Digital Realty Trust 10-K 24 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 18, 2025	Jun. 28, 2024
Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-32336
Entity Registrant Name	DIGITAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0081711
Entity Address, Address Line One	2323 Bryan Street, Suite 1800
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	231-1350
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 50
Entity Common Stock, Shares Outstanding		336,644,245
Entity Central Index Key	0001297996
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Chicago, Illinois
Digital Realty Trust, L.P.
Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2024
Entity File Number	000-54023
Entity Registrant Name	DIGITAL REALTY TRUST, L.P.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-2402955
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Central Index Key	0001494877
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Common Stock
Entity Information
Title of 12(b) Security	Common Stock
Trading Symbol	DLR
Security Exchange Name	NYSE
Series J Cumulative Redeemable Preferred Stock
Entity Information
Title of 12(b) Security	Series J Cumulative Redeemable PreferredStock
Trading Symbol	DLR Pr J
Security Exchange Name	NYSE
Series K Cumulative Redeemable Preferred Stock
Entity Information
Title of 12(b) Security	Series K Cumulative Redeemable PreferredStock
Trading Symbol	DLR Pr K
Security Exchange Name	NYSE
Series L Cumulative Redeemable Preferred Units
Entity Information
Title of 12(b) Security	Series L Cumulative Redeemable PreferredStock
Trading Symbol	DLR Pr L
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments in real estate:
Investments in properties, net	$ 24,120,782	$ 24,236,088
Investments in unconsolidated entities	2,639,800	2,295,889
Net investments in real estate	26,760,582	26,531,977
Operating lease right-of-use assets, net	1,178,853	1,414,256
Cash and cash equivalents	3,870,891	1,625,495
Accounts and other receivables, net	1,257,464	1,278,110
Deferred rent, net	642,456	624,427
Goodwill	8,929,431	9,239,871
Customer relationship value, deferred leasing costs and other intangibles, net	2,178,054	2,500,237
Assets held for sale		478,503
Other assets	465,885	420,382
Total assets	45,283,616	44,113,258
LIABILITIES AND EQUITY
Global revolving credit facilities, net	1,611,308	1,812,287
Unsecured term loans, net	386,903	1,560,305
Unsecured senior notes, net of discount	13,962,852	13,422,342
Secured and other debt, net of discount	753,314	630,973
Operating lease liabilities	1,294,219	1,542,094
Accounts payable and other accrued liabilities	2,056,215	2,168,984
Deferred tax liabilities	1,084,562	1,151,096
Accrued dividends and distributions	418,661	387,988
Security deposits and prepaid rents	539,802	401,867
Obligations associated with assets held for sale		39,001
Total liabilities	22,107,836	23,116,937
Redeemable noncontrolling interests	1,433,185	1,394,814
Commitments and contingencies
Stockholders' Equity:
Preferred Stock: $0.01 par value per share, 110,000 shares authorized; $755,000 liquidation preference ($25.00 per share), 30,200 shares issued and outstanding as of December 31, 2024 and December 31, 2023	731,690	731,690
Common Stock: $0.01 par value per share, 502,000 and 392,000 shares authorized as of December 31, 2024 and December 31, 2023, respectively; and 336,637 and 311,608 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	3,337	3,088
Partners' capital:
Additional paid-in capital	28,079,738	24,396,797
Accumulated dividends in excess of earnings	(6,292,085)	(5,262,648)
Accumulated other comprehensive loss, net	(1,182,283)	(751,393)
Total stockholders' equity	21,340,397	19,117,534
Noncontrolling interests	402,198	483,973
Total equity	21,742,595	19,601,507
Total liabilities and equity	45,283,616	44,113,258
Digital Realty Trust, L.P.
