortization period | 5 years | ||||||
Exchangeable debenture exchange rate, shares | 23.2558 | ||||||
Reference dividend rate, per share | $0.33 | ||||||
Exchangeable debenture exchange rate, shares, adjusted | 25.549 | 25.788 | |||||
Amount of principal redeemed when holders did not exercise their option | 5,200,000 | 5,200,000 | |||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | 100.00% | |||||
Conversion of preferred stock (shares) | 134,974 | 6,734,938 | |||||
Debt Instrument, Convertible, Amount Of Principal Exchanged For Shares | $261,200,000 |
Recovered_Sheet3
Debt Of The Operating Partnership (Debt Schedule) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 05, 2014 | Jul. 08, 2010 | Jan. 28, 2010 | Mar. 08, 2011 | Sep. 24, 2012 | Apr. 01, 2014 | Jan. 18, 2013 | Apr. 20, 2009 | |
extension | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured senior notes, net of discount | $2,791,758,000 | $2,364,232,000 | ||||||||
Exchangeable senior debentures net of discount | 0 | 266,400,000 | ||||||||
Mortgage loans, net of premiums | 378,818,000 | 585,608,000 | ||||||||
Singapore dollar (SGD) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, Forward Exchange Rate | 0.75 | 0.79 | ||||||||
Senior Notes | 4.50% Notes Due 2015 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||
Senior Notes | 5.875% Notes Due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | |||||||||
Senior Notes | 5.25% Notes Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||||
Senior Notes | 3.625% Notes Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | |||||||||
Senior Notes | 4.25% Notes Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||
Digital Realty Trust, L.P. | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 4,688,177,000 | |||||||||
Debt Instrument, Unamortized Discount | -15,632,000 | |||||||||
Unsecured senior notes, net of discount | 2,791,758,000 | 2,364,232,000 | ||||||||
Exchangeable senior debentures net of discount | 0 | 266,400,000 | ||||||||
Mortgage loans, net of premiums | 378,818,000 | 585,608,000 | ||||||||
Unamortized premium | 582,000 | |||||||||
Long-term Debt | 4,673,127,000 | 4,961,892,000 | ||||||||
Digital Realty Trust, L.P. | 4.50% Notes Due 2015 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||
Debt Instrument, Unamortized Discount | -1,100,000 | |||||||||
Digital Realty Trust, L.P. | 5.875% Notes Due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | |||||||||
Debt Instrument, Unamortized Discount | -8,500,000 | |||||||||
Digital Realty Trust, L.P. | 5.25% Notes Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||||
Debt Instrument, Unamortized Discount | -900,000 | |||||||||
Digital Realty Trust, L.P. | 3.625% Notes Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | |||||||||
Debt Instrument, Unamortized Discount | -3,900,000 | |||||||||
Digital Realty Trust, L.P. | 4.750% Notes Due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||||
Debt Instrument, Unamortized Discount | -3,000,000 | |||||||||
Digital Realty Trust, L.P. | 4.750% Notes Due 2023 | British pound sterling (£) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, Forward Exchange Rate | 1.66 | |||||||||
Digital Realty Trust, L.P. | 4.25% Notes Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||
Debt Instrument, Unamortized Discount | -4,800,000 | |||||||||
Digital Realty Trust, L.P. | 5.50% Exchangeable Senior Debentures Due 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate basis spread | 1.10% | |||||||||
Revolving Credit Facility Basis Rate On Unused Portion Of Facility | 0.20% | |||||||||
Principal outstanding | 525,951,000 | 724,668,000 | ||||||||
Long-term Debt, Gross | 525,951,000 | |||||||||
Debt Instrument, Unamortized Discount | 0 | |||||||||
Unamortized premium | 0 | |||||||||
Long-term Debt | 525,951,000 | |||||||||
Number of extension options | 2 | |||||||||
Revolving credit facility commitments extension | 6 months | |||||||||
Weighted-average interest rate | 1.87% | 1.60% | ||||||||
Derivative, Forward Exchange Rate | 0.01 | |||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate basis spread | 1.10% | 1.10% | ||||||||
Principal outstanding | 514,951,000 | 696,668,000 | ||||||||
Weighted-average interest rate | 1.84% | 1.53% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate basis spread | 0.10% | |||||||||
Weighted-average interest rate | 3.35% | |||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | U.S. dollar ($) | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 90,000,000 | 466,000,000 | ||||||||
Weighted-average interest rate | 1.27% | 1.27% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | U.S. dollar ($) | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 11,000,000 | 28,000,000 | ||||||||
Weighted-average interest rate | 3.35% | 3.35% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | British pound sterling (£) | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 132,716,000 | 0 | ||||||||
Weighted-average interest rate | 1.61% | 0.00% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | Euro (€) | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 58,071,000 | 78,335,000 | ||||||||
Weighted-average interest rate | 1.13% | 1.33% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | Australian dollar (AUD) | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 72,676,000 | 67,212,000 | ||||||||
Weighted-average interest rate | 3.74% | 3.70% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | Hong Kong dollar (HKD) | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 79,336,000 | 57,390,000 | ||||||||
Weighted-average interest rate | 1.34% | 1.31% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | Japanese yen (JPY) | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 13,201,000 | 12,858,000 | ||||||||
Weighted-average interest rate | 1.17% | 1.21% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | Singapore dollar (SGD) | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 6,565,000 | 0 | ||||||||
Weighted-average interest rate | 1.64% | 0.00% | ||||||||
Digital Realty Trust, L.P. | Global revolving credit facility | Canadian dollar (CAD) | Floating Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 62,386,000 | 14,873,000 | ||||||||
Weighted-average interest rate | 2.39% | 2.32% | ||||||||
Digital Realty Trust, L.P. | Unsecured term loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate basis spread | 1.20% | |||||||||
Principal outstanding | 976,600,000 | 1,020,984,000 | ||||||||
Long-term Debt, Gross | 976,600,000 | |||||||||
Debt Instrument, Unamortized Discount | 0 | |||||||||
Unamortized premium | 0 | |||||||||
Long-term Debt | 976,600,000 | |||||||||
Number of extension options | 2 | |||||||||
Revolving credit facility commitments extension | 6 months | |||||||||
Weighted-average interest rate | 1.66% | 1.67% | ||||||||
Derivative, Forward Exchange Rate | 1.56 | |||||||||
Digital Realty Trust, L.P. | Unsecured term loan | Interest Rate Swap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted-average interest rate | 2.00% | 2.00% | ||||||||
Digital Realty Trust, L.P. | Unsecured term loan | U.S. dollar ($) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 410,905,000 | 410,905,000 | ||||||||
Weighted-average interest rate | 1.36% | 1.37% | ||||||||
Digital Realty Trust, L.P. | Unsecured term loan | U.S. dollar ($) | Interest Rate Swap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted-average interest rate | 1.92% | 1.92% | ||||||||
Digital Realty Trust, L.P. | Unsecured term loan | British pound sterling (£) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 188,365,000 | 200,216,000 | ||||||||
Weighted-average interest rate | 1.76% | 1.72% | ||||||||
Digital Realty Trust, L.P. | Unsecured term loan | Euro (€) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 120,375,000 | 136,743,000 | ||||||||
Weighted-average interest rate | 1.22% | 1.43% | ||||||||
Digital Realty Trust, L.P. | Unsecured term loan | Australian dollar (AUD) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 84,529,000 | 92,202,000 | ||||||||
Weighted-average interest rate | 3.98% | 3.78% | ||||||||
Digital Realty Trust, L.P. | Unsecured term loan | Singapore dollar (SGD) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal outstanding | 172,426,000 | 180,918,000 | ||||||||
Weighted-average interest rate | 1.45% | 1.40% | ||||||||
Digital Realty Trust, L.P. | Unsecured term loan | Singapore dollar (SGD) | Interest Rate Swap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted-average interest rate | 2.01% | 2.00% | ||||||||
Digital Realty Trust, L.P. | Prudential Shelf Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 142,000,000 | 142,000,000 | ||||||||
Debt Instrument, Unamortized Discount | 0 | |||||||||
Unamortized premium | 0 | |||||||||
Long-term Debt | 142,000,000 | |||||||||
Digital Realty Trust, L.P. | Prudential Shelf Facility | Series C | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.68% | |||||||||
Long-term Debt, Gross | 25,000,000 | 25,000,000 | ||||||||
Digital Realty Trust, L.P. | Prudential Shelf Facility | Series D | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.57% | |||||||||
Long-term Debt, Gross | 50,000,000 | 50,000,000 | ||||||||
Digital Realty Trust, L.P. | Prudential Shelf Facility | Series E | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.73% | |||||||||
Long-term Debt, Gross | 50,000,000 | 50,000,000 | ||||||||
Digital Realty Trust, L.P. | Prudential Shelf Facility | Series F | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||
Long-term Debt, Gross | 17,000,000 | 17,000,000 | ||||||||
Digital Realty Trust, L.P. | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 2,665,390,000 | |||||||||
Debt Instrument, Unamortized Discount | -15,632,000 | -15,048,000 | ||||||||
Unsecured senior notes, net of discount | 2,649,758,000 | 2,222,232,000 | ||||||||
Unamortized premium | 0 | |||||||||
Long-term Debt | 2,649,758,000 | |||||||||
Digital Realty Trust, L.P. | Senior Notes | 4.50% Notes Due 2015 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||
Long-term Debt, Gross | 375,000,000 | 375,000,000 | ||||||||
Digital Realty Trust, L.P. | Senior Notes | 5.875% Notes Due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | |||||||||
Long-term Debt, Gross | 500,000,000 | 500,000,000 | ||||||||
Digital Realty Trust, L.P. | Senior Notes | 5.25% Notes Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||||
Long-term Debt, Gross | 400,000,000 | 400,000,000 | ||||||||
Digital Realty Trust, L.P. | Senior Notes | 3.625% Notes Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | |||||||||
Long-term Debt, Gross | 300,000,000 | 300,000,000 | ||||||||
Digital Realty Trust, L.P. | Senior Notes | 4.750% Notes Due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||||
Long-term Debt, Gross | 467,310,000 | 0 | ||||||||
Digital Realty Trust, L.P. | Senior Notes | 4.25% Notes Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||
Long-term Debt, Gross | 623,080,000 | 662,280,000 | ||||||||
Digital Realty Trust, L.P. | Exchangeable senior debentures | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Exchangeable senior debentures net of discount | 0 | 266,400,000 | ||||||||
Digital Realty Trust, L.P. | Exchangeable senior debentures | 5.50% Exchangeable Senior Debentures Due 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
Exchangeable senior debentures net of discount | 0 | 266,400,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | 378,236,000 | |||||||||
Debt Instrument, Unamortized Discount | 0 | |||||||||
Unamortized premium | 582,000 | 2,359,000 | ||||||||
Long-term Debt | 378,818,000 | 585,608,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | Secured Term Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.65% | |||||||||
Mortgage loans, net of premiums | 0 | 132,966,000 | ||||||||
Mortgage Loans on Real Estate, Number of Loans | 6 | |||||||||
Number of Real Estate Properties | 6 | |||||||||
Digital Realty Trust, L.P. | Mortgage loans | 200 Paul Avenue | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.74% | |||||||||
Mortgage loans, net of premiums | 68,665,000 | 70,713,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | 2045 & 2055 LaFayette Street | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.93% | |||||||||
Mortgage loans, net of premiums | 62,563,000 | 63,623,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | 34551 Ardenwood Boulevard | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.95% | |||||||||
Mortgage loans, net of premiums | 51,339,000 | 52,152,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | 1100 Space Park Drive | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.89% | |||||||||
Mortgage loans, net of premiums | 51,295,000 | 52,115,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | 600 West Seventh Street | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.80% | |||||||||
Mortgage loans, net of premiums | 47,825,000 | 49,548,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | 150 South First Street | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 6.30% | |||||||||
Mortgage loans, net of premiums | 49,316,000 | 50,097,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | 2334 Lundy Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.96% | |||||||||
Mortgage loans, net of premiums | 37,340,000 | 37,930,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | Cressex 1 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.68% | |||||||||
Mortgage loans, net of premiums | 0 | 28,583,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | Crawley 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.27% | |||||||||
Mortgage loans, net of premiums | 0 | 26,327,000 | ||||||||
Repayments of Debt | 26,300,000 | |||||||||
Digital Realty Trust, L.P. | Mortgage loans | Manchester Technopark | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 5.68% | |||||||||
Mortgage loans, net of premiums | 0 | 8,695,000 | ||||||||
Derivative, Forward Exchange Rate | 1.56 | 1.66 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | 8025 North Interstate 35 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 4.09% | |||||||||
Mortgage loans, net of premiums | 6,057,000 | 6,314,000 | ||||||||
Digital Realty Trust, L.P. | Mortgage loans | 731 East Trade Street | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate at Period End | 8.22% | |||||||||
Mortgage loans, net of premiums | $3,836,000 | $4,186,000 |
Recovered_Sheet4
Debt Of The Operating Partnership (Schedule Of Debt Maturities And Principal Maturities) (Details) (Digital Realty Trust, L.P., USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Jan. 20, 2015 | Dec. 31, 2013 | |
extension | |||
Debt Instrument [Line Items] | |||
Year one | $517,493,000 | ||
Year two | 216,979,000 | ||
Year three | 1,660,946,000 | ||
Year four | 593,000 | ||
Year five | 643,000 | ||
Thereafter | 2,291,523,000 | ||
Subtotal | 4,688,177,000 | ||
Unamortized discount | -15,632,000 | ||
Unamortized premium | 582,000 | ||
Total | 4,673,127,000 | 4,961,892,000 | |
Global revolving credit facility | |||
Debt Instrument [Line Items] | |||
Year one | 0 | ||
Year two | 0 | ||
Year three | 525,951,000 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 0 | ||
Subtotal | 525,951,000 | ||
Unamortized discount | 0 | ||
Unamortized premium | 0 | ||
Total | 525,951,000 | ||
Number of extension options | 2 | ||
Revolving credit facility commitments extension | 6 months | ||
Unsecured term loan | |||
Debt Instrument [Line Items] | |||
Year one | 0 | ||
Year two | 0 | ||
Year three | 976,600,000 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 0 | ||
Subtotal | 976,600,000 | ||
Unamortized discount | 0 | ||
Unamortized premium | 0 | ||
Total | 976,600,000 | ||
Number of extension options | 2 | ||
Revolving credit facility commitments extension | 6 months | ||
Prudential Shelf Facility | |||
Debt Instrument [Line Items] | |||
Year one | 67,000,000 | ||
Year two | 25,000,000 | ||
Year three | 50,000,000 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 0 | ||
Subtotal | 142,000,000 | 142,000,000 | |
Unamortized discount | 0 | ||
Unamortized premium | 0 | ||
Total | 142,000,000 | ||
Senior Notes | |||
Debt Instrument [Line Items] | |||
Year one | 375,000,000 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 2,290,390,000 | ||
Subtotal | 2,665,390,000 | ||
Unamortized discount | -15,632,000 | -15,048,000 | |
Unamortized premium | 0 | ||
Total | 2,649,758,000 | ||
Mortgage loans | |||
Debt Instrument [Line Items] | |||
Year one | 75,493,000 | ||
Year two | 191,979,000 | ||
Year three | 108,395,000 | ||
Year four | 593,000 | ||
Year five | 643,000 | ||
Thereafter | 1,133,000 | ||
Subtotal | 378,236,000 | ||
Unamortized discount | 0 | ||
Unamortized premium | 582,000 | 2,359,000 | |
Total | 378,818,000 | 585,608,000 | |
Series D | Prudential Shelf Facility | |||
Debt Instrument [Line Items] | |||
Subtotal | 50,000,000 | 50,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.57% | ||
Series D | Subsequent Event | Prudential Shelf Facility | |||
Debt Instrument [Line Items] | |||
Extinguishment of Debt, Amount | 50,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.57% | ||
Series F | Prudential Shelf Facility | |||
Debt Instrument [Line Items] | |||
Subtotal | 17,000,000 | 17,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
Series F | Subsequent Event | Prudential Shelf Facility | |||
Debt Instrument [Line Items] | |||
Extinguishment of Debt, Amount | $17,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% |
Income_Per_Share_Summary_Of_Ba
Income Per Share (Summary Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) available to common unitholders | ($52,288) | $109,314 | $41,510 | $34,186 | $42,977 | $138,872 | $47,077 | $42,657 | $132,718 | $271,583 | $171,662 |
Weighted average units outstanding—basic | 133,369,047 | 127,941,134 | 115,717,667 | ||||||||
Stock options | 30,434 | 61,375 | 72,818 | ||||||||
Unvested incentive units | 90,449 | 125,132 | 216,092 | ||||||||
2014 market performance-based awards | 147,305 | 0 | 0 | ||||||||
Weighted average units outstanding—diluted | 133,637,235 | 128,127,641 | 116,006,577 | ||||||||
Basic, in dollars per share | ($0.39) | $0.81 | $0.31 | $0.27 | $0.33 | $1.08 | $0.37 | $0.34 | $1 | $2.12 | $1.48 |
Diluted, in dollars per share | ($0.39) | $0.80 | $0.31 | $0.26 | $0.33 | $1.06 | $0.37 | $0.34 | $0.99 | $2.12 | $1.48 |
Income_Per_Share_Schedule_Of_A
Income Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 21,429,247 | 22,000,089 | 20,888,386 |
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 | 2,753,614 | 2,521,400 | 4,143,713 |
Potentially dilutive 2029 Debentures | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 1,957,963 | 6,649,510 | 6,486,358 |
Potentially dilutive Series C Cumulative Convertible Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 0 | 0 | 814,063 |
Potentially dilutive Series D Cumulative Convertible Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 0 | 470,748 | 4,016,560 |
Potentially dilutive Series E Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,956,175 | 5,176,886 | 4,122,752 |
Potentially dilutive Series F Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 3,143,195 | 3,283,169 | 1,304,940 |
Potentially dilutive Series G Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,297,805 | 3,898,376 | 0 |
Potentially dilutive Series H Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,320,495 | 0 | 0 |
Income_Per_Unit_Summary_Of_Bas
Income Per Unit (Summary Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income available to common unitholders | ($52,288) | $109,314 | $41,510 | $34,186 | $42,977 | $138,872 | $47,077 | $42,657 | $132,718 | $271,583 | $171,662 |
Weighted average units outstanding—basic | 133,369,047 | 127,941,134 | 115,717,667 | ||||||||
Stock options | 30,434 | 61,375 | 72,818 | ||||||||
Unvested incentive units | 90,449 | 125,132 | 216,092 | ||||||||
2014 market performance-based awards | 147,305 | 0 | 0 | ||||||||
Weighted average units outstanding—diluted | 133,637,235 | 128,127,641 | 116,006,577 | ||||||||
Basic, in dollars per share | ($0.39) | $0.81 | $0.31 | $0.27 | $0.33 | $1.08 | $0.37 | $0.34 | $1 | $2.12 | $1.48 |
Diluted, in dollars per share | ($0.39) | $0.80 | $0.31 | $0.26 | $0.33 | $1.06 | $0.37 | $0.34 | $0.99 | $2.12 | $1.48 |
Digital Realty Trust, L.P. | |||||||||||
Net income available to common unitholders | ($53,362) | $111,586 | $42,383 | $34,879 | $43,826 | $141,629 | $48,013 | $43,481 | $135,485 | $276,949 | $177,819 |
Weighted average units outstanding—basic | 136,122,661 | 130,462,534 | 119,861,380 | ||||||||
Stock options | 30,434 | 61,375 | 72,818 | ||||||||
Unvested incentive units | 90,449 | 125,132 | 216,092 | ||||||||
2014 market performance-based awards | 147,305 | 0 | 0 | ||||||||
Weighted average units outstanding—diluted | 136,390,849 | 130,649,041 | 120,150,290 | ||||||||
Basic, in dollars per share | ($0.39) | $0.81 | $0.31 | $0.27 | $0.33 | $1.08 | $0.37 | $0.34 | $1 | $2.12 | $1.48 |
Diluted, in dollars per share | ($0.39) | $0.80 | $0.31 | $0.26 | $0.33 | $1.06 | $0.37 | $0.34 | $0.99 | $2.12 | $1.48 |
Income_Per_Unit_Schedule_Of_An
Income Per Unit (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 21,429,247 | 22,000,089 | 20,888,386 |
Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 18,675,633 | 19,478,689 | 16,744,673 |
Potentially dilutive 2029 Debentures | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 1,957,963 | 6,649,510 | 6,486,358 |
Potentially dilutive 2029 Debentures | Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 1,957,963 | 6,649,510 | 6,486,358 |
Potentially dilutive Series C Cumulative Convertible Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 0 | 0 | 814,063 |
Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 0 | 0 | 814,063 |
Potentially dilutive Series D Cumulative Convertible Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 0 | 470,748 | 4,016,560 |
Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 0 | 470,748 | 4,016,560 |
Potentially dilutive Series E Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,956,175 | 5,176,886 | 4,122,752 |
Potentially dilutive Series E Cumulative Redeemable Preferred Units | Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,956,175 | 5,176,886 | 4,122,752 |
Potentially dilutive Series F Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 3,143,195 | 3,283,169 | 1,304,940 |
Potentially dilutive Series F Cumulative Redeemable Preferred Units | Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 3,143,195 | 3,283,169 | 1,304,940 |
Potentially dilutive Series G Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,297,805 | 3,898,376 | 0 |
Potentially dilutive Series G Cumulative Redeemable Preferred Units | Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,297,805 | 3,898,376 | 0 |
Potentially dilutive Series H Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,320,495 | 0 | 0 |
Potentially dilutive Series H Cumulative Redeemable Preferred Units | Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 4,320,495 | 0 | 0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Percentage of taxable income distributed to the partnership | 100.00% | |
Net deferred tax liability | $137,948 | $146,617 |
Components of Deferred Tax Assets [Abstract] | ||
Net operating loss carryforwards | 74,285 | 70,166 |
Basis difference - real estate property | 42,989 | 46,005 |
Basis difference - intangibles | 8,817 | 10,695 |
Other - temporary differences | 9,310 | 4,776 |
Total gross deferred tax assets | 135,401 | 131,642 |
Valuation allowance | -23,357 | -21,264 |
Total deferred income tax assets, net of valuation allowance | 112,044 | 110,378 |
Components of Deferred Tax Liabilities [Abstract] | ||
Basis difference - real estate property | 202,499 | 206,991 |
Basis difference - intangibles | 24,712 | 30,734 |
Straight-line rent | 15,561 | 13,482 |
Straight-line rent | 7,220 | 5,788 |
Total gross deferred income tax liabilities | 249,992 | 256,995 |
Net deferred income tax liabilities | $137,948 | $146,617 |
Equity_And_Accumulated_Other_C2
Equity And Accumulated Other Comprehensive Loss, Net (Equity Distribution Agreements Narrative) (Details) (2011 Equity Distribution Agreements, USD $) | 12 Months Ended | |
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 29, 2011 |
2011 Equity Distribution Agreements | ||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Aggregate offering price of the distribution agreement maximum | $400,000,000 | |
Net proceeds from sale of common stock | 342,700,000 | |
Issuance of common shares | 5.7 | |
Equity distribution agreements at an average price per share | $60.35 | |
Payment of commissions to sales agents | 3,500,000 | |
Aggregate offering price remaining available for offer and sale | $53,800,000 |
Equity_And_Accumulated_Other_C3
Equity And Accumulated Other Comprehensive Loss, Net (7.000% Series E Cumulative Convertible Preferred Stock Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 15, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 15, 2011 |
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Shares issued upon conversion | 0.9632 | |||
Series E Preferred Stock and Unit | ||||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Issuance date | 15-Sep-11 | |||
Preferred Stock, shares issued | 11,500,000 | 11,500,000 | 11,500,000 | 11,500,000 |
Preferred stock, dividend rate | 7.00% | 7.00% | 7.00% | |
Gross proceeds from issuance of redeemable preferred stock | $277.20 | |||
Annual rate of dividend per share | $1.75 | |||
Preferred stock, liquidation preference per share/unit | $25 | $25 | ||
Preferred stock, distribution payable date | 30-Dec-11 | |||
Preferred stock, dividends in arrears per share | $0.52 | |||
Preferred stock, redemption date | 15-Sep-16 | |||
Preferred stock, redemption price per share | $25 | |||
Shares issued upon conversion | 0.8378 |
Equity_And_Accumulated_Other_C4
Equity And Accumulated Other Comprehensive Loss, Net (6.625% Series F Cumulative Convertible Preferred Stock Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 29, 2012 |
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Shares issued upon conversion | 0.9632 | ||
Series F Preferred Stock and Unit | |||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred Stock, shares issued | 7,300,000 | 7,300,000 | |
Preferred stock, dividend rate | 6.63% | 6.63% | |
Annual rate of dividend per share | $1.66 | ||
Preferred stock, liquidation preference per share/unit | $25 | $25 | |
April 5, 2012 | Series F Preferred Stock and Unit | |||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Issuance date | 5-Apr-12 | ||
April 18, 2012 | Series F Preferred Stock and Unit | |||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Issuance date | 18-Apr-12 | ||
April 5, 2012 and April 18, 2012 | Series F Preferred Stock and Unit | |||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred Stock, shares issued | 7,300,000 | ||
Preferred stock, dividend rate | 6.63% | ||
Gross proceeds from issuance of redeemable preferred stock | $176.20 | ||
Annual rate of dividend per share | $1.66 | ||
Preferred stock, liquidation preference per share/unit | $25 | ||
Preferred stock, distribution payable date | 29-Jun-12 | ||
Preferred stock, dividends in arrears per share | $0.40 | ||
Preferred stock, redemption date | 5-Apr-17 | ||
Preferred stock, redemption price per share | $25 | ||
Shares issued upon conversion | 0.6843 |
Equity_And_Accumulated_Other_C5
Equity And Accumulated Other Comprehensive Loss, Net (5.875% Series G Cumulative Convertible Preferred Stock Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 28, 2013 | Apr. 09, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 09, 2013 |
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Shares issued upon conversion | 0.9632 | ||||
Series G Preferred Stock and Unit | |||||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Issuance date | 9-Apr-13 | ||||
Preferred Stock, shares issued | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, dividend rate | 5.88% | 5.88% | 5.88% | ||
Gross proceeds from issuance of redeemable preferred stock | $250 | ||||
Annual rate of dividend per share | $0.33 | $1.47 | |||
Preferred stock, liquidation preference per share/unit | $25 | $25 | |||
Preferred stock, redemption price per share | $25 | ||||
Shares issued upon conversion | 0.7532 |
Equity_And_Accumulated_Other_C6
Equity And Accumulated Other Comprehensive Loss, Net (7.375% Series H Cumulative Convertible Preferred Stock Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 26, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Apr. 07, 2014 |
Class of Stock [Line Items] | |||||
Shares issued upon conversion | 0.9632 | ||||
Series H Preferred Stock and Unit | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, shares issued | 12,000,000 | 14,600,000 | 0 | 2,000,000 | |
Preferred stock, dividend rate | 7.38% | 7.38% | 7.38% | ||
Gross proceeds from issuance of redeemable preferred stock | $289.30 | $353.30 | |||
Annual rate of dividend per share | $1.84 | ||||
Preferred Stock, liquidation preference per share/unit | $25 | $25 | |||
Over Allotment Option | Series H Preferred Stock and Unit | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, shares issued | 600,000 | ||||
Digital Realty Trust, L.P. | Series H Preferred Stock and Unit | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate | 7.38% | 7.38% | |||
Preferred Stock, liquidation preference per share/unit | $25 | $25 | |||
Preferred Stock, Dividends Per Share, Declared | $0.49 | ||||
Preferred Stock, Redemption Price Per Share | $25 |
Equity_And_Accumulated_Other_C7
Equity And Accumulated Other Comprehensive Loss, Net (Ownership Interest In The Operating Partnership) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Partners' capital account units | 135,626,255 | 128,455,350 |
Percentage of total | 97.80% | 97.70% |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $179 | $124.10 |
Common units held by third parties | ||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Common units held by third parties | 1,463,814 | 1,491,814 |
Percentage of total | 1.10% | 1.20% |
Incentive Units Held By Employees And Directors | ||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Incentive units held by employees and directors | 1,549,847 | 1,475,207 |
Percentage of total | 1.10% | 1.10% |
Noncontrolling Interests in Operating Partnership | ||
Equity and Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Partners' capital account units | 138,639,916 | 131,422,371 |
Percentage of total | 100.00% | 100.00% |
Equity_And_Accumulated_Other_C8
Equity And Accumulated Other Comprehensive Loss, Net (Summary Of Activity For Noncontrolling Interests In The Operating Partnership) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest, Shares [Roll Forward] | |||
Beginning balance | 2,967,021 | 2,851,400 | 4,936,130 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock | -28,000 | -24,000 | -1,890,000 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock | -106,073 | -33,138 | -344,860 |
Vesting of Class C Units (2007 Grant) | -15,950 | ||
Cancellation of incentive units held by employees and directors | -18,773 | -19,483 | |
Grant of incentive units to employees and directors | 199,486 | 192,242 | 166,080 |
Ending balance | 3,013,661 | 2,967,021 | 2,851,400 |
Common Units | |||
Noncontrolling Interest, Shares [Roll Forward] | |||
Beginning balance | 1,491,814 | 1,515,814 | 3,405,814 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock | -28,000 | -24,000 | -1,890,000 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock | 0 | 0 | 0 |
Vesting of Class C Units (2007 Grant) | 0 | ||
Cancellation of incentive units held by employees and directors | 0 | 0 | |
Grant of incentive units to employees and directors | 0 | 0 | |
Ending balance | 1,463,814 | 1,491,814 | 1,515,814 |
Incentive Units | |||
Noncontrolling Interest, Shares [Roll Forward] | |||
Beginning balance | 1,475,207 | 1,335,586 | 1,530,316 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock | 0 | 0 | 0 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock | -106,073 | -33,138 | -344,860 |
Vesting of Class C Units (2007 Grant) | -15,950 | ||
Cancellation of incentive units held by employees and directors | -18,773 | -19,483 | |
Grant of incentive units to employees and directors | 199,486 | 192,242 | 166,080 |
Ending balance | 1,549,847 | 1,475,207 | 1,335,586 |
Equity_And_Accumulated_Other_C9
Equity And Accumulated Other Comprehensive Loss, Net (Schedule Of Dividends) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 15, 2011 | Jun. 28, 2013 | Apr. 09, 2013 | Mar. 26, 2014 |
Dividends Payable [Line Items] | |||||||
Shares issued upon conversion | 0.9632 | ||||||
Installment 1 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 14-Feb-12 | ||||||
Dividend payable date | 30-Mar-12 | ||||||
Installment 2 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 23-Apr-12 | ||||||
Dividend payable date | 29-Jun-12 | ||||||
Installment 3 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 19-Jul-12 | ||||||
Dividend payable date | 28-Sep-12 | ||||||
Installment 4 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 30-Oct-12 | ||||||
Installment 1 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 12-Feb-13 | ||||||
Dividend payable date | 29-Mar-13 | ||||||
Installment 2 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 1-May-13 | ||||||
Dividend payable date | 28-Jun-13 | ||||||
Installment 3 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 23-Jul-13 | ||||||
Dividend payable date | 30-Sep-13 | ||||||
Installment 4 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 23-Oct-13 | ||||||
Installment 1 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 11-Feb-14 | ||||||
Dividend payable date | 31-Mar-14 | ||||||
Installment 2 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 29-Apr-14 | ||||||
Dividend payable date | 30-Jun-14 | ||||||
Installment 3 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 21-Jul-14 | ||||||
Dividend payable date | 30-Sep-14 | ||||||
Installment 4 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Date dividend declared | 4-Nov-14 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | $0 | $1,402 | ||||
Annual rate of dividend per share | 1.094 | ||||||
Preferred stock, dividend rate | 4.38% | ||||||
Shares issued upon conversion | 0.548 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 1 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 1,402 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 2 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 3 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 4 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 1 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 2 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 3 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 4 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 1 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 2 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 3 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Installment 4 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | 0 | 8,212 | ||||
Annual rate of dividend per share | 1.375 | ||||||
Shares issued upon conversion | 0.636 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 1 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 2,398 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 2 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 2,394 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 3 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 1,723 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 4 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 1,697 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 1 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 2 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 3 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 4 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 1 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 2 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 3 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Installment 4 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series E Preferred Stock and Unit | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 20,124 | 20,124 | 20,124 | ||||
Annual rate of dividend per share | 1.75 | ||||||
Preferred stock, dividend rate | 7.00% | 7.00% | 7.00% | ||||
Shares issued upon conversion | 0.8378 | ||||||
Series E Preferred Stock and Unit | Installment 1 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 2 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 3 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 4 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 1 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 2 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 3 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 4 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 1 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 2 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 3 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series E Preferred Stock and Unit | Installment 4 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 5,031 | ||||||
Series F Preferred Stock and Unit | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 12,092 | 12,092 | 8,934 | ||||
Annual rate of dividend per share | 1.65625 | ||||||
Preferred stock, dividend rate | 6.63% | 6.63% | |||||
Series F Preferred Stock and Unit | Installment 1 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series F Preferred Stock and Unit | Installment 2 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 2,888 | ||||||
Series F Preferred Stock and Unit | Installment 3 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 4 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 1 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 2 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 3 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 4 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 1 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 2 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 3 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series F Preferred Stock and Unit | Installment 4 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,023 | ||||||
Series G Preferred Stock and Unit | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 14,688 | 10,689 | 0 | ||||
Annual rate of dividend per share | 1.46875 | $0.33 | |||||
Preferred stock, dividend rate | 5.88% | 5.88% | 5.88% | ||||
Shares issued upon conversion | 0.7532 | ||||||
Series G Preferred Stock and Unit | Installment 1 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series G Preferred Stock and Unit | Installment 2 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series G Preferred Stock and Unit | Installment 3 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series G Preferred Stock and Unit | Installment 4 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series G Preferred Stock and Unit | Installment 1 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series G Preferred Stock and Unit | Installment 2 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,345 | ||||||
Series G Preferred Stock and Unit | Installment 3 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,672 | ||||||
Series G Preferred Stock and Unit | Installment 4 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,672 | ||||||
Series G Preferred Stock and Unit | Installment 1 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,672 | ||||||
Series G Preferred Stock and Unit | Installment 2 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,672 | ||||||