Investments in real estate:
Investments in properties, net	24,120,782	24,236,088
Investments in unconsolidated entities	2,639,800	2,295,889
Net investments in real estate	26,760,582	26,531,977
Operating lease right-of-use assets, net	1,178,853	1,414,256
Cash and cash equivalents	3,870,891	1,625,495
Accounts and other receivables, net	1,257,464	1,278,110
Deferred rent, net	642,456	624,427
Goodwill	8,929,431	9,239,871
Customer relationship value, deferred leasing costs and other intangibles, net	2,178,054	2,500,237
Assets held for sale		478,503
Other assets	465,885	420,382
Total assets	45,283,616	44,113,258
LIABILITIES AND EQUITY
Global revolving credit facilities, net	1,611,308	1,812,287
Unsecured term loans, net	386,903	1,560,305
Unsecured senior notes, net of discount	13,962,852	13,422,342
Secured and other debt, net of discount	753,314	630,973
Operating lease liabilities	1,294,219	1,542,094
Accounts payable and other accrued liabilities	2,056,215	2,168,984
Deferred tax liabilities	1,084,562	1,151,096
Accrued dividends and distributions	418,661	387,988
Security deposits and prepaid rents	539,802	401,867
Obligations associated with assets held for sale		39,001
Total liabilities	22,107,836	23,116,937
Redeemable noncontrolling interests	1,433,185	1,394,814
Commitments and contingencies
Partners' capital:
Preferred units, $755,000 liquidation preference ($25.00 per unit), 30,200 units issued and outstanding as of December 31, 2024 and December 31, 2023	731,690	731,690
Common units, 336,637 and 311,608 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	21,790,990	19,137,237
Limited Partners, 6,135 and 6,449 units issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	426,183	459,356
Accumulated other comprehensive loss, net	(1,212,367)	(772,668)
Total partners' capital	21,736,496	19,555,615
Noncontrolling interests in consolidated entities	6,099	45,892
Total capital	21,742,595	19,601,507
Total liabilities and equity	$ 45,283,616	$ 44,113,258

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	110,000	110,000
Liquidation preference	$ 755,000	$ 755,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred stock, issued (shares)	30,200	30,200
Preferred stock, outstanding (shares)	30,200	30,200
Common stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Common stock, authorized (shares)	502,000	392,000
Common stock, shares, issued (shares)	336,637	311,608
Common stock, shares, outstanding (shares)	336,637	311,608
Digital Realty Trust, L.P.
Liquidation preference	$ 755,000	$ 755,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred units, issued (units)	30,200	30,200
Preferred units, outstanding (units)	30,200	30,200
Common units, issued (units)	336,637	311,608
Common units, outstanding (units)	336,637	311,608
Limited Partners' units, issued (units)	6,135	6,449
Limited Partners' units outstanding (units)	6,135	6,449

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Revenues:
Total operating revenues	$ 5,554,968	$ 5,477,061	$ 4,691,834
Operating Expenses:
Rental property operating and maintenance	2,318,337	2,381,666	1,825,817
Property taxes and insurance	200,778	216,405	191,745
Depreciation and amortization	1,771,797	1,694,859	1,577,933
General and administrative	480,023	449,056	422,167
Transactions and integration	93,902	84,722	68,766
Provision for impairment	191,184	118,363	3,000
Other	27,083	7,529	12,438
Total operating expenses	5,083,104	4,952,600	4,101,866
Operating income	471,864	524,461	589,968
Other Income (Expenses):
Equity in loss of unconsolidated entities	(120,138)	(29,791)	(13,497)
Gain on disposition of properties, net	595,825	900,531	176,754
Other income, net	154,243	68,431	8,917
Interest expense	(452,836)	(437,741)	(299,132)
Loss on debt extinguishment and modifications	(5,871)		(51,135)
Income tax expense	(54,760)	(75,579)	(31,550)
Net income	588,327	950,312	380,325
Net loss (income) attributable to noncontrolling interests	14,163	(1,474)	(2,641)
Net income attributable to Digital Realty Trust, Inc.	602,490	948,838	377,684
Preferred stock dividends	(40,724)	(40,724)	(40,724)
Net income available to common stockholders	$ 561,766	$ 908,114	$ 336,960
Net income per share available to common stockholders:
Basic (in dollars per share)	$ 1.74	$ 3.04	$ 1.18
Diluted (in dollars per share)	$ 1.61	$ 2.88	$ 1.11
Weighted average common shares outstanding:
Basic (in shares)	323,336	298,603	286,334
Diluted (in shares)	331,547	309,065	297,919
Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	$ 5,554,968	$ 5,477,061	$ 4,691,834
Operating Expenses:
Rental property operating and maintenance	2,318,337	2,381,666	1,825,817
Property taxes and insurance	200,778	216,405	191,745
Depreciation and amortization	1,771,797	1,694,859	1,577,933
General and administrative	480,023	449,056	422,167
Transactions and integration	93,902	84,722	68,766
Provision for impairment	191,184	118,363	3,000
Other	27,083	7,529	12,438