Series G Preferred Stock and Unit | Installment 3 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,672 | ||||||
Series G Preferred Stock and Unit | Installment 4 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 3,672 | ||||||
Common stock and common unit | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 444,103 | 400,701 | 339,074 | ||||
Common stock dividend per share amount | 3.32 | $3.12 | $2.92 | ||||
Common stock and common unit | Installment 1 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 78,335 | ||||||
Common stock and common unit | Installment 2 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 80,478 | ||||||
Common stock and common unit | Installment 3 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 89,679 | ||||||
Common stock and common unit | Installment 4 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 90,582 | ||||||
Common stock and common unit | Installment 1 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 100,165 | ||||||
Common stock and common unit | Installment 2 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 100,169 | ||||||
Common stock and common unit | Installment 3 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 100,180 | ||||||
Common stock and common unit | Installment 4 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 100,187 | ||||||
Common stock and common unit | Installment 1 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 106,743 | ||||||
Common stock and common unit | Installment 2 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 112,357 | ||||||
Common stock and common unit | Installment 3 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 112,465 | ||||||
Common stock and common unit | Installment 4 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, common stock/units | 112,538 | ||||||
Series H Preferred Stock and Unit | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 20,564 | 0 | 0 | ||||
Annual rate of dividend per share | 1.84375 | ||||||
Preferred stock, dividend rate | 7.38% | 7.38% | 7.38% | ||||
Series H Preferred Stock and Unit | Installment 1 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 2 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 3 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 4 Year One | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 1 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 2 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 3 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 4 Year Two | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 1 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 0 | ||||||
Series H Preferred Stock and Unit | Installment 2 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 7,104 | ||||||
Series H Preferred Stock and Unit | Installment 3 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 6,730 | ||||||
Series H Preferred Stock and Unit | Installment 4 Year Three | |||||||
Dividends Payable [Line Items] | |||||||
Dividends/Distributions, preferred stock/units | 6,730 |
Recovered_Sheet5
Equity And Accumulated Other Comprehensive Loss, Net (Schedule Of Accumulated Other Comprehensive Loss, Net) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | $10,691 | ($12,191) |
Net current period change | -59,087 | 16,744 |
Reclassification to interest expense from interest rate swaps | 3,350 | 6,138 |
Accumulated other comprehensive loss, net, Ending balance | -45,046 | 10,691 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | 11,745 | -2,576 |
Net current period change | -51,312 | 14,321 |
Reclassification to interest expense from interest rate swaps | 0 | 0 |
Accumulated other comprehensive loss, net, Ending balance | -39,567 | 11,745 |
Cash flow hedge adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | -1,054 | -9,615 |
Net current period change | -7,775 | 2,423 |
Reclassification to interest expense from interest rate swaps | 3,350 | 6,138 |
Accumulated other comprehensive loss, net, Ending balance | ($5,479) | ($1,054) |
Capital_And_Accumulated_Other_2
Capital And Accumulated Other Comprehensive Income (Loss) (7.000% Series E Cumulative Convertible Preferred Units Narrative) (Details) (Series E Preferred Stock and Unit, USD $) | 0 Months Ended | 12 Months Ended | |||
Sep. 15, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Sep. 15, 2011 | |
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Issuance date | 15-Sep-11 | ||||
Preferred stock, units issued | 11,500,000 | 11,500,000 | 11,500,000 | 11,500,000 | |
Preferred stock, dividend rate | 7.00% | 7.00% | 7.00% | ||
Annual rate of dividend per share | $1.75 | ||||
Preferred stock, liquidation preference per share/unit | $25 | $25 | |||
Preferred stock, distribution payable date | 30-Dec-11 | ||||
Preferred stock, dividends in arrears per share | $0.52 | ||||
Preferred stock, redemption date | 15-Sep-16 | ||||
Preferred stock, redemption price per share | $25 | ||||
Digital Realty Trust, L.P. | |||||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Issuance date | 15-Sep-11 | ||||
Preferred stock, units issued | 11,500,000 | 11,500,000 | |||
Preferred stock, dividend rate | 7.00% | 7.00% | 7.00% | ||
Annual rate of dividend per share | $1.75 | ||||
Preferred stock, liquidation preference per share/unit | $25 | $25 | |||
Preferred stock, distribution payable date | 30-Dec-11 | ||||
Preferred stock, dividends in arrears per share | $0.52 | ||||
Preferred stock, redemption date | 15-Sep-16 | ||||
Preferred stock, redemption price per share | $25 |
Capital_And_Accumulated_Other_3
Capital And Accumulated Other Comprehensive Income (Loss) (6.625% Series F Cumulative Convertible Preferred Units Narrative) (Details) (Series F Preferred Stock and Unit, USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 29, 2012 | |
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, units issued | 7,300,000 | 7,300,000 | |
Preferred stock, dividend rate | 6.63% | 6.63% | |
Annual rate of dividend per share | $1.66 | ||
Preferred stock, liquidation preference per share/unit | $25 | $25 | |
5-Apr-12 | |||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Issuance date | 5-Apr-12 | ||
18-Apr-12 | |||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Issuance date | 18-Apr-12 | ||
April 5, 2012 and April 18, 2012 | |||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, units issued | 7,300,000 | ||
Preferred stock, dividend rate | 6.63% | ||
Annual rate of dividend per share | $1.66 | ||
Preferred stock, liquidation preference per share/unit | $25 | ||
Preferred stock, distribution payable date | 29-Jun-12 | ||
Preferred stock, dividends in arrears per share | $0.40 | ||
Preferred stock, redemption date | 5-Apr-17 | ||
Preferred stock, redemption price per share | $25 | ||
Digital Realty Trust, L.P. | |||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, dividend rate | 6.63% | 6.63% | |
Preferred stock, liquidation preference per share/unit | $25 | $25 | |
Digital Realty Trust, L.P. | April 5, 2012 | |||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Issuance date | 5-Apr-12 | ||
Digital Realty Trust, L.P. | April 18, 2012 | |||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Issuance date | 18-Apr-12 | ||
Digital Realty Trust, L.P. | April 5, 2012 and April 18, 2012 | |||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, units issued | 7,300,000 | ||
Preferred stock, dividend rate | 6.63% | ||
Annual rate of dividend per share | $1.66 | ||
Preferred stock, liquidation preference per share/unit | $25 | ||
Preferred stock, distribution payable date | 29-Jun-12 | ||
Preferred stock, dividends in arrears per share | $0.40 | ||
Preferred stock, redemption date | 5-Apr-17 | ||
Preferred stock, redemption price per share | $25 |
Capital_And_Accumulated_Other_4
Capital And Accumulated Other Comprehensive Income (Loss) (5.875% Series G Cumulative Convertible Preferred Units Narrative) (Details) (Series G Preferred Stock and Unit, USD $) | 0 Months Ended | 12 Months Ended | |||
Jun. 28, 2013 | Apr. 09, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 09, 2013 | |
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Issuance date | 9-Apr-13 | ||||
Preferred stock, units issued | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, dividend rate | 5.88% | 5.88% | 5.88% | ||
Annual rate of dividend per share | $0.33 | $1.47 | |||
Preferred stock, liquidation preference per share/unit | $25 | $25 | |||
Preferred stock, redemption price per share | $25 | ||||
Digital Realty Trust, L.P. | |||||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Issuance date | 9-Apr-13 | ||||
Preferred stock, units issued | 10,000,000 | 10,000,000 | |||
Preferred stock, dividend rate | 5.88% | 5.88% | 5.88% | ||
Annual rate of dividend per share | $1.47 | ||||
Preferred stock, liquidation preference per share/unit | $25 | $25 | |||
Preferred stock, dividends in arrears per share | $0.33 | ||||
Preferred stock, redemption price per share | $25 |
Capital_And_Accumulated_Other_5
Capital And Accumulated Other Comprehensive Income (Loss) (7.375% Series H Cumulative Redeemable Preferred Units Narrative) (Details) (Series H Preferred Stock and Unit, USD $) | 0 Months Ended | 12 Months Ended | 6 Months Ended | ||
Mar. 26, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Apr. 07, 2014 | |
Class of Stock [Line Items] | |||||
Preferred stock, units issued | 12,000,000 | 14,600,000 | 0 | 2,000,000 | |
Preferred stock, dividend rate | 7.38% | 7.38% | 7.38% | ||
Annual rate of dividend per share | $1.84 | ||||
Preferred Stock, liquidation preference per share/unit | $25 | $25 | |||
Digital Realty Trust, L.P. | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate | 7.38% | 7.38% | |||
Preferred Stock, liquidation preference per share/unit | $25 | $25 | |||
Preferred Stock, Dividends Per Share, Declared | $0.49 |
Capital_And_Accumulated_Other_6
Capital And Accumulated Other Comprehensive Income (Loss) (Partnership Units Narrative) (Details) (Digital Realty Trust, L.P., USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Digital Realty Trust, L.P. | ||
Capital and Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Redemption value of common units | $179 | $124.10 |
Capital_And_Accumulated_Other_7
Capital And Accumulated Other Comprehensive Income (Loss) (Schedule Of Distributions) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 15, 2011 | Apr. 09, 2013 | Mar. 26, 2014 |
Dividends Payable [Line Items] | ||||||
Shares issued upon conversion | 0.9632 | |||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | $0 | $0 | $1,402 | |||
Preferred stock, dividend rate | 4.38% | |||||
Shares issued upon conversion | 0.548 | |||||
Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | 0 | 1,402 | |||
Preferred stock, dividend rate | 4.38% | |||||
Shares issued upon conversion | 0.548 | |||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | 0 | 8,212 | |||
Shares issued upon conversion | 0.636 | |||||
Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | 0 | 8,212 | |||
Shares issued upon conversion | 0.636 | |||||
Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 20,124 | 20,124 | 20,124 | |||
Preferred stock, dividend rate | 7.00% | 7.00% | 7.00% | |||
Shares issued upon conversion | 0.8378 | |||||
Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 20,124 | 20,124 | 20,124 | |||
Preferred stock, dividend rate | 7.00% | 7.00% | 7.00% | |||
Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 12,092 | 12,092 | 8,934 | |||
Preferred stock, dividend rate | 6.63% | 6.63% | ||||
Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 12,092 | 12,092 | 8,934 | |||
Preferred stock, dividend rate | 6.63% | 6.63% | ||||
Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 14,688 | 10,689 | 0 | |||
Preferred stock, dividend rate | 5.88% | 5.88% | 5.88% | |||
Shares issued upon conversion | 0.7532 | |||||
Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 14,688 | 10,689 | 0 | |||
Preferred stock, dividend rate | 5.88% | 5.88% | 5.88% | |||
Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 20,564 | 0 | 0 | |||
Preferred stock, dividend rate | 7.38% | 7.38% | 7.38% | |||
Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 20,564 | 0 | 0 | |||
Preferred stock, dividend rate | 7.38% | 7.38% | ||||
Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 454,414 | 410,028 | 352,409 | |||
Common stock dividend per share amount | $3.32 | $3.12 | $2.92 | |||
Installment 1 Year One | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 14-Feb-12 | |||||
Dividend payable date | 30-Mar-12 | |||||
Installment 1 Year One | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 14-Feb-12 | |||||
Dividend payable date | 30-Mar-12 | |||||
Installment 1 Year One | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 1,402 | |||||
Installment 1 Year One | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 1,402 | |||||
Installment 1 Year One | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 2,398 | |||||
Installment 1 Year One | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 2,398 | |||||
Installment 1 Year One | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 1 Year One | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 1 Year One | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year One | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year One | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year One | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year One | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year One | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year One | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 81,917 | |||||
Installment 2 Year One | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 23-Apr-12 | |||||
Dividend payable date | 29-Jun-12 | |||||
Installment 2 Year One | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 23-Apr-12 | |||||
Dividend payable date | 29-Jun-12 | |||||
Installment 2 Year One | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year One | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year One | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 2,394 | |||||
Installment 2 Year One | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 2,394 | |||||
Installment 2 Year One | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 2 Year One | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 2 Year One | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 2,888 | |||||
Installment 2 Year One | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 2,888 | |||||
Installment 2 Year One | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year One | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year One | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year One | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year One | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 83,982 | |||||
Installment 3 Year One | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 19-Jul-12 | |||||
Dividend payable date | 28-Sep-12 | |||||
Installment 3 Year One | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 19-Jul-12 | |||||
Dividend payable date | 28-Sep-12 | |||||
Installment 3 Year One | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year One | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year One | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 1,723 | |||||
Installment 3 Year One | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 1,723 | |||||
Installment 3 Year One | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 3 Year One | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 3 Year One | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 3 Year One | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 3 Year One | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year One | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year One | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year One | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year One | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 93,076 | |||||
Installment 4 Year One | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 30-Oct-12 | |||||
Installment 4 Year One | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 30-Oct-12 | |||||
Installment 4 Year One | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year One | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year One | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 1,697 | |||||
Installment 4 Year One | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 1,697 | |||||
Installment 4 Year One | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 4 Year One | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 4 Year One | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 4 Year One | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 4 Year One | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year One | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year One | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year One | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year One | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 93,434 | |||||
Installment 1 Year Two | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 12-Feb-13 | |||||
Dividend payable date | 29-Mar-13 | |||||
Installment 1 Year Two | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 12-Feb-13 | |||||
Dividend payable date | 29-Mar-13 | |||||
Installment 1 Year Two | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Two | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Two | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Two | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Two | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 1 Year Two | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 1 Year Two | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 1 Year Two | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 1 Year Two | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Two | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Two | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Two | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Two | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 102,506 | |||||
Installment 2 Year Two | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 1-May-13 | |||||
Dividend payable date | 28-Jun-13 | |||||
Installment 2 Year Two | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 1-May-13 | |||||
Dividend payable date | 28-Jun-13 | |||||
Installment 2 Year Two | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Two | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Two | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Two | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Two | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 2 Year Two | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 2 Year Two | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 2 Year Two | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 2 Year Two | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,345 | |||||
Installment 2 Year Two | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,345 | |||||
Installment 2 Year Two | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Two | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Two | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 102,507 | |||||
Installment 3 Year Two | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 23-Jul-13 | |||||
Dividend payable date | 30-Sep-13 | |||||
Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 23-Jul-13 | |||||
Dividend payable date | 30-Sep-13 | |||||
Installment 3 Year Two | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Two | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Two | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Two | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Two | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 3 Year Two | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 3 Year Two | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 3 Year Two | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 3 Year Two | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 3 Year Two | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 3 Year Two | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Two | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Two | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 102,506 | |||||
Installment 4 Year Two | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 23-Oct-13 | |||||
Installment 4 Year Two | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 23-Oct-13 | |||||
Installment 4 Year Two | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Two | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Two | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Two | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Two | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 4 Year Two | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 4 Year Two | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 4 Year Two | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 4 Year Two | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 4 Year Two | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 4 Year Two | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Two | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Two | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 102,509 | |||||
Installment 1 Year Three | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 11-Feb-14 | |||||
Dividend payable date | 31-Mar-14 | |||||
Installment 1 Year Three | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 11-Feb-14 | |||||
Dividend payable date | 31-Mar-14 | |||||
Installment 1 Year Three | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Three | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Three | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Three | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Three | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 1 Year Three | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 1 Year Three | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 1 Year Three | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 1 Year Three | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 1 Year Three | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 1 Year Three | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Three | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 1 Year Three | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 109,378 | |||||
Installment 2 Year Three | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 29-Apr-14 | |||||
Dividend payable date | 30-Jun-14 | |||||
Installment 2 Year Three | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 29-Apr-14 | |||||
Dividend payable date | 30-Jun-14 | |||||
Installment 2 Year Three | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Three | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Three | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Three | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 2 Year Three | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 2 Year Three | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 2 Year Three | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 2 Year Three | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 2 Year Three | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 2 Year Three | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 2 Year Three | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 7,104 | |||||
Installment 2 Year Three | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 7,104 | |||||
Installment 2 Year Three | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 115,008 | |||||
Installment 3 Year Three | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 21-Jul-14 | |||||
Dividend payable date | 30-Sep-14 | |||||
Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 21-Jul-14 | |||||
Dividend payable date | 30-Sep-14 | |||||
Installment 3 Year Three | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Three | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Three | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Three | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 3 Year Three | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 3 Year Three | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 3 Year Three | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 3 Year Three | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 3 Year Three | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 3 Year Three | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 3 Year Three | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 6,730 | |||||
Installment 3 Year Three | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 6,730 | |||||
Installment 3 Year Three | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | 115,012 | |||||
Installment 4 Year Three | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 4-Nov-14 | |||||
Installment 4 Year Three | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Date dividend declared | 4-Nov-14 | |||||
Installment 4 Year Three | Potentially dilutive Series C Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Three | Potentially dilutive Series C Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Three | Potentially dilutive Series D Cumulative Convertible Preferred Units | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Three | Potentially dilutive Series D Cumulative Convertible Preferred Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 0 | |||||
Installment 4 Year Three | Series E Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 4 Year Three | Series E Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 5,031 | |||||
Installment 4 Year Three | Series F Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 4 Year Three | Series F Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,023 | |||||
Installment 4 Year Three | Series G Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 4 Year Three | Series G Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 3,672 | |||||
Installment 4 Year Three | Series H Preferred Stock and Unit | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 6,730 | |||||
Installment 4 Year Three | Series H Preferred Stock and Unit | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, preferred stock/units | 6,730 | |||||
Installment 4 Year Three | Common Units | Digital Realty Trust, L.P. | ||||||
Dividends Payable [Line Items] | ||||||
Dividends/Distributions, common stock/units | $115,016 |
Capital_And_Accumulated_Other_8
Capital And Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | $10,691 | ($12,191) |
Net current period change | -59,087 | 16,744 |
Reclassification to interest expense from interest rate swaps | 3,350 | 6,138 |
Accumulated other comprehensive loss, net, Ending balance | -45,046 | 10,691 |
Digital Realty Trust, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | 8,457 | -14,910 |
Net current period change | -60,309 | 17,109 |
Reclassification to interest expense from interest rate swaps | 3,419 | 6,258 |
Accumulated other comprehensive loss, net, Ending balance | -48,433 | 8,457 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | 11,745 | -2,576 |
Net current period change | -51,312 | 14,321 |
Reclassification to interest expense from interest rate swaps | 0 | 0 |
Accumulated other comprehensive loss, net, Ending balance | -39,567 | 11,745 |
Foreign currency translation adjustments | Digital Realty Trust, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | 10,235 | -4,401 |
Net current period change | -52,373 | 14,636 |
Reclassification to interest expense from interest rate swaps | 0 | 0 |
Accumulated other comprehensive loss, net, Ending balance | -42,138 | 10,235 |
Cash flow hedge adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | -1,054 | -9,615 |
Net current period change | -7,775 | 2,423 |
Reclassification to interest expense from interest rate swaps | 3,350 | 6,138 |
Accumulated other comprehensive loss, net, Ending balance | -5,479 | -1,054 |
Cash flow hedge adjustments | Digital Realty Trust, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, net, Beginning balance | -1,778 | -10,509 |
Net current period change | -7,936 | 2,473 |
Reclassification to interest expense from interest rate swaps | 3,419 | 6,258 |
Accumulated other comprehensive loss, net, Ending balance | ($6,295) | ($1,778) |
Incentive_Plan_Narrative_Detai
Incentive Plan (Narrative) (Details) (USD $) | 0 Months Ended | |
2-May-07 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares granted per employee | 1,500,000 | |
Maximum amount of cash paid per employee | $10,000,000 | |
Number of shares remaining for issuance under the "Incentive Plan" | 5,388,485 | |
2004 Incentive Award Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized and reserved for issuance under the Incentive Plan | 4,474,102 | |
Amended And Restated 2004 Incentive Award Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized and reserved for issuance under the Incentive Plan | 9,474,102 | |
Increase in number of shares reserved for issuance | 5,000,000 |
Incentive_Plan_LongTerm_Incent
Incentive Plan (Long-Term Incentive Units) (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Long-term incentive units granted | 199,486 | 192,242 | 166,080 | |
Long-Term Incentive Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share/unit compensation expense | $12.60 | $8.90 | $9 | |
Capitalized expense related to construction and leasing activities | 1.7 | 1.6 | 1.1 | |
Unearned compensation | $9.30 | $12.90 | ||
Unearned compensation, period of recognition | 2 years 0 months | |||
Long-Term Incentive Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Long-Term Incentive Units | Service And Performance Condition | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Long-term incentive units granted | 95,316 | |||
Number of shares satisfying the performance conditions | 75,105 |
Incentive_Plan_2014_Market_Per
Incentive Plan (2014 Market Performance-Based Awards) (Narrative) (Details) (Two Thousand Fourteen Performance Grant, USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
simulation | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 0.00% |
Award vesting period | 3 years |
Number of trials run | 100,000 |
Expected volatility rate | 33.00% |
Risk free interest rate | 0.67% |
Fair value of awards | $17.40 |
Expected service period | 4 years |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 9.5 |
Compensation expense | 3 |
Capitalized expense related to construction and leasing activities | $1.40 |
Share Based Compensation Award Tranche Four | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 50.00% |
Share Based Compensation Award Tranche Fifth | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 50.00% |
Class D Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units granted | 664,316 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Units granted | 248,026 |
Incentive_Plan_Restricted_Stoc
Incentive Plan (Restricted Stock) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock expense | $2.50 | $2.70 | $2.90 |
Capitalized expense related to construction and leasing activities | 2.7 | 2.5 | 2.1 |
Unearned compensation | $10.40 | $8.70 | |
Unearned compensation, period of recognition | 2 years 6 months 0 days | ||
Restricted Stock | Service And Performance Condition | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares granted | 69,995 | ||
Number of shares satisfying the performance conditions | 50,805 | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years |
Incentive_Plan_401k_Narrative_
Incentive Plan (401(k)) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Vesting percentage of discretionary contributions | 100.00% | ||
Aggregate cost of contributions to the 401(k) Plan | $2.80 | $2.40 | $2 |
Incentive_Plan_Incentive_Plan_
Incentive Plan Incentive Plan (Long-Term Incentive Units) (Details) (Long-Term Incentive Units, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Long-Term Incentive Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested units, ending | 314,415 |
Weighted-average grant date fair value per unit, beginning balance | $62.42 |
Units granted | 199,486 |
Weighted-average grant date fair value per unit granted | $52.42 |
Units vested | -307,249 |
Weighted-average grant date fair value per unit vested | $58.90 |
Units cancelled or expired | -18,773 |
Weighted-average grant date fair value per unit cancelled | $65.21 |
Unvested units, beginning | 440,951 |
Weighted-average grant date fair value per unit, ending balance | $59.34 |
Incentive_Plan_Incentive_Plan_1
Incentive Plan Incentive Plan (2014 Market Performance-Based Awards) (Details) (Two Thousand Fourteen Performance Grant) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RMS Relative Performance | 0.00% |
Vesting percentage | 0.00% |
Share Based Compensation Award Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RMS Relative Performance | 0.00% |
Vesting percentage | 25.00% |
Share Based Compensation Award Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RMS Relative Performance | 3.25% |
Vesting percentage | 50.00% |
Share Based Compensation Award Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RMS Relative Performance | 6.50% |
Vesting percentage | 100.00% |
Incentive_Plan_Summary_Of_Ince
Incentive Plan (Summary Of Incentive Award Plan's Stock Option) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Exercised, Shares | -42,757 | |
Options outstanding, end of period, Shares | 80,933 | 123,690 |
Exercisable, end of period, Shares | 80,933 | |
Options outstanding, beginning of period, Weighted average exercise price | $30.13 | |
Exercised, Weighted average exercise price | $16.65 | |
Options outstanding, end of period, Weighted average exercise price | $37.25 | |
Exercisable, end of period, Weighted average exercise price | $37.25 |
Incentive_Plan_Summary_Of_Stoc
Incentive Plan (Summary Of Stock Options Outstanding And Exercisable) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Number of options outstanding | 80,933 | 123,690 |
Weighted average remaining contractual life (years), Outstanding | 2 years 0 months 12 days | |
Weighted average exercise price per option, Outstanding | $37.25 | |
Aggregate intrinsic value, Outstanding | $2,351,041 | |
$20.37-28.09 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price, lower limit | $20.37 | |
Exercise price, upper limit | $28.09 | |
Number of options outstanding | 15,000 | |
Weighted average remaining contractual life (years), Outstanding | 0 years 10 months 6 days | |
Weighted average exercise price per option, Outstanding | $20.37 | |
Aggregate intrinsic value, Outstanding | 688,950 | |
$33.18-41.73 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price, lower limit | $33.18 | |
Exercise price, upper limit | $41.73 | |
Number of options outstanding | 65,933 | |
Weighted average remaining contractual life (years), Outstanding | 2 years 3 months 18 days | |
Weighted average exercise price per option, Outstanding | $41.09 | |
Aggregate intrinsic value, Outstanding | $1,662,091 |
Incentive_Plan_Restricted_Stoc1
Incentive Plan (Restricted Stock Activity) (Details) (Restricted Stock, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Unvested units, beginning | 255,081 |
Weighted-average grant date fair value per unit, beginning balance | $63.35 |
Units granted | 179,768 |
Weighted-average grant date fair value per unit granted | $50.78 |
Units vested | -76,946 |
Weighted-average grant date fair value per unit vested | $60.39 |
Units cancelled or expired | -57,401 |
Weighted-average grant date fair value per unit cancelled | $60.70 |
Unvested units, ending | 300,502 |
Weighted-average grant date fair value per unit, ending balance | $57.10 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Jan. 13, 2015 | |
Derivative [Line Items] | |||||
Lender accelerated indebtedness repayment threshold amount | $75,000,000 | ||||
Fair value of effective cash flow hedges | -2,400,000 | 100,000 | |||
Ineffective portion of cash flow hedges | 0 | 0 | |||
Interest Expense | 191,085,000 | 189,399,000 | 157,108,000 | ||
Notional Amount | 703,870,000 | 560,945,000 | |||
Fair Value at Significant Other Observable Inputs (Level 2) | -2,409,000 | 55,000 | |||
Designated as Hedging Instrument | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Derivative, Term of Contract | 5 years | ||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 800,000 | ||||
Subsequent Event | Designated as Hedging Instrument | Cash Flow Hedging | |||||
Derivative [Line Items] | |||||
Payments for Derivative Instrument, Financing Activities | 5,700,000 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedge adjustments | |||||
Derivative [Line Items] | |||||
Interest Expense | 2,700,000 | ||||
Singapore dollar (SGD) | |||||
Derivative [Line Items] | |||||
Derivative, Forward Exchange Rate | 0.75 | 0.79 | |||
Currently-paying contracts | |||||
Derivative [Line Items] | |||||
Notional Amount | 553,870,000 | 560,945,000 | |||
Fair Value at Significant Other Observable Inputs (Level 2) | 428,000 | 55,000 | |||
Currently-paying contracts | Swap 1 | |||||
Derivative [Line Items] | |||||
Notional Amount | 410,905,000 | 410,905,000 | |||
Strike Rate | 0.72% | ||||
Fair Value at Significant Other Observable Inputs (Level 2) | -241,000 | -76,000 | |||
Currently-paying contracts | Swap 2 | |||||
Derivative [Line Items] | |||||
Notional Amount | 142,965,000 | 150,040,000 | |||
Strike Rate | 0.93% | ||||
Fair Value at Significant Other Observable Inputs (Level 2) | 669,000 | 131,000 | |||
Forward-starting contracts | |||||
Derivative [Line Items] | |||||
Notional Amount | 150,000,000 | 0 | |||
Strike Rate | 2.09% | ||||
Fair Value at Significant Other Observable Inputs (Level 2) | ($2,837,000) | $0 |
Fair_Value_Of_Instruments_Esti
Fair Value Of Instruments (Estimated Fair Value And Carrying Amounts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | $2,968,073 | $2,379,999 |
Exchangeable senior debentures | 0 | 336,847 |
Mortgage Loans | 399,569 | 622,580 |
Long-term Debt | 4,870,193 | 5,085,078 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 2,791,758 | 2,364,232 |
Exchangeable senior debentures | 0 | 266,400 |
Mortgage Loans | 378,818 | 585,608 |
Long-term Debt | 4,673,127 | 4,961,892 |
Global revolving credit facility | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 525,951 | 724,668 |
Global revolving credit facility | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 525,951 | 724,668 |
Unsecured term loan | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 976,600 | 1,020,984 |
Unsecured term loan | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 976,600 | 1,020,984 |
Senior Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt | $15,600 | $15,000 |
Tenant_Leases_Schedule_Of_Futu
Tenant Leases (Schedule Of Future Minimum Lease Payments To Be Received) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
Year one | $1,184,835 |
Year two | 1,118,153 |
Year three | 1,055,080 |
Year four | 948,635 |
Year five | 827,175 |
Thereafter | 3,322,079 |
Total | 8,455,957 |
Tel(x) And SoftLayer | |
Operating Leased Assets [Line Items] | |
Year one | 85,625 |
Year two | 88,004 |
Year three | 90,353 |
Year four | 92,594 |
Year five | 95,256 |
Thereafter | 510,424 |
Total | $962,256 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2006 | |
contract | contract | |||
sqft | ||||
Related Party Transaction [Line Items] | ||||
Rental revenues | $1,256,086,000 | $1,155,051,000 | $990,715,000 | |
Tel(x) | ||||
Related Party Transaction [Line Items] | ||||
Number of leases agreement | 55 | 10 | ||