Total operating expenses	5,083,104	4,952,600	4,101,866
Operating income	471,864	524,461	589,968
Other Income (Expenses):
Equity in loss of unconsolidated entities	(120,138)	(29,791)	(13,497)
Gain on disposition of properties, net	595,825	900,531	176,754
Other income, net	154,243	68,431	8,917
Interest expense	(452,836)	(437,741)	(299,132)
Loss on debt extinguishment and modifications	(5,871)		(51,135)
Income tax expense	(54,760)	(75,579)	(31,550)
Net income	588,327	950,312	380,325
Net loss (income) attributable to noncontrolling interests	26,863	19,236	5,459
Net income attributable to Digital Realty Trust, Inc.	615,190	969,548	385,784
Preferred stock dividends	(40,724)	(40,724)	(40,724)
Net income available to common stockholders	$ 574,466	$ 928,824	$ 345,060
Net income per share available to common stockholders:
Basic (in dollars per share)	$ 1.74	$ 3.05	$ 1.18
Diluted (in dollars per share)	$ 1.62	$ 2.89	$ 1.12
Weighted average common shares outstanding:
Basic (in shares)	329,485	304,651	292,123
Diluted (in shares)	337,696	315,113	303,708
Rental and other services
Operating Revenues:
Total operating revenues	$ 5,482,472	$ 5,430,173	$ 4,662,683
Rental and other services | Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	5,482,472	5,430,173	4,662,683
Fee income and other
Operating Revenues:
Total operating revenues	72,496	46,888	29,151
Fee income and other | Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	$ 72,496	$ 46,888	$ 29,151

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income	$ 588,327	$ 950,312	$ 380,325
Other comprehensive income (loss):
Foreign currency translation adjustments	(605,636)	(209,973)	(377,873)
Increase (Decrease) in fair value of derivatives	162,721	(21,406)	(93,803)
Reclassification to interest expense from derivatives	(40,072)	(32,789)	(7,044)
Other comprehensive loss	(482,987)	(264,168)	(478,720)
Comprehensive income (loss)	105,340	686,144	(98,395)
Comprehensive loss attributable to noncontrolling interests	68,353	105,911	54,161
Comprehensive income (loss) attributable to Digital Realty Trust, Inc.	173,693	792,055	(44,234)
Digital Realty Trust, L.P.
Net income	588,327	950,312	380,325
Other comprehensive income (loss):
Foreign currency translation adjustments	(605,636)	(209,973)	(377,873)
Increase (Decrease) in fair value of derivatives	162,721	(21,406)	(93,803)
Reclassification to interest expense from derivatives	(40,072)	(32,789)	(7,044)
Other comprehensive loss	(482,987)	(264,168)	(478,720)
Comprehensive income (loss)	105,340	686,144	(98,395)
Comprehensive loss attributable to noncontrolling interests	69,942	122,972	52,202
Comprehensive income (loss) attributable to Digital Realty Trust, Inc.	$ 175,282	$ 809,116	$ (46,193)

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Redeemable Noncontrolling Interests	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Dividends in Excess of Earnings	Accumulated Other Comprehensive Loss, Net	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2021	$ 46,995	$ 731,690	$ 2,824	$ 21,075,863	$ (3,631,929)	$ (173,880)	$ 472,219	$ 18,476,787
Beginning balance (shares) at Dec. 31, 2021			284,415,013
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
Conversion of common units to common stock				2,942			(2,942)
Conversion of common units to common stock (shares)			36,284
Vesting of restricted stock, net (shares)			340,874
Partial settlement of forward sale agreements, net of costs			$ 63	923,400				923,463
Partial settlement of forward sale agreements, net of costs (shares)			6,250,000
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting				1,496				1,496
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)			106,051
Reclassification of vested share-based awards				(29,864)			29,864
Amortization of unearned compensation on share-based awards				92,461				92,461
Adjustment to redeemable noncontrolling interests	(11,954)			11,954				11,954
Dividends declared on preferred stock					(40,724)			(40,724)
Dividends and distributions on common stock and common and incentive units	(760)				(1,403,344)		(30,796)	(1,434,140)
Sale of noncontrolling interest in property to DCRU				64,616			12,275	76,891
Redeemable noncontrolling interests associated with acquisition of Teraco	1,530,090
Contributions from (distributions to) noncontrolling interests	1,703						46,277	46,277
Net income (loss)	(4,653)				377,684		7,294	384,978
Other comprehensive income (loss)	(46,742)					(421,918)	(10,060)	(431,978)
Ending balance at Dec. 31, 2022	1,514,679	731,690	$ 2,887	22,142,868	(4,698,313)	(595,798)	524,131	18,107,465
Ending balance (shares) at Dec. 31, 2022			291,148,222
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
Conversion of common units to common stock			$ 2	8,232			(8,234)	0
Conversion of common units to common stock (shares)			112,607
Vesting of restricted stock, net (shares)			265,671
Issuance of common stock, net of costs			$ 198	2,207,061				2,207,259