Lease expiration, date | 2026 | |||
Terms of lease extended through | 2046 | |||
Rental revenues | 51,600,000 | 48,600,000 | 45,700,000 | |
Square footage of net rentable space | 341,202 | |||
Percentage rent lease revenue earned | 7,100,000 | 6,000,000 | 4,800,000 | |
Percentage of rent for management fee | 1.00% | |||
Unrelated Third Party | ||||
Related Party Transaction [Line Items] | ||||
Number of leases agreement | 14 | |||
Square footage of net rentable space | 86,888 | |||
SoftLayer | ||||
Related Party Transaction [Line Items] | ||||
Number of leases agreement | 9 | |||
Rental revenues | $51,800,000 | $53,900,000 | $48,300,000 | |
Minimum | SoftLayer | ||||
Related Party Transaction [Line Items] | ||||
Lease expiration, date | 2013 | |||
Lease option extension date | 2018 | |||
Maximum | SoftLayer | ||||
Related Party Transaction [Line Items] | ||||
Lease expiration, date | 2025 | |||
Lease option extension date | 2035 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) | 12 Months Ended | 30 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Jul. 11, 2012 | Jul. 11, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Sentrum Portfolio | Sentrum Portfolio | Sentrum Portfolio | Sentrum Portfolio | Sentrum Portfolio | Sentrum Portfolio | Sentrum Portfolio | Sentrum Portfolio | Sentrum Portfolio | 29A International Business Park | 29A International Business Park | Convergence Business Park | |
USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | SGD | USD ($) | ||||
Commitments and Contingencies [Line Items] | |||||||||||||||
Lease term | 12 years | ||||||||||||||
Lease term extension | 5 years | ||||||||||||||
Rent expense | $16,200,000 | $23,100,000 | $10,200,000 | ||||||||||||
Straight-line rent expense adjustment | 10,000,000 | ||||||||||||||
Straight-line rent adjustments related to prior years | 7,500,000 | ||||||||||||||
Accounts Payable and Accrued Liabilities | 605,923,000 | 662,687,000 | 12,600,000 | ||||||||||||
Additional performance based consideration earned (maximum) | 50,000,000 | ||||||||||||||
Additional performance based consideration earned (maximum), adjusted for exchange rate | 37,700,000 | ||||||||||||||
Expiration of earnout contingency | Nov-20 | Nov-20 | |||||||||||||
Sale price of building | 24,000,000 | ||||||||||||||
Real estate price, per square acre | 225,000 | ||||||||||||||
Contingent liability | 47,200,000 | 30,300,000 | 47,200,000 | 30,300,000 | 87,600,000 | 56,500,000 | |||||||||
Earnout payment | 10,300,000 | 6,200,000 | 25,800,000 | 16,900,000 | 36,100,000 | 23,100,000 | |||||||||
Change in fair value of accrued contingent consideration | 8,093,000 | 1,762,000 | 1,051,000 | 8,400,000 | 1,800,000 | 1,100,000 | |||||||||
Commitments related to construction contracts | $156,500,000 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Year one | $15,347 |
Year two | 15,011 |
Year three | 15,012 |
Year four | 14,362 |
Year five | 14,730 |
Thereafter | 101,964 |
Total minimum commitment under leases | $176,426 |
Quarterly_Financial_Informatio4
Quarterly Financial Information (Digital Realty Trust, Inc.) (Summary Of Selected Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total operating revenues | $412,216 | $412,186 | $401,446 | $390,590 | $380,931 | $379,456 | $363,502 | $358,370 | $1,616,438 | $1,482,259 | $1,279,067 |
Net income (loss) | -34,794 | 130,161 | 61,332 | 46,717 | 55,667 | 153,480 | 59,621 | 51,681 | 203,415 | 320,449 | 216,047 |
Net income (loss) attributable to Digital Realty Trust, Inc. | -33,833 | 127,769 | 60,339 | 45,912 | 54,703 | 150,598 | 58,476 | 50,711 | 200,183 | 314,488 | 210,334 |
Preferred unit distributions | 18,455 | 18,455 | 18,829 | 11,726 | 11,726 | 11,726 | 11,399 | 8,054 | 67,465 | 42,905 | 38,672 |
Net income (loss) available to common unitholders | ($52,288) | $109,314 | $41,510 | $34,186 | $42,977 | $138,872 | $47,077 | $42,657 | $132,718 | $271,583 | $171,662 |
Basic net income (loss) per unit available to common unitholders | ($0.39) | $0.81 | $0.31 | $0.27 | $0.33 | $1.08 | $0.37 | $0.34 | $1 | $2.12 | $1.48 |
Diluted net income (loss) per unit available to common unitholders | ($0.39) | $0.80 | $0.31 | $0.26 | $0.33 | $1.06 | $0.37 | $0.34 | $0.99 | $2.12 | $1.48 |
Quarterly_Financial_Informatio5
Quarterly Financial Information (Digital Realty Trust, L.P.) (Summary Of Selected Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | |||||||||||
Total operating revenues | $412,216 | $412,186 | $401,446 | $390,590 | $380,931 | $379,456 | $363,502 | $358,370 | $1,616,438 | $1,482,259 | $1,279,067 |
Net income (loss) | -34,794 | 130,161 | 61,332 | 46,717 | 55,667 | 153,480 | 59,621 | 51,681 | 203,415 | 320,449 | 216,047 |
Net income (loss) attributable to Digital Realty Trust, L.P. | -33,833 | 127,769 | 60,339 | 45,912 | 54,703 | 150,598 | 58,476 | 50,711 | 200,183 | 314,488 | 210,334 |
Preferred unit distributions | 18,455 | 18,455 | 18,829 | 11,726 | 11,726 | 11,726 | 11,399 | 8,054 | 67,465 | 42,905 | 38,672 |
Net income (loss) available to common unitholders | -52,288 | 109,314 | 41,510 | 34,186 | 42,977 | 138,872 | 47,077 | 42,657 | 132,718 | 271,583 | 171,662 |
Basic net income (loss) per unit available to common unitholders | ($0.39) | $0.81 | $0.31 | $0.27 | $0.33 | $1.08 | $0.37 | $0.34 | $1 | $2.12 | $1.48 |
Diluted net income (loss) per unit available to common unitholders | ($0.39) | $0.80 | $0.31 | $0.26 | $0.33 | $1.06 | $0.37 | $0.34 | $0.99 | $2.12 | $1.48 |
Digital Realty Trust, L.P. | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Total operating revenues | 412,216 | 412,186 | 401,446 | 390,590 | 380,931 | 379,456 | 363,502 | 358,370 | 1,616,438 | 1,482,259 | 1,279,067 |
Net income (loss) | -34,794 | 130,161 | 61,332 | 46,717 | 55,667 | 153,480 | 59,621 | 51,681 | 203,415 | 320,449 | 216,047 |
Net income (loss) attributable to Digital Realty Trust, L.P. | -34,907 | 130,041 | 61,212 | 46,605 | 55,552 | 153,355 | 59,412 | 51,535 | 202,950 | 319,854 | 216,491 |
Preferred unit distributions | 18,455 | 18,455 | 18,829 | 11,726 | 11,726 | 11,726 | 11,399 | 8,054 | 67,465 | 42,905 | 38,672 |
Net income (loss) available to common unitholders | ($53,362) | $111,586 | $42,383 | $34,879 | $43,826 | $141,629 | $48,013 | $43,481 | $135,485 | $276,949 | $177,819 |
Basic net income (loss) per unit available to common unitholders | ($0.39) | $0.81 | $0.31 | $0.27 | $0.33 | $1.08 | $0.37 | $0.34 | $1 | $2.12 | $1.48 |
Diluted net income (loss) per unit available to common unitholders | ($0.39) | $0.80 | $0.31 | $0.26 | $0.33 | $1.06 | $0.37 | $0.34 | $0.99 | $2.12 | $1.48 |
Subsequent_Events_Schedule_Of_
Subsequent Events (Schedule Of Dividends Declared And Distributions Per Unit) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 28, 2013 | Feb. 25, 2015 | Feb. 05, 2015 | |
Subsequent Event [Line Items] | ||||||
Gain on sale of property | $15,945,000 | $0 | $0 | |||
Series E Preferred Stock and Unit | ||||||
Subsequent Event [Line Items] | ||||||
Annual equivalent rate of dividend and distribution (per share) | $1.75 | |||||
Series F Preferred Stock and Unit | ||||||
Subsequent Event [Line Items] | ||||||
Annual equivalent rate of dividend and distribution (per share) | $1.66 | |||||
Series G Preferred Stock and Unit | ||||||
Subsequent Event [Line Items] | ||||||
Annual equivalent rate of dividend and distribution (per share) | $1.47 | $0.33 | ||||
Series H Preferred Stock and Unit | ||||||
Subsequent Event [Line Items] | ||||||
Annual equivalent rate of dividend and distribution (per share) | $1.84 | |||||
Subsequent Event | Series E Preferred Stock and Unit | ||||||
Subsequent Event [Line Items] | ||||||
Dividend and distribution amount (per share) | $0.44 | |||||
Dividend and distribution payable date | 31-Mar-15 | |||||
Dividend and distribution payable to holders of record on | 13-Mar-15 | |||||
Annual equivalent rate of dividend and distribution (per share) | $1.75 | |||||
Subsequent Event | Series F Preferred Stock and Unit | ||||||
Subsequent Event [Line Items] | ||||||
Dividend and distribution amount (per share) | $0.41 | |||||
Dividend and distribution payable date | 31-Mar-15 | |||||
Dividend and distribution payable to holders of record on | 13-Mar-15 | |||||
Annual equivalent rate of dividend and distribution (per share) | $1.66 | |||||
Subsequent Event | Series G Preferred Stock and Unit | ||||||
Subsequent Event [Line Items] | ||||||
Dividend and distribution amount (per share) | $0.37 | |||||
Dividend and distribution payable date | 31-Mar-15 | |||||
Dividend and distribution payable to holders of record on | 13-Mar-15 | |||||
Annual equivalent rate of dividend and distribution (per share) | $1.47 | |||||
Subsequent Event | Series H Preferred Stock and Unit | ||||||
Subsequent Event [Line Items] | ||||||
Dividend and distribution amount (per share) | $0.46 | |||||
Dividend and distribution payable date | 31-Mar-15 | |||||
Dividend and distribution payable to holders of record on | 13-Mar-15 | |||||
Annual equivalent rate of dividend and distribution (per share) | $1.84 | |||||
Subsequent Event | Common stock and common unit | ||||||
Subsequent Event [Line Items] | ||||||
Dividend and distribution amount (per share) | $0.85 | |||||
Dividend and distribution payable date | 31-Mar-15 | |||||
Dividend and distribution payable to holders of record on | 13-Mar-15 | |||||
Annual equivalent rate of dividend and distribution (per share) | $3.40 | |||||
100 Quannapowitt | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | 31,000,000 | |||||
Disposal Group, Including Discontinued Operation, Consideration After Costs And Various Tenant Prepayments | 29,000,000 | |||||
Gain on sale of property | $9,000,000 |
Schedule_III_Properties_And_Ac1
Schedule III Properties And Accumulated Depreciation (Narrative) (Details) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Aggregate gross cost of properties for federal income tax purposes | $10.80 |
Schedule_III_Properties_And_Ac2
Schedule III Properties And Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land, Initial costs | $702,692 | |||
Acquired ground lease, Initial costs | 13,509 | |||
Buildings and improvements, Initial costs | 4,554,562 | |||
Costs capitalized subsequent to acquisition, Improvements | 4,838,319 | |||
Carrying costs | -126,470 | |||
Land, Total costs | 671,602 | |||
Acquired ground lease, Total costs | 12,196 | |||
Buildings and improvements, Total costs | 9,298,814 | |||
Total | 9,982,612 | 9,879,578 | 8,742,519 | 6,118,583 |
Accumulated depreciation and amortization | -1,874,054 | -1,565,996 | -1,206,017 | -900,044 |
36 NE 2nd Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 36 NE 2nd Street | |||
Metropolitan Area | Miami | |||
Encumbrances | 0 | |||
Land, Initial costs | 1,942 | |||
Buildings and improvements, Initial costs | 24,184 | |||
Costs capitalized subsequent to acquisition, Improvements | 10,260 | |||
Land, Total costs | 1,942 | |||
Buildings and improvements, Total costs | 34,444 | |||
Total | 36,386 | |||
Accumulated depreciation and amortization | -12,667 | |||
Date of acquisition or construction | 2002 | |||
2323 Bryan Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2323 Bryan Street | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 1,838 | |||
Buildings and improvements, Initial costs | 77,604 | |||
Costs capitalized subsequent to acquisition, Improvements | 46,607 | |||
Land, Total costs | 1,838 | |||
Buildings and improvements, Total costs | 124,211 | |||
Total | 126,049 | |||
Accumulated depreciation and amortization | -49,591 | |||
Date of acquisition or construction | 2002 | |||
300 Boulevard East | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 300 Boulevard East | |||
Metropolitan Area | NY Metro | |||
Encumbrances | 0 | |||
Land, Initial costs | 5,140 | |||
Buildings and improvements, Initial costs | 48,526 | |||
Costs capitalized subsequent to acquisition, Improvements | 61,926 | |||
Land, Total costs | 5,140 | |||
Buildings and improvements, Total costs | 110,452 | |||
Total | 115,592 | |||
Accumulated depreciation and amortization | -50,428 | |||
Date of acquisition or construction | 2002 | |||
2334 Lundy Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2334 Lundy Place | |||
Metropolitan Area | Silicon Valley | |||
Encumbrances | 37,340 | |||
Land, Initial costs | 3,607 | |||
Buildings and improvements, Initial costs | 23,008 | |||
Costs capitalized subsequent to acquisition, Improvements | 66 | |||
Land, Total costs | 3,607 | |||
Buildings and improvements, Total costs | 23,074 | |||
Total | 26,681 | |||
Accumulated depreciation and amortization | -8,663 | |||
Date of acquisition or construction | 2002 | |||
34551 Ardenwood Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 34551 Ardenwood Boulevard | |||
Metropolitan Area | Silicon Valley | |||
Encumbrances | 51,339 | |||
Land, Initial costs | 15,330 | |||
Buildings and improvements, Initial costs | 32,419 | |||
Costs capitalized subsequent to acquisition, Improvements | 11,967 | |||
Land, Total costs | 15,330 | |||
Buildings and improvements, Total costs | 44,386 | |||
Total | 59,716 | |||
Accumulated depreciation and amortization | -14,258 | |||
Date of acquisition or construction | 2003 | |||
2440 Marsh Lane | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2440 Marsh Lane | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 1,477 | |||
Buildings and improvements, Initial costs | 10,330 | |||
Costs capitalized subsequent to acquisition, Improvements | 71,747 | |||
Land, Total costs | 1,477 | |||
Buildings and improvements, Total costs | 82,077 | |||
Total | 83,554 | |||
Accumulated depreciation and amortization | -41,865 | |||
Date of acquisition or construction | 2003 | |||
375 Riverside Parkway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 375 Riverside Parkway | |||
Metropolitan Area | Atlanta | |||
Land, Initial costs | 1,250 | |||
Buildings and improvements, Initial costs | 11,578 | |||
Costs capitalized subsequent to acquisition, Improvements | 31,197 | |||
Land, Total costs | 1,250 | |||
Buildings and improvements, Total costs | 42,775 | |||
Total | 44,025 | |||
Accumulated depreciation and amortization | -19,856 | |||
Date of acquisition or construction | 2003 | |||
47700 Kato Road & 1055 Page Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 47700 Kato Road & 1055 Page Avenue | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 5,272 | |||
Buildings and improvements, Initial costs | 20,166 | |||
Costs capitalized subsequent to acquisition, Improvements | 3,129 | |||
Land, Total costs | 5,272 | |||
Buildings and improvements, Total costs | 23,295 | |||
Total | 28,567 | |||
Accumulated depreciation and amortization | -5,886 | |||
Date of acquisition or construction | 2003 | |||
4849 Alpha Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 4849 Alpha Road | |||
Metropolitan Area | Dallas | |||
Encumbrances | 0 | |||
Land, Initial costs | 2,983 | |||
Buildings and improvements, Initial costs | 10,650 | |||
Costs capitalized subsequent to acquisition, Improvements | 42,663 | |||
Land, Total costs | 2,983 | |||
Buildings and improvements, Total costs | 53,313 | |||
Total | 56,296 | |||
Accumulated depreciation and amortization | -17,407 | |||
Date of acquisition or construction | 2004 | |||
600 West Seventh Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 600 West Seventh Street | |||
Metropolitan Area | Los Angeles | |||
Encumbrances | 47,825 | |||
Land, Initial costs | 18,478 | |||
Buildings and improvements, Initial costs | 50,824 | |||
Costs capitalized subsequent to acquisition, Improvements | 54,924 | |||
Land, Total costs | 18,478 | |||
Buildings and improvements, Total costs | 105,748 | |||
Total | 124,226 | |||
Accumulated depreciation and amortization | -47,592 | |||
Date of acquisition or construction | 2004 | |||
2045 & 2055 LaFayette Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2045Â & 2055 LaFayette Street | |||
Metropolitan Area | Silicon Valley | |||
Encumbrances | 62,563 | |||
Land, Initial costs | 6,065 | |||
Buildings and improvements, Initial costs | 43,817 | |||
Costs capitalized subsequent to acquisition, Improvements | 20 | |||
Land, Total costs | 6,065 | |||
Buildings and improvements, Total costs | 43,837 | |||
Total | 49,902 | |||
Accumulated depreciation and amortization | -14,882 | |||
Date of acquisition or construction | 2004 | |||
200 Quannapowitt Parkway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 200 Quannapowitt Parkway | |||
Metropolitan Area | Boston | |||
Encumbrances | 0 | |||
Land, Initial costs | 12,416 | |||
Buildings and improvements, Initial costs | 26,154 | |||
Costs capitalized subsequent to acquisition, Improvements | 42,754 | |||
Carrying costs | -40,070 | |||
Land, Total costs | 8,588 | |||
Buildings and improvements, Total costs | 32,666 | |||
Total | 41,254 | |||
Accumulated depreciation and amortization | -12,837 | |||
Date of acquisition or construction | 2004 | |||
11830 Webb Chapel Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 11830 Webb Chapel Road | |||
Metropolitan Area | Dallas | |||
Encumbrances | 0 | |||
Land, Initial costs | 5,881 | |||
Buildings and improvements, Initial costs | 34,473 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,989 | |||
Land, Total costs | 5,881 | |||
Buildings and improvements, Total costs | 36,462 | |||
Total | 42,343 | |||
Accumulated depreciation and amortization | -13,198 | |||
Date of acquisition or construction | 2004 | |||
150 South First Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 150 South First Street | |||
Metropolitan Area | Silicon Valley | |||
Encumbrances | 49,316 | |||
Land, Initial costs | 2,068 | |||
Buildings and improvements, Initial costs | 29,214 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,461 | |||
Land, Total costs | 2,068 | |||
Buildings and improvements, Total costs | 30,675 | |||
Total | 32,743 | |||
Accumulated depreciation and amortization | -9,725 | |||
Date of acquisition or construction | 2004 | |||
3065 Gold Camp Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 3065 Gold Camp Drive | |||
Metropolitan Area | Sacramento | |||
Land, Initial costs | 1,886 | |||
Buildings and improvements, Initial costs | 10,686 | |||
Costs capitalized subsequent to acquisition, Improvements | 17,042 | |||
Carrying costs | -9,860 | |||
Land, Total costs | 1,886 | |||
Buildings and improvements, Total costs | 17,868 | |||
Total | 19,754 | |||
Accumulated depreciation and amortization | -7,753 | |||
Date of acquisition or construction | 2004 | |||
200 Paul Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 200 Paul Avenue | |||
Metropolitan Area | San Francisco | |||
Encumbrances | 68,665 | |||
Land, Initial costs | 14,427 | |||
Buildings and improvements, Initial costs | 75,777 | |||
Costs capitalized subsequent to acquisition, Improvements | 80,363 | |||
Land, Total costs | 14,427 | |||
Buildings and improvements, Total costs | 156,140 | |||
Total | 170,567 | |||
Accumulated depreciation and amortization | -55,948 | |||
Date of acquisition or construction | 2004 | |||
1100 Space Park Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1100 Space Park Drive | |||
Metropolitan Area | Silicon Valley | |||
Encumbrances | 51,295 | |||
Land, Initial costs | 5,130 | |||
Buildings and improvements, Initial costs | 18,206 | |||
Costs capitalized subsequent to acquisition, Improvements | 27,307 | |||
Land, Total costs | 5,130 | |||
Buildings and improvements, Total costs | 45,513 | |||
Total | 50,643 | |||
Accumulated depreciation and amortization | -22,604 | |||
Date of acquisition or construction | 2004 | |||
3015 Winona Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 3015 Winona Avenue | |||
Metropolitan Area | Los Angeles | |||
Land, Initial costs | 6,534 | |||
Buildings and improvements, Initial costs | 8,356 | |||
Costs capitalized subsequent to acquisition, Improvements | 5 | |||
Land, Total costs | 6,534 | |||
Buildings and improvements, Total costs | 8,361 | |||
Total | 14,895 | |||
Accumulated depreciation and amortization | -3,098 | |||
Date of acquisition or construction | 2004 | |||
1125 Energy Park Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1125 Energy Park Drive | |||
Metropolitan Area | Minneapolis | |||
Land, Initial costs | 2,775 | |||
Buildings and improvements, Initial costs | 10,761 | |||
Costs capitalized subsequent to acquisition, Improvements | 198 | |||
Carrying costs | -5,900 | |||
Land, Total costs | 2,775 | |||
Buildings and improvements, Total costs | 5,059 | |||
Total | 7,834 | |||
Accumulated depreciation and amortization | -3,882 | |||
Date of acquisition or construction | 2005 | |||
350 East Cermak Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 350 East Cermak Road | |||
Metropolitan Area | Chicago | |||
Land, Initial costs | 8,466 | |||
Buildings and improvements, Initial costs | 103,232 | |||
Costs capitalized subsequent to acquisition, Improvements | 221,246 | |||
Land, Total costs | 8,620 | |||
Buildings and improvements, Total costs | 324,324 | |||
Total | 332,944 | |||
Accumulated depreciation and amortization | -143,057 | |||
Date of acquisition or construction | 2005 | |||
8534 Concord Center Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 8534 Concord Center Drive | |||
Metropolitan Area | Denver | |||
Land, Initial costs | 2,181 | |||
Buildings and improvements, Initial costs | 11,561 | |||
Costs capitalized subsequent to acquisition, Improvements | 62 | |||
Land, Total costs | 2,181 | |||
Buildings and improvements, Total costs | 11,623 | |||
Total | 13,804 | |||
Accumulated depreciation and amortization | -4,342 | |||
Date of acquisition or construction | 2005 | |||
2401 Walsh Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2401 Walsh Street | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 5,775 | |||
Buildings and improvements, Initial costs | 19,267 | |||
Costs capitalized subsequent to acquisition, Improvements | 36 | |||
Land, Total costs | 5,775 | |||
Buildings and improvements, Total costs | 19,303 | |||
Total | 25,078 | |||
Accumulated depreciation and amortization | -6,274 | |||
Date of acquisition or construction | 2005 | |||
2403 Walsh Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2403 Walsh Street | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 5,514 | |||
Buildings and improvements, Initial costs | 11,695 | |||
Costs capitalized subsequent to acquisition, Improvements | 38 | |||
Land, Total costs | 5,514 | |||
Buildings and improvements, Total costs | 11,733 | |||
Total | 17,247 | |||
Accumulated depreciation and amortization | -4,069 | |||
Date of acquisition or construction | 2005 | |||
200 North Nash Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 200 North Nash Street | |||
Metropolitan Area | Los Angeles | |||
Land, Initial costs | 4,562 | |||
Buildings and improvements, Initial costs | 12,503 | |||
Costs capitalized subsequent to acquisition, Improvements | 231 | |||
Land, Total costs | 4,562 | |||
Buildings and improvements, Total costs | 12,734 | |||
Total | 17,296 | |||
Accumulated depreciation and amortization | -4,798 | |||
Date of acquisition or construction | 2005 | |||
731 East Trade Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 731 East Trade Street | |||
Metropolitan Area | Charlotte | |||
Encumbrances | 4,356 | |||
Land, Initial costs | 1,748 | |||
Buildings and improvements, Initial costs | 5,727 | |||
Costs capitalized subsequent to acquisition, Improvements | 248 | |||
Land, Total costs | 1,748 | |||
Buildings and improvements, Total costs | 5,975 | |||
Total | 7,723 | |||
Accumulated depreciation and amortization | -1,854 | |||
Date of acquisition or construction | 2005 | |||
Unamortized net premiums | 520 | |||
113 North Myers | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 113 North Myers | |||
Metropolitan Area | Charlotte | |||
Land, Initial costs | 1,098 | |||
Buildings and improvements, Initial costs | 3,127 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,938 | |||
Land, Total costs | 1,098 | |||
Buildings and improvements, Total costs | 5,065 | |||
Total | 6,163 | |||
Accumulated depreciation and amortization | -1,829 | |||
Date of acquisition or construction | 2005 | |||
125 North Myers | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 125 North Myers | |||
Metropolitan Area | Charlotte | |||
Land, Initial costs | 1,271 | |||
Buildings and improvements, Initial costs | 3,738 | |||
Costs capitalized subsequent to acquisition, Improvements | 6,175 | |||
Land, Total costs | 1,271 | |||
Buildings and improvements, Total costs | 9,913 | |||
Total | 11,184 | |||
Accumulated depreciation and amortization | -5,847 | |||
Date of acquisition or construction | 2005 | |||
Paul van Vlissingenstraat 16 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Paul van Vlissingenstraat 16 | |||
Metropolitan Area | Amsterdam | |||
Buildings and improvements, Initial costs | 15,255 | |||
Costs capitalized subsequent to acquisition, Improvements | 27,683 | |||
Buildings and improvements, Total costs | 42,938 | |||
Total | 42,938 | |||
Accumulated depreciation and amortization | -11,795 | |||
Date of acquisition or construction | 2005 | |||
600-780 S. Federal | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 600-780 S. Federal | |||
Metropolitan Area | Chicago | |||
Land, Initial costs | 7,849 | |||
Buildings and improvements, Initial costs | 27,881 | |||
Costs capitalized subsequent to acquisition, Improvements | 34,290 | |||
Land, Total costs | 7,849 | |||
Buildings and improvements, Total costs | 62,171 | |||
Total | 70,020 | |||
Accumulated depreciation and amortization | -11,683 | |||
Date of acquisition or construction | 2005 | |||
115 Second Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 115 Second Avenue | |||
Metropolitan Area | Boston | |||
Land, Initial costs | 1,691 | |||
Buildings and improvements, Initial costs | 12,569 | |||
Costs capitalized subsequent to acquisition, Improvements | 10,155 | |||
Land, Total costs | 1,691 | |||
Buildings and improvements, Total costs | 22,724 | |||
Total | 24,415 | |||
Accumulated depreciation and amortization | -11,751 | |||
Date of acquisition or construction | 2005 | |||
Chemin de l’Epinglier 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Chemin de l’Epinglier 2 | |||
Metropolitan Area | Geneva | |||
Buildings and improvements, Initial costs | 20,071 | |||
Costs capitalized subsequent to acquisition, Improvements | 519 | |||
Buildings and improvements, Total costs | 20,590 | |||
Total | 20,590 | |||
Accumulated depreciation and amortization | -6,458 | |||
Date of acquisition or construction | 2005 | |||
251 Exchange Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 251 Exchange Place | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 1,622 | |||
Buildings and improvements, Initial costs | 10,425 | |||
Costs capitalized subsequent to acquisition, Improvements | 304 | |||
Land, Total costs | 1,622 | |||
Buildings and improvements, Total costs | 10,729 | |||
Total | 12,351 | |||
Accumulated depreciation and amortization | -3,798 | |||
Date of acquisition or construction | 2005 | |||
7500 Metro Center Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 7500 Metro Center Drive | |||
Metropolitan Area | Austin | |||
Land, Initial costs | 1,177 | |||
Buildings and improvements, Initial costs | 4,877 | |||
Costs capitalized subsequent to acquisition, Improvements | 68,441 | |||
Land, Total costs | 1,177 | |||
Buildings and improvements, Total costs | 73,318 | |||
Total | 74,495 | |||
Accumulated depreciation and amortization | -3,447 | |||
Date of acquisition or construction | 2005 | |||
3 Corporate Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 3 Corporate Place | |||
Metropolitan Area | NY Metro | |||
Land, Initial costs | 2,124 | |||
Buildings and improvements, Initial costs | 12,678 | |||
Costs capitalized subsequent to acquisition, Improvements | 117,173 | |||
Land, Total costs | 2,124 | |||
Buildings and improvements, Total costs | 129,851 | |||
Total | 131,975 | |||
Accumulated depreciation and amortization | -59,468 | |||
Date of acquisition or construction | 2005 | |||
4025 Midway Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 4025 Midway Road | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 2,196 | |||
Buildings and improvements, Initial costs | 14,037 | |||
Costs capitalized subsequent to acquisition, Improvements | 28,208 | |||
Land, Total costs | 2,196 | |||
Buildings and improvements, Total costs | 42,245 | |||
Total | 44,441 | |||
Accumulated depreciation and amortization | -21,845 | |||
Date of acquisition or construction | 2006 | |||
Clonshaugh Industrial Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Clonshaugh Industrial Estate | |||
Metropolitan Area | Dublin | |||
Acquired ground lease, Initial costs | 1,444 | |||
Buildings and improvements, Initial costs | 5,569 | |||
Costs capitalized subsequent to acquisition, Improvements | 2,208 | |||
Acquired ground lease, Total costs | 100 | |||
Buildings and improvements, Total costs | 9,121 | |||
Total | 9,221 | |||
Accumulated depreciation and amortization | -4,692 | |||
Date of acquisition or construction | 2006 | |||
6800 Millcreek Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 6800 Millcreek Drive | |||
Metropolitan Area | Toronto | |||
Land, Initial costs | 1,657 | |||
Buildings and improvements, Initial costs | 11,352 | |||
Costs capitalized subsequent to acquisition, Improvements | 2,279 | |||
Land, Total costs | 1,657 | |||
Buildings and improvements, Total costs | 13,631 | |||
Total | 15,288 | |||
Accumulated depreciation and amortization | -4,760 | |||
Date of acquisition or construction | 2006 | |||
101 Aquila Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 101 Aquila Way | |||
Metropolitan Area | Atlanta | |||
Land, Initial costs | 1,480 | |||
Buildings and improvements, Initial costs | 34,797 | |||
Costs capitalized subsequent to acquisition, Improvements | 44 | |||
Land, Total costs | 1,480 | |||
Buildings and improvements, Total costs | 34,841 | |||
Total | 36,321 | |||
Accumulated depreciation and amortization | -10,985 | |||
Date of acquisition or construction | 2006 | |||
12001 North Freeway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 12001 North Freeway | |||
Metropolitan Area | Houston | |||
Land, Initial costs | 6,965 | |||
Buildings and improvements, Initial costs | 23,492 | |||
Costs capitalized subsequent to acquisition, Improvements | 139,058 | |||
Land, Total costs | 6,965 | |||
Buildings and improvements, Total costs | 162,550 | |||
Total | 169,515 | |||
Accumulated depreciation and amortization | -23,138 | |||
Date of acquisition or construction | 2006 | |||
120 E Van Buren | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 120 E Van Buren | |||
Metropolitan Area | Phoenix | |||
Land, Initial costs | 4,524 | |||
Buildings and improvements, Initial costs | 157,822 | |||
Costs capitalized subsequent to acquisition, Improvements | 103,469 | |||
Land, Total costs | 4,524 | |||
Buildings and improvements, Total costs | 261,291 | |||
Total | 265,815 | |||
Accumulated depreciation and amortization | -88,800 | |||
Date of acquisition or construction | 2006 | |||
Gyroscoopweg 2E-2F | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Gyroscoopweg 2E-2F | |||
Metropolitan Area | Amsterdam | |||
Buildings and improvements, Initial costs | 13,450 | |||
Costs capitalized subsequent to acquisition, Improvements | -735 | |||
Land, Total costs | 0 | |||
Buildings and improvements, Total costs | 12,715 | |||
Total | 12,715 | |||
Accumulated depreciation and amortization | -3,936 | |||
Date of acquisition or construction | 2006 | |||
Clonshaugh Industrial Estate II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Clonshaugh Industrial Estate II | |||
Metropolitan Area | Dublin | |||
Buildings and improvements, Initial costs | 0 | |||
Costs capitalized subsequent to acquisition, Improvements | 84,261 | |||
Land, Total costs | 0 | |||
Buildings and improvements, Total costs | 84,261 | |||
Total | 84,261 | |||
Accumulated depreciation and amortization | -30,832 | |||
Date of acquisition or construction | 2006 | |||
600 Winter Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 600 Winter Street | |||
Metropolitan Area | Boston | |||
Land, Initial costs | 1,429 | |||
Buildings and improvements, Initial costs | 6,228 | |||
Costs capitalized subsequent to acquisition, Improvements | 456 | |||
Land, Total costs | 1,429 | |||
Buildings and improvements, Total costs | 6,684 | |||
Total | 8,113 | |||
Accumulated depreciation and amortization | -1,649 | |||
Date of acquisition or construction | 2006 | |||
2300 NW 89th Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2300 NW 89th Place | |||
Metropolitan Area | Miami | |||
Land, Initial costs | 1,022 | |||
Buildings and improvements, Initial costs | 3,767 | |||
Costs capitalized subsequent to acquisition, Improvements | 18 | |||
Land, Total costs | 1,022 | |||
Buildings and improvements, Total costs | 3,785 | |||
Total | 4,807 | |||
Accumulated depreciation and amortization | -1,303 | |||
Date of acquisition or construction | 2006 | |||
2055 East Technology Circle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2055 East Technology Circle | |||
Metropolitan Area | Phoenix | |||
Land, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 8,519 | |||
Costs capitalized subsequent to acquisition, Improvements | 27,334 | |||
Buildings and improvements, Total costs | 35,853 | |||
Total | 35,853 | |||
Accumulated depreciation and amortization | -18,915 | |||
Date of acquisition or construction | 2006 | |||
114 Rue Ambroise Croizat | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 114 Rue Ambroise Croizat | |||
Metropolitan Area | Paris | |||
Land, Initial costs | 12,261 | |||
Buildings and improvements, Initial costs | 34,051 | |||
Costs capitalized subsequent to acquisition, Improvements | 77,144 | |||
Land, Total costs | 10,618 | |||
Buildings and improvements, Total costs | 112,838 | |||
Total | 123,456 | |||
Accumulated depreciation and amortization | -36,597 | |||
Date of acquisition or construction | 2006 | |||
Unit 9, Blanchardstown Corporate Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Unit 9, Blanchardstown Corporate Park | |||
Metropolitan Area | Dublin | |||
Land, Initial costs | 1,927 | |||
Buildings and improvements, Initial costs | 40,024 | |||
Costs capitalized subsequent to acquisition, Improvements | 19,050 | |||
Land, Total costs | 1,751 | |||
Buildings and improvements, Total costs | 59,250 | |||
Total | 61,001 | |||
Accumulated depreciation and amortization | -16,587 | |||
Date of acquisition or construction | 2006 | |||
111 8th Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 111 8th Avenue | |||
Metropolitan Area | NY Metro | |||
Buildings and improvements, Initial costs | 17,688 | |||
Costs capitalized subsequent to acquisition, Improvements | 16,238 | |||
Buildings and improvements, Total costs | 33,926 | |||
Total | 33,926 | |||
Accumulated depreciation and amortization | -25,783 | |||
Date of acquisition or construction | 2006 | |||
1807 Michael Faraday Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1807 Michael Faraday Court | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 1,499 | |||
Buildings and improvements, Initial costs | 4,578 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,984 | |||
Land, Total costs | 1,499 | |||
Buildings and improvements, Total costs | 6,562 | |||
Total | 8,061 | |||
Accumulated depreciation and amortization | -2,530 | |||
Date of acquisition or construction | 2006 | |||
8100 Boone Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 8100 Boone Boulevard | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 158 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,163 | |||
Buildings and improvements, Total costs | 1,321 | |||
Total | 1,321 | |||
Accumulated depreciation and amortization | -1,037 | |||
Date of acquisition or construction | 2006 | |||
21110 Ridgetop Circle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 21110 Ridgetop Circle | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 2,934 | |||
Buildings and improvements, Initial costs | 14,311 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,307 | |||
Land, Total costs | 2,934 | |||
Buildings and improvements, Total costs | 15,618 | |||
Total | 18,552 | |||
Accumulated depreciation and amortization | -4,250 | |||
Date of acquisition or construction | 2007 | |||
3011 Lafayette Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 3011 Lafayette Street | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 3,354 | |||
Buildings and improvements, Initial costs | 10,305 | |||
Costs capitalized subsequent to acquisition, Improvements | 48,914 | |||
Land, Total costs | 3,354 | |||
Buildings and improvements, Total costs | 59,219 | |||
Total | 62,573 | |||
Accumulated depreciation and amortization | -34,767 | |||
Date of acquisition or construction | 2007 | |||
44470 Chilum Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 44470 Chilum Place | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 3,531 | |||
Buildings and improvements, Initial costs | 37,360 | |||
Costs capitalized subsequent to acquisition, Improvements | 0 | |||
Land, Total costs | 3,531 | |||
Buildings and improvements, Total costs | 37,360 | |||
Total | 40,891 | |||
Accumulated depreciation and amortization | -8,039 | |||
Date of acquisition or construction | 2007 | |||
43881 Devin Shafron Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 43881 Devin Shafron Drive | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 4,653 | |||
Buildings and improvements, Initial costs | 23,631 | |||
Costs capitalized subsequent to acquisition, Improvements | 91,142 | |||
Land, Total costs | 4,653 | |||
Buildings and improvements, Total costs | 114,773 | |||
Total | 119,426 | |||
Accumulated depreciation and amortization | -61,383 | |||
Date of acquisition or construction | 2007 | |||
43831 Devin Shafron Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 43831 Devin Shafron Drive | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 3,027 | |||
Buildings and improvements, Initial costs | 16,247 | |||
Costs capitalized subsequent to acquisition, Improvements | 641 | |||
Land, Total costs | 3,027 | |||
Buildings and improvements, Total costs | 16,888 | |||
Total | 19,915 | |||
Accumulated depreciation and amortization | -4,006 | |||
Date of acquisition or construction | 2007 | |||
43791 Devin Shafron Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 43791 Devin Shafron Drive | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 3,490 | |||
Buildings and improvements, Initial costs | 17,444 | |||
Costs capitalized subsequent to acquisition, Improvements | 71,493 | |||
Land, Total costs | 3,490 | |||
Buildings and improvements, Total costs | 88,937 | |||
Total | 92,427 | |||
Accumulated depreciation and amortization | -31,232 | |||
Date of acquisition or construction | 2007 | |||
Mundells Roundabout | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Mundells Roundabout | |||
Metropolitan Area | London | |||
Land, Initial costs | 31,354 | |||
Buildings and improvements, Initial costs | 0 | |||
Costs capitalized subsequent to acquisition, Improvements | 58,218 | |||
Land, Total costs | 24,830 | |||
Buildings and improvements, Total costs | 64,742 | |||
Total | 89,572 | |||
Accumulated depreciation and amortization | -10,422 | |||
Date of acquisition or construction | 2007 | |||
210 N Tucker | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 210 N Tucker | |||
Metropolitan Area | St. Louis | |||
Land, Initial costs | 2,042 | |||
Buildings and improvements, Initial costs | 17,223 | |||
Costs capitalized subsequent to acquisition, Improvements | 96,960 | |||
Carrying costs | -64,040 | |||
Land, Total costs | 2,042 | |||
Buildings and improvements, Total costs | 50,143 | |||
Total | 52,185 | |||