Issuance of common stock, net of costs (shares)			19,957,541
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting			$ 1	(1,945)				(1,944)
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)			123,539
Reclassification of vested share-based awards				(41,396)			41,396
Amortization of unearned compensation on share-based awards				88,518				88,518
Adjustment to redeemable noncontrolling interests	5,354			(5,354)				(5,354)
Dividends declared on preferred stock					(40,724)			(40,724)
Dividends and distributions on common stock and common and incentive units	(760)				(1,472,449)		(30,983)	(1,503,432)
Contributions from (distributions to) noncontrolling interests	129						4,345	4,345
Deconsolidation of noncontrolling interest in consolidated entities							(65,358)	(65,358)
Net income (loss)	(17,618)				948,838		19,092	967,930
Other comprehensive income (loss)	(106,970)			(1,187)		(155,595)	(416)	(157,198)
Ending balance at Dec. 31, 2023	1,394,814	731,690	$ 3,088	24,396,797	(5,262,648)	(751,393)	483,973	19,601,507
Ending balance (shares) at Dec. 31, 2023			311,607,580
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
Conversion of common units to common stock				39,573			(39,573)	0
Conversion of common units to common stock (shares)			552,869
Vesting of restricted stock, net (shares)			217,478
Issuance of common stock, net of costs			$ 249	3,650,421	101			3,650,771
Issuance of common stock, net of costs (shares)			24,138,787
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting				2,757				2,757
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)			120,028
Reclassification of vested share-based awards				(27,424)			27,424
Amortization of unearned compensation on share-based awards				81,803				81,803
Adjustment to redeemable noncontrolling interests	98,601			(98,601)				(98,601)
Dividends declared on preferred stock					(40,724)			(40,724)
Dividends and distributions on common stock and common and incentive units	(760)				(1,591,304)		(31,132)	(1,622,436)
Sale of noncontrolling interest in property to DCRU				32,319			12,115	44,434
Contributions from (distributions to) noncontrolling interests							(21,418)	(21,418)
Deconsolidation of noncontrolling interest in consolidated entities							(20,308)	(20,308)
Net income (loss)	(26,769)				602,490		12,606	615,096
Other comprehensive income (loss)	(32,701)			2,093		(430,890)	(21,489)	(450,286)
Ending balance at Dec. 31, 2024	$ 1,433,185	$ 731,690	$ 3,337	$ 28,079,738	$ (6,292,085)	$ (1,182,283)	$ 402,198	$ 21,742,595
Ending balance (shares) at Dec. 31, 2024			336,636,742

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (units)	311,608
Partial settlement of forward sale agreements, net of costs			$ 923,463
Issuance of common stock, net of costs	$ 3,650,771	$ 2,207,259
Adjustment to redeemable noncontrolling interests	(98,601)	(5,354)	11,954
Dividends and distributions on common stock and common and incentive units	(1,622,436)	(1,503,432)	(1,434,140)
Sale of noncontrolling interest in property to DCRU	44,434		76,891
Contributions from (distributions to) noncontrolling interests	(21,418)	4,345	46,277
Deconsolidation of noncontrolling interest in consolidated entities	(20,308)	(65,358)
Net income (loss)	615,096	967,930	384,978
Other comprehensive income (loss)		$ (157,198)	(431,978)
Other comprehensive income (loss)	$ (450,286)
Ending balance (units)	336,637	311,608
Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 19,601,507	$ 18,107,465	18,476,787
Issuance of common unit, net of offering costs	3,650,771
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting	2,757	(1,945)	8,639
Amortization of share-based compensation	81,803	88,518	92,461
Units repurchased and retired to satisfy tax withholding upon vesting			(7,143)
Partial settlement of forward sale agreements, net of costs			923,463
Issuance of common stock, net of costs		2,207,260
Adjustment to redeemable noncontrolling interests	(98,601)	(5,354)	11,954
Dividends and distributions on common stock and common and incentive units		(1,544,156)	(1,474,864)
Distributions	(1,663,160)
Sale of noncontrolling interest in property to DCRU	44,434		76,891
Contributions from (distributions to) noncontrolling interests	(21,418)	4,345	46,277
Deconsolidation of noncontrolling interest in consolidated entities	(20,308)	(65,358)
Net income (loss)	615,096	967,930	384,978
Other comprehensive income (loss)		(157,198)
Other comprehensive income (loss)	(450,286)		(431,978)
Ending balance	21,742,595	19,601,507	18,107,465
Redeemable Interests | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,394,814	1,514,679	46,995
Redeemable noncontrolling interests associated with acquisition of Teraco			1,530,090
Adjustment to redeemable noncontrolling interests	98,601	5,354	(11,954)
Dividends and distributions on common stock and common and incentive units		(760)	(760)
Distributions