Accumulated depreciation and amortization | -12,218 | |||
Date of acquisition or construction | 2007 | |||
1 Savvis Parkway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 900 Walnut Street | |||
Metropolitan Area | St. Louis | |||
Land, Initial costs | 1,791 | |||
Buildings and improvements, Initial costs | 29,516 | |||
Costs capitalized subsequent to acquisition, Improvements | 3,912 | |||
Land, Total costs | 1,791 | |||
Buildings and improvements, Total costs | 33,428 | |||
Total | 35,219 | |||
Accumulated depreciation and amortization | -7,906 | |||
Date of acquisition or construction | 2007 | |||
1 Savvis Parkway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1 Savvis Parkway | |||
Metropolitan Area | St. Louis | |||
Land, Initial costs | 3,301 | |||
Buildings and improvements, Initial costs | 20,639 | |||
Costs capitalized subsequent to acquisition, Improvements | 239 | |||
Land, Total costs | 3,301 | |||
Buildings and improvements, Total costs | 20,878 | |||
Total | 24,179 | |||
Accumulated depreciation and amortization | -4,845 | |||
Date of acquisition or construction | 2007 | |||
1500 Space Park Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1500 Space Park Drive | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 6,732 | |||
Buildings and improvements, Initial costs | 6,325 | |||
Costs capitalized subsequent to acquisition, Improvements | 46,110 | |||
Land, Total costs | 4,106 | |||
Buildings and improvements, Total costs | 55,061 | |||
Total | 59,167 | |||
Accumulated depreciation and amortization | -34,777 | |||
Date of acquisition or construction | 2007 | |||
Cressex 1 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Cressex 1 | |||
Metropolitan Area | London | |||
Encumbrances | 0 | |||
Land, Initial costs | 3,629 | |||
Buildings and improvements, Initial costs | 9,036 | |||
Costs capitalized subsequent to acquisition, Improvements | 25,585 | |||
Land, Total costs | 2,994 | |||
Buildings and improvements, Total costs | 35,256 | |||
Total | 38,250 | |||
Accumulated depreciation and amortization | -15,006 | |||
Date of acquisition or construction | 2007 | |||
Naritaweg 52 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Naritaweg 52 | |||
Metropolitan Area | Amsterdam | |||
Acquired ground lease, Initial costs | 1,192 | |||
Buildings and improvements, Initial costs | 23,441 | |||
Costs capitalized subsequent to acquisition, Improvements | -4,013 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 989 | |||
Buildings and improvements, Total costs | 19,631 | |||
Total | 20,620 | |||
Accumulated depreciation and amortization | -4,210 | |||
Date of acquisition or construction | 2007 | |||
1 St. Anne’s Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1 St. Anne’s Boulevard | |||
Metropolitan Area | London | |||
Land, Initial costs | 1,490 | |||
Buildings and improvements, Initial costs | 1,045 | |||
Costs capitalized subsequent to acquisition, Improvements | -420 | |||
Land, Total costs | 1,192 | |||
Buildings and improvements, Total costs | 923 | |||
Total | 2,115 | |||
Accumulated depreciation and amortization | -165 | |||
Date of acquisition or construction | 2007 | |||
2 St. Anne’s Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2 St. Anne’s Boulevard | |||
Metropolitan Area | London | |||
Land, Initial costs | 922 | |||
Buildings and improvements, Initial costs | 695 | |||
Costs capitalized subsequent to acquisition, Improvements | 39,930 | |||
Land, Total costs | 794 | |||
Buildings and improvements, Total costs | 40,753 | |||
Total | 41,547 | |||
Accumulated depreciation and amortization | -3,464 | |||
Date of acquisition or construction | 2007 | |||
3 St. Anne’s Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 3 St. Anne’s Boulevard | |||
Metropolitan Area | London | |||
Land, Initial costs | 22,079 | |||
Buildings and improvements, Initial costs | 16,351 | |||
Costs capitalized subsequent to acquisition, Improvements | 103,456 | |||
Land, Total costs | 17,508 | |||
Buildings and improvements, Total costs | 124,378 | |||
Total | 141,886 | |||
Accumulated depreciation and amortization | -35,795 | |||
Date of acquisition or construction | 2007 | |||
365 South Randolphville Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 365 South Randolphville Road | |||
Metropolitan Area | NY Metro | |||
Land, Initial costs | 3,019 | |||
Buildings and improvements, Initial costs | 17,404 | |||
Costs capitalized subsequent to acquisition, Improvements | 249,916 | |||
Land, Total costs | 3,019 | |||
Buildings and improvements, Total costs | 267,320 | |||
Total | 270,339 | |||
Accumulated depreciation and amortization | -49,801 | |||
Date of acquisition or construction | 2008 | |||
701 & 717 Leonard Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 701Â & 717 Leonard Street | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 2,165 | |||
Buildings and improvements, Initial costs | 9,934 | |||
Costs capitalized subsequent to acquisition, Improvements | 797 | |||
Land, Total costs | 2,165 | |||
Buildings and improvements, Total costs | 10,731 | |||
Total | 12,896 | |||
Accumulated depreciation and amortization | -1,832 | |||
Date of acquisition or construction | 2008 | |||
650 Randolph Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 650 Randolph Road | |||
Metropolitan Area | NY Metro | |||
Land, Initial costs | 3,986 | |||
Buildings and improvements, Initial costs | 6,883 | |||
Costs capitalized subsequent to acquisition, Improvements | 5,862 | |||
Carrying costs | -6,600 | |||
Land, Total costs | 3,986 | |||
Buildings and improvements, Total costs | 6,145 | |||
Total | 10,131 | |||
Accumulated depreciation and amortization | -1,453 | |||
Date of acquisition or construction | 2008 | |||
Manchester Technopark | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Manchester Technopark | |||
Metropolitan Area | Manchester | |||
Encumbrances | 0 | |||
Buildings and improvements, Initial costs | 23,918 | |||
Costs capitalized subsequent to acquisition, Improvements | -4,773 | |||
Land, Total costs | 0 | |||
Buildings and improvements, Total costs | 19,145 | |||
Total | 19,145 | |||
Accumulated depreciation and amortization | -3,591 | |||
Date of acquisition or construction | 2008 | |||
1201 Comstock Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1201 Comstock Street | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 2,093 | |||
Buildings and improvements, Initial costs | 1,606 | |||
Costs capitalized subsequent to acquisition, Improvements | 26,519 | |||
Land, Total costs | 3,398 | |||
Buildings and improvements, Total costs | 26,820 | |||
Total | 30,218 | |||
Accumulated depreciation and amortization | -12,123 | |||
Date of acquisition or construction | 2008 | |||
1550 Space Park Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1550 Space Park Drive | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 2,301 | |||
Buildings and improvements, Initial costs | 766 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,741 | |||
Land, Total costs | 1,926 | |||
Buildings and improvements, Total costs | 2,882 | |||
Total | 4,808 | |||
Date of acquisition or construction | 2008 | |||
1525 Comstock Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1525 Comstock Street | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 2,293 | |||
Buildings and improvements, Initial costs | 16,216 | |||
Costs capitalized subsequent to acquisition, Improvements | 29,539 | |||
Land, Total costs | 2,061 | |||
Buildings and improvements, Total costs | 45,987 | |||
Total | 48,048 | |||
Accumulated depreciation and amortization | -19,711 | |||
Date of acquisition or construction | 2008 | |||
43830 Devin Shafron Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 43830 Devin Shafron Drive | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 5,509 | |||
Costs capitalized subsequent to acquisition, Improvements | 73,297 | |||
Land, Total costs | 5,509 | |||
Buildings and improvements, Total costs | 73,297 | |||
Total | 78,806 | |||
Accumulated depreciation and amortization | -16,705 | |||
Date of acquisition or construction | 2009 | |||
1232 Alma Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1232 Alma Road | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 2,267 | |||
Buildings and improvements, Initial costs | 3,740 | |||
Costs capitalized subsequent to acquisition, Improvements | 63,038 | |||
Land, Total costs | 2,267 | |||
Buildings and improvements, Total costs | 66,778 | |||
Total | 69,045 | |||
Accumulated depreciation and amortization | -20,794 | |||
Date of acquisition or construction | 2009 | |||
900 Quality Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 900 Quality Way | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 1,446 | |||
Buildings and improvements, Initial costs | 1,659 | |||
Costs capitalized subsequent to acquisition, Improvements | 51,325 | |||
Land, Total costs | 1,446 | |||
Buildings and improvements, Total costs | 52,984 | |||
Total | 54,430 | |||
Accumulated depreciation and amortization | -6,651 | |||
Date of acquisition or construction | 2009 | |||
1210 Integrity Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1210 Integrity Drive | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 2,041 | |||
Buildings and improvements, Initial costs | 3,389 | |||
Costs capitalized subsequent to acquisition, Improvements | 4,927 | |||
Land, Total costs | 3,539 | |||
Buildings and improvements, Total costs | 6,818 | |||
Total | 10,357 | |||
Date of acquisition or construction | 2009 | |||
907 Security Row | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 907 Security Row | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 333 | |||
Buildings and improvements, Initial costs | 344 | |||
Costs capitalized subsequent to acquisition, Improvements | 9,767 | |||
Land, Total costs | 2,103 | |||
Buildings and improvements, Total costs | 8,341 | |||
Total | 10,444 | |||
Date of acquisition or construction | 2009 | |||
908 Quality Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 908 Quality Way | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 6,730 | |||
Buildings and improvements, Initial costs | 4,493 | |||
Costs capitalized subsequent to acquisition, Improvements | 13,782 | |||
Land, Total costs | 2,067 | |||
Buildings and improvements, Total costs | 22,938 | |||
Total | 25,005 | |||
Accumulated depreciation and amortization | -9,915 | |||
Date of acquisition or construction | 2009 | |||
904 Quality Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 904 Quality Way | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 760 | |||
Buildings and improvements, Initial costs | 744 | |||
Costs capitalized subsequent to acquisition, Improvements | 6,805 | |||
Land, Total costs | 1,151 | |||
Buildings and improvements, Total costs | 7,158 | |||
Total | 8,309 | |||
Accumulated depreciation and amortization | -435 | |||
Date of acquisition or construction | 2009 | |||
905 Security Row | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 905 Security Row | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 4,056 | |||
Buildings and improvements, Initial costs | 1,553 | |||
Costs capitalized subsequent to acquisition, Improvements | -5,609 | |||
Land, Total costs | 0 | |||
Buildings and improvements, Total costs | 0 | |||
Total | 0 | |||
Date of acquisition or construction | 2009 | |||
1215 Integrity Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1215 Integrity Drive | |||
Metropolitan Area | Dallas | |||
Costs capitalized subsequent to acquisition, Improvements | 43,447 | |||
Land, Total costs | 1,899 | |||
Buildings and improvements, Total costs | 41,548 | |||
Total | 43,447 | |||
Accumulated depreciation and amortization | -6,128 | |||
Date of acquisition or construction | 2009 | |||
1350 Duane | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1350 Duane | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 7,081 | |||
Buildings and improvements, Initial costs | 69,817 | |||
Costs capitalized subsequent to acquisition, Improvements | 60 | |||
Land, Total costs | 7,081 | |||
Buildings and improvements, Total costs | 69,877 | |||
Total | 76,958 | |||
Accumulated depreciation and amortization | -9,365 | |||
Date of acquisition or construction | 2009 | |||
45901 & 45845 Nokes Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 45901Â & 45845 Nokes Boulevard | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 3,437 | |||
Buildings and improvements, Initial costs | 28,785 | |||
Costs capitalized subsequent to acquisition, Improvements | 449 | |||
Land, Total costs | 3,437 | |||
Buildings and improvements, Total costs | 29,234 | |||
Total | 32,671 | |||
Accumulated depreciation and amortization | -4,089 | |||
Date of acquisition or construction | 2009 | |||
21561 & 21571 Beaumeade Circle | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 21561Â & 21571 Beaumeade Circle | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 3,966 | |||
Buildings and improvements, Initial costs | 24,211 | |||
Costs capitalized subsequent to acquisition, Improvements | 44 | |||
Land, Total costs | 3,966 | |||
Buildings and improvements, Total costs | 24,255 | |||
Total | 28,221 | |||
Accumulated depreciation and amortization | -3,137 | |||
Date of acquisition or construction | 2009 | |||
60 & 80 Merritt | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 60Â & 80 Merritt | |||
Metropolitan Area | NY Metro | |||
Land, Initial costs | 3,418 | |||
Buildings and improvements, Initial costs | 71,477 | |||
Costs capitalized subsequent to acquisition, Improvements | 90,701 | |||
Land, Total costs | 3,418 | |||
Buildings and improvements, Total costs | 162,178 | |||
Total | 165,596 | |||
Accumulated depreciation and amortization | -16,180 | |||
Date of acquisition or construction | 2010 | |||
55 Middlesex | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 55 Middlesex | |||
Metropolitan Area | Boston | |||
Land, Initial costs | 9,975 | |||
Buildings and improvements, Initial costs | 68,363 | |||
Costs capitalized subsequent to acquisition, Improvements | 7,093 | |||
Land, Total costs | 9,975 | |||
Buildings and improvements, Total costs | 75,456 | |||
Total | 85,431 | |||
Accumulated depreciation and amortization | -12,773 | |||
Date of acquisition or construction | 2010 | |||
128 First Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 128 First Avenue | |||
Metropolitan Area | Boston | |||
Land, Initial costs | 5,465 | |||
Buildings and improvements, Initial costs | 185,348 | |||
Costs capitalized subsequent to acquisition, Improvements | 28,337 | |||
Land, Total costs | 5,465 | |||
Buildings and improvements, Total costs | 213,685 | |||
Total | 219,150 | |||
Accumulated depreciation and amortization | -36,210 | |||
Date of acquisition or construction | 2010 | |||
Cateringweg 5 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Cateringweg 5 | |||
Metropolitan Area | Amsterdam | |||
Acquired ground lease, Initial costs | 3,518 | |||
Buildings and improvements, Initial costs | 3,517 | |||
Costs capitalized subsequent to acquisition, Improvements | 41,618 | |||
Acquired ground lease, Total costs | 3,478 | |||
Buildings and improvements, Total costs | 45,175 | |||
Total | 48,653 | |||
Accumulated depreciation and amortization | -4,278 | |||
Date of acquisition or construction | 2010 | |||
1725 Comstock Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1725 Comstock Street | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 3,274 | |||
Buildings and improvements, Initial costs | 6,567 | |||
Costs capitalized subsequent to acquisition, Improvements | 37,682 | |||
Land, Total costs | 3,274 | |||
Buildings and improvements, Total costs | 44,249 | |||
Total | 47,523 | |||
Accumulated depreciation and amortization | -12,662 | |||
Date of acquisition or construction | 2010 | |||
3015 and 3115 Alfred Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 3015 and 3115 Alfred Street | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 6,533 | |||
Buildings and improvements, Initial costs | 3,725 | |||
Costs capitalized subsequent to acquisition, Improvements | 55,292 | |||
Land, Total costs | 6,533 | |||
Buildings and improvements, Total costs | 59,017 | |||
Total | 65,550 | |||
Accumulated depreciation and amortization | -13,815 | |||
Date of acquisition or construction | 2010 | |||
365 Main Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 365 Main Street | |||
Metropolitan Area | San Francisco | |||
Land, Initial costs | 22,854 | |||
Buildings and improvements, Initial costs | 158,709 | |||
Costs capitalized subsequent to acquisition, Improvements | 21,915 | |||
Land, Total costs | 22,854 | |||
Buildings and improvements, Total costs | 180,624 | |||
Total | 203,478 | |||
Accumulated depreciation and amortization | -25,010 | |||
Date of acquisition or construction | 2010 | |||
720 2nd Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 720 2nd Street | |||
Metropolitan Area | San Francisco | |||
Land, Initial costs | 3,884 | |||
Buildings and improvements, Initial costs | 116,861 | |||
Costs capitalized subsequent to acquisition, Improvements | 8,846 | |||
Land, Total costs | 3,884 | |||
Buildings and improvements, Total costs | 125,707 | |||
Total | 129,591 | |||
Accumulated depreciation and amortization | -16,085 | |||
Date of acquisition or construction | 2010 | |||
2260 East El Segundo | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2260 East El Segundo | |||
Metropolitan Area | Los Angeles | |||
Land, Initial costs | 11,053 | |||
Buildings and improvements, Initial costs | 51,397 | |||
Costs capitalized subsequent to acquisition, Improvements | 12,152 | |||
Land, Total costs | 11,053 | |||
Buildings and improvements, Total costs | 63,549 | |||
Total | 74,602 | |||
Accumulated depreciation and amortization | -9,439 | |||
Date of acquisition or construction | 2010 | |||
2121 South Price Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2121 South Price Road | |||
Metropolitan Area | Phoenix | |||
Land, Initial costs | 7,335 | |||
Buildings and improvements, Initial costs | 238,452 | |||
Costs capitalized subsequent to acquisition, Improvements | 189,106 | |||
Land, Total costs | 7,335 | |||
Buildings and improvements, Total costs | 427,558 | |||
Total | 434,893 | |||
Accumulated depreciation and amortization | -46,542 | |||
Date of acquisition or construction | 2010 | |||
4030 La Fayette | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 4030 La Fayette | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 2,492 | |||
Buildings and improvements, Initial costs | 16,912 | |||
Costs capitalized subsequent to acquisition, Improvements | 3,252 | |||
Land, Total costs | 2,492 | |||
Buildings and improvements, Total costs | 20,164 | |||
Total | 22,656 | |||
Accumulated depreciation and amortization | -2,921 | |||
Date of acquisition or construction | 2010 | |||
4040 La Fayette | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 4040 La Fayette | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 1,246 | |||
Buildings and improvements, Initial costs | 4,267 | |||
Costs capitalized subsequent to acquisition, Improvements | 26,371 | |||
Land, Total costs | 1,246 | |||
Buildings and improvements, Total costs | 30,638 | |||
Total | 31,884 | |||
Accumulated depreciation and amortization | -765 | |||
Date of acquisition or construction | 2010 | |||
4050 La Fayette | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 4050 La Fayette | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 1,246 | |||
Buildings and improvements, Initial costs | 4,371 | |||
Costs capitalized subsequent to acquisition, Improvements | 34,847 | |||
Land, Total costs | 1,246 | |||
Buildings and improvements, Total costs | 39,218 | |||
Total | 40,464 | |||
Accumulated depreciation and amortization | -10,344 | |||
Date of acquisition or construction | 2010 | |||
800 Central Expressway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 800 Central Expressway | |||
Metropolitan Area | Silicon Valley | |||
Land, Initial costs | 8,976 | |||
Buildings and improvements, Initial costs | 18,155 | |||
Costs capitalized subsequent to acquisition, Improvements | 115,725 | |||
Land, Total costs | 8,976 | |||
Buildings and improvements, Total costs | 133,880 | |||
Total | 142,856 | |||
Accumulated depreciation and amortization | -4,984 | |||
Date of acquisition or construction | 2010 | |||
29A International Business Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 29A International Business Park | |||
Metropolitan Area | Singapore | |||
Buildings and improvements, Initial costs | 137,545 | |||
Costs capitalized subsequent to acquisition, Improvements | 163,173 | |||
Land, Total costs | 0 | |||
Buildings and improvements, Total costs | 300,718 | |||
Total | 300,718 | |||
Accumulated depreciation and amortization | -38,152 | |||
Date of acquisition or construction | 2010 | |||
Loudoun Parkway North | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Loudoun Parkway North | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 17,300 | |||
Costs capitalized subsequent to acquisition, Improvements | 294,643 | |||
Land, Total costs | 17,300 | |||
Buildings and improvements, Total costs | 294,643 | |||
Total | 311,943 | |||
Accumulated depreciation and amortization | -15,202 | |||
Date of acquisition or construction | 2011 | |||
1-23 Templar Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1-23 Templar Road | |||
Metropolitan Area | Sydney | |||
Land, Initial costs | 11,173 | |||
Costs capitalized subsequent to acquisition, Improvements | 43,301 | |||
Land, Total costs | 8,947 | |||
Buildings and improvements, Total costs | 45,527 | |||
Total | 54,474 | |||
Accumulated depreciation and amortization | -4,765 | |||
Date of acquisition or construction | 2011 | |||
Fountain Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Fountain Court | |||
Metropolitan Area | London | |||
Land, Initial costs | 7,544 | |||
Buildings and improvements, Initial costs | 12,506 | |||
Costs capitalized subsequent to acquisition, Improvements | 98,417 | |||
Land, Total costs | 7,561 | |||
Buildings and improvements, Total costs | 110,906 | |||
Total | 118,467 | |||
Accumulated depreciation and amortization | -5,736 | |||
Date of acquisition or construction | 2011 | |||
98 Radnor Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 98 Radnor Drive | |||
Metropolitan Area | Melbourne | |||
Land, Initial costs | 4,467 | |||
Costs capitalized subsequent to acquisition, Improvements | 90,737 | |||
Land, Total costs | 3,578 | |||
Buildings and improvements, Total costs | 91,626 | |||
Total | 95,204 | |||
Accumulated depreciation and amortization | -6,369 | |||
Date of acquisition or construction | 2011 | |||
Cabot Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Cabot Street | |||
Metropolitan Area | Boston | |||
Land, Initial costs | 2,386 | |||
Costs capitalized subsequent to acquisition, Improvements | 58,220 | |||
Land, Total costs | 2,427 | |||
Buildings and improvements, Total costs | 58,179 | |||
Total | 60,606 | |||
Accumulated depreciation and amortization | -1,745 | |||
Date of acquisition or construction | 2011 | |||
3825 NW Aloclek Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 3825 NW Aloclek Place | |||
Metropolitan Area | Portland | |||
Land, Initial costs | 1,689 | |||
Costs capitalized subsequent to acquisition, Improvements | 56,632 | |||
Land, Total costs | 1,689 | |||
Buildings and improvements, Total costs | 56,632 | |||
Total | 58,321 | |||
Accumulated depreciation and amortization | -7,388 | |||
Date of acquisition or construction | 2011 | |||
11085 Sun Center Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 11085 Sun Center Drive | |||
Metropolitan Area | Sacramento | |||
Land, Initial costs | 2,490 | |||
Buildings and improvements, Initial costs | 21,509 | |||
Land, Total costs | 2,490 | |||
Buildings and improvements, Total costs | 21,509 | |||
Total | 23,999 | |||
Accumulated depreciation and amortization | -2,013 | |||
Date of acquisition or construction | 2011 | |||
Profile Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Profile Park | |||
Metropolitan Area | Dublin | |||
Land, Initial costs | 6,288 | |||
Costs capitalized subsequent to acquisition, Improvements | 33,953 | |||
Land, Total costs | 5,898 | |||
Buildings and improvements, Total costs | 34,343 | |||
Total | 40,241 | |||
Date of acquisition or construction | 2011 | |||
1506 Moran Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1506 Moran Road | |||
Metropolitan Area | N. Virginia | |||
Land, Initial costs | 1,527 | |||
Costs capitalized subsequent to acquisition, Improvements | 17,187 | |||
Land, Total costs | 1,115 | |||
Buildings and improvements, Total costs | 17,599 | |||
Total | 18,714 | |||
Accumulated depreciation and amortization | -896 | |||
Date of acquisition or construction | 2011 | |||
760 Doug Davis Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 760 Doug Davis Drive | |||
Metropolitan Area | Atlanta | |||
Land, Initial costs | 4,837 | |||
Buildings and improvements, Initial costs | 53,551 | |||
Costs capitalized subsequent to acquisition, Improvements | 2,796 | |||
Land, Total costs | 4,837 | |||
Buildings and improvements, Total costs | 56,347 | |||
Total | 61,184 | |||
Accumulated depreciation and amortization | -5,591 | |||
Date of acquisition or construction | 2011 | |||
360 Spear Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 360 Spear Street | |||
Metropolitan Area | San Francisco | |||
Land, Initial costs | 19,828 | |||
Buildings and improvements, Initial costs | 56,733 | |||
Costs capitalized subsequent to acquisition, Improvements | -927 | |||
Land, Total costs | 19,828 | |||
Buildings and improvements, Total costs | 55,806 | |||
Total | 75,634 | |||
Accumulated depreciation and amortization | -6,317 | |||
Date of acquisition or construction | 2011 | |||
2501 S. State Hwy 121 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 2501 S. State Hwy 121 | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 23,137 | |||
Buildings and improvements, Initial costs | 93,943 | |||
Costs capitalized subsequent to acquisition, Improvements | 14,135 | |||
Land, Total costs | 23,137 | |||
Buildings and improvements, Total costs | 108,078 | |||
Total | 131,215 | |||
Accumulated depreciation and amortization | -12,877 | |||
Date of acquisition or construction | 2012 | |||
9333, 9355, 9377 Grand Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 9333, 9355, 9377 Grand Avenue | |||
Metropolitan Area | Chicago | |||
Land, Initial costs | 5,686 | |||
Buildings and improvements, Initial costs | 14,515 | |||
Costs capitalized subsequent to acquisition, Improvements | 184,394 | |||
Land, Total costs | 5,686 | |||
Buildings and improvements, Total costs | 198,909 | |||
Total | 204,595 | |||
Accumulated depreciation and amortization | -9,039 | |||
Date of acquisition or construction | 2012 | |||
8025 North Interstate 35 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 8025 North Interstate 35 | |||
Metropolitan Area | Austin | |||
Encumbrances | 6,119 | |||
Land, Initial costs | 2,920 | |||
Buildings and improvements, Initial costs | 8,512 | |||
Costs capitalized subsequent to acquisition, Improvements | 184 | |||
Land, Total costs | 2,920 | |||
Buildings and improvements, Total costs | 8,696 | |||
Total | 11,616 | |||
Accumulated depreciation and amortization | -856 | |||
Date of acquisition or construction | 2012 | |||
Unamortized net premiums | 62 | |||
850 E Collins | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 850 E Collins | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 1,614 | |||
Costs capitalized subsequent to acquisition, Improvements | 80,751 | |||
Land, Total costs | 1,614 | |||
Buildings and improvements, Total costs | 80,751 | |||
Total | 82,365 | |||
Accumulated depreciation and amortization | -3,163 | |||
Date of acquisition or construction | 2012 | |||
950 E Collins | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 950 E Collins | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 1,546 | |||
Costs capitalized subsequent to acquisition, Improvements | 66,094 | |||
Land, Total costs | 1,546 | |||
Buildings and improvements, Total costs | 66,094 | |||
Total | 67,640 | |||
Accumulated depreciation and amortization | -1,073 | |||
Date of acquisition or construction | 2012 | |||
400 S. Akard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 400 S. Akard | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 10,075 | |||
Buildings and improvements, Initial costs | 62,730 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,454 | |||
Land, Total costs | 10,075 | |||
Buildings and improvements, Total costs | 64,184 | |||
Total | 74,259 | |||
Accumulated depreciation and amortization | -4,254 | |||
Date of acquisition or construction | 2012 | |||
410 Commerce Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 410 Commerce Boulevard | |||
Metropolitan Area | NY Metro | |||
Costs capitalized subsequent to acquisition, Improvements | 29,623 | |||
Land, Total costs | 0 | |||
Buildings and improvements, Total costs | 29,623 | |||
Total | 29,623 | |||
Accumulated depreciation and amortization | -3,238 | |||
Date of acquisition or construction | 2012 | |||
Croydon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Croydon | |||
Metropolitan Area | London | |||
Land, Initial costs | 1,683 | |||
Buildings and improvements, Initial costs | 104,728 | |||
Costs capitalized subsequent to acquisition, Improvements | -1,992 | |||
Land, Total costs | 1,641 | |||
Buildings and improvements, Total costs | 102,778 | |||
Total | 104,419 | |||
Accumulated depreciation and amortization | -7,495 | |||
Date of acquisition or construction | 2012 | |||
Watford | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Watford | |||
Metropolitan Area | London | |||
Acquired ground lease, Initial costs | 7,355 | |||
Buildings and improvements, Initial costs | 219,273 | |||
Costs capitalized subsequent to acquisition, Improvements | 21,617 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 7,629 | |||
Buildings and improvements, Total costs | 240,616 | |||
Total | 248,245 | |||
Accumulated depreciation and amortization | -16,096 | |||
Date of acquisition or construction | 2012 | |||
Unit 21 Goldsworth Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Unit 21 Goldsworth Park | |||
Metropolitan Area | London | |||
Land, Initial costs | 17,334 | |||
Buildings and improvements, Initial costs | 928,129 | |||
Costs capitalized subsequent to acquisition, Improvements | 13,134 | |||
Land, Total costs | 16,698 | |||
Buildings and improvements, Total costs | 941,899 | |||
Total | 958,597 | |||
Accumulated depreciation and amortization | -64,416 | |||
Date of acquisition or construction | 2012 | |||
11900 East Cornell | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 11900 East Cornell | |||
Metropolitan Area | Denver | |||
Land, Initial costs | 3,352 | |||
Buildings and improvements, Initial costs | 80,640 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,365 | |||
Land, Total costs | 3,352 | |||
Buildings and improvements, Total costs | 82,005 | |||
Total | 85,357 | |||
Accumulated depreciation and amortization | -6,004 | |||
Date of acquisition or construction | 2012 | |||
701 Union Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 701 Union Boulevard | |||
Metropolitan Area | NY Metro | |||
Land, Initial costs | 10,045 | |||
Buildings and improvements, Initial costs | 6,755 | |||
Costs capitalized subsequent to acquisition, Improvements | 25,174 | |||
Land, Total costs | 10,045 | |||
Buildings and improvements, Total costs | 31,929 | |||
Total | 41,974 | |||
Date of acquisition or construction | 2012 | |||
23 Waterloo Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 23 Waterloo Road | |||
Metropolitan Area | Sydney | |||
Land, Initial costs | 7,112 | |||
Buildings and improvements, Initial costs | 3,868 | |||
Costs capitalized subsequent to acquisition, Improvements | -2,345 | |||
Land, Total costs | 5,593 | |||
Buildings and improvements, Total costs | 3,042 | |||
Total | 8,635 | |||
Accumulated depreciation and amortization | -183 | |||
Date of acquisition or construction | 2012 | |||
1 Rue Jean-Pierre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1 Rue Jean-Pierre | |||
Metropolitan Area | Paris | |||
Land, Initial costs | 9,621 | |||
Buildings and improvements, Initial costs | 35,825 | |||
Costs capitalized subsequent to acquisition, Improvements | -3,772 | |||
Land, Total costs | 8,822 | |||
Buildings and improvements, Total costs | 32,852 | |||
Total | 41,674 | |||
Accumulated depreciation and amortization | -2,383 | |||
Date of acquisition or construction | 2012 | |||
Liet-dit le Christ de Saclay | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Liet-dit le Christ de Saclay | |||
Metropolitan Area | Paris | |||
Land, Initial costs | 3,402 | |||
Buildings and improvements, Initial costs | 3,090 | |||
Costs capitalized subsequent to acquisition, Improvements | -539 | |||
Land, Total costs | 3,120 | |||
Buildings and improvements, Total costs | 2,833 | |||
Total | 5,953 | |||
Accumulated depreciation and amortization | -265 | |||
Date of acquisition or construction | 2012 | |||
127 Rue de Paris | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 127 Rue de Paris | |||
Metropolitan Area | Paris | |||
Land, Initial costs | 8,637 | |||
Buildings and improvements, Initial costs | 10,838 | |||
Costs capitalized subsequent to acquisition, Improvements | -1,617 | |||
Land, Total costs | 7,920 | |||
Buildings and improvements, Total costs | 9,938 | |||
Total | 17,858 | |||
Accumulated depreciation and amortization | -897 | |||
Date of acquisition or construction | 2012 | |||
17201 Waterview Parkway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 17201 Waterview Parkway | |||
Metropolitan Area | Dallas | |||
Land, Initial costs | 2,070 | |||
Buildings and improvements, Initial costs | 6,409 | |||
Costs capitalized subsequent to acquisition, Improvements | -1 | |||
Land, Total costs | 2,070 | |||
Buildings and improvements, Total costs | 6,408 | |||
Total | 8,478 | |||
Accumulated depreciation and amortization | -404 | |||
Date of acquisition or construction | 2013 | |||
1900 S. Price Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1900 S. Price Road | |||
Metropolitan Area | Phoenix | |||
Land, Initial costs | 5,380 | |||
Buildings and improvements, Initial costs | 16,975 | |||
Costs capitalized subsequent to acquisition, Improvements | 291 | |||
Land, Total costs | 5,380 | |||
Buildings and improvements, Total costs | 17,266 | |||
Total | 22,646 | |||
Accumulated depreciation and amortization | -1,378 | |||
Date of acquisition or construction | 2013 | |||
371 Gough Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 371 Gough Road | |||
Metropolitan Area | Toronto | |||
Land, Initial costs | 7,394 | |||
Buildings and improvements, Initial costs | 677 | |||
Costs capitalized subsequent to acquisition, Improvements | 69,861 | |||
Land, Total costs | 6,526 | |||
Buildings and improvements, Total costs | 71,406 | |||
Total | 77,932 | |||
Accumulated depreciation and amortization | -1,251 | |||
Date of acquisition or construction | 2013 | |||
1500 Towerview Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | 1500 Towerview Road | |||
Metropolitan Area | Minneapolis | |||
Land, Initial costs | 10,190 | |||
Buildings and improvements, Initial costs | 20,054 | |||
Costs capitalized subsequent to acquisition, Improvements | 657 | |||
Land, Total costs | 10,190 | |||
Buildings and improvements, Total costs | 20,711 | |||
Total | 30,901 | |||
Accumulated depreciation and amortization | -1,310 | |||
Date of acquisition or construction | 2013 | |||
Principal Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Principal Park | |||
Metropolitan Area | London | |||
Land, Initial costs | 11,837 | |||
Buildings and improvements, Initial costs | 0 | |||
Costs capitalized subsequent to acquisition, Improvements | 92,590 | |||
Land, Total costs | 13,804 | |||
Buildings and improvements, Total costs | 90,623 | |||
Total | 104,427 | |||
Date of acquisition or construction | 2013 | |||
MetCenter Business Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | MetCenter Business Park | |||
Metropolitan Area | Austin | |||
Land, Initial costs | 8,604 | |||
Buildings and improvements, Initial costs | 20,314 | |||
Costs capitalized subsequent to acquisition, Improvements | 45 | |||
Land, Total costs | 8,604 | |||
Buildings and improvements, Total costs | 20,359 | |||
Total | 28,963 | |||
Accumulated depreciation and amortization | -1,322 | |||
Date of acquisition or construction | 2013 | |||
Liverpoolweg 10 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Liverpoolweg 10 | |||
Metropolitan Area | Amsterdam | |||
Land, Initial costs | 733 | |||
Buildings and improvements, Initial costs | 3,122 | |||
Costs capitalized subsequent to acquisition, Improvements | 8,330 | |||
Land, Total costs | 680 | |||
Buildings and improvements, Total costs | 11,505 | |||
Total | 12,185 | |||
Accumulated depreciation and amortization | -366 | |||
Date of acquisition or construction | 2013 | |||
De President Business Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | De President Business Park | |||
Metropolitan Area | Amsterdam | |||
Land, Initial costs | 6,737 | |||
Costs capitalized subsequent to acquisition, Improvements | 6,453 | |||
Land, Total costs | 7,545 | |||
Buildings and improvements, Total costs | 5,645 | |||
Total | 13,190 | |||
Date of acquisition or construction | 2013 | |||
Saito Industrial Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Saito Industrial Park | |||
Metropolitan Area | Osaka | |||
Land, Initial costs | 9,649 | |||
Buildings and improvements, Initial costs | 0 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,704 | |||
Land, Total costs | 8,369 | |||
Buildings and improvements, Total costs | 2,984 | |||
Total | 11,353 | |||
Date of acquisition or construction | 2013 | |||
Crawley 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Crawley 2 | |||
Metropolitan Area | London | |||
Encumbrances | 0 | |||
Land, Initial costs | 24,305 | |||
Buildings and improvements, Initial costs | 0 | |||
Costs capitalized subsequent to acquisition, Improvements | 1,274 | |||
Land, Total costs | 23,233 | |||
Buildings and improvements, Total costs | 2,346 | |||
Total | 25,579 | |||
Accumulated depreciation and amortization | 0 | |||
Date of acquisition or construction | 2014 | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
PROPERTIES: | Other | |||
Buildings and improvements, Initial costs | 8,298 | |||
Costs capitalized subsequent to acquisition, Improvements | 47,636 | |||
Buildings and improvements, Total costs | 55,934 | |||
Total | 55,934 | |||
Accumulated depreciation and amortization | ($5,388) |
Schedule_III_Properties_And_Ac3
Schedule III Properties And Accumulated Depreciation (Summary Of Historical Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | $9,879,578 | $8,742,519 | $6,118,583 |
Additions during period (acquisitions and improvements) | 560,307 | 1,345,046 | 2,623,936 |
Deductions during period (dispositions, impairments and assets held for sale) | -457,273 | -207,987 | |
Balance, end of year | $9,982,612 | $9,879,578 | $8,742,519 |
Schedule_III_Properties_And_Ac4
Schedule III Properties And Accumulated Depreciation (Summary Of Accumulated Depreciation And Amortization) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $1,565,996 | $1,206,017 | $900,044 |
Additions during period (depreciation and amortization expense) | 413,652 | 386,935 | 305,973 |
Deductions during period (dispositions and assets held for sale) | -105,594 | -26,956 | |
Balance, end of year | $1,874,054 | $1,565,996 | $1,206,017 |
Uncategorized_Items
Uncategorized Items | |||||||||
[us-gaap_DerivativeForwardExchangeRate1] | 0.89 | 0.94 | 1.37 | 0.13 | 0.01 | 0.89 | 1.37 | 1.66 | 0.79 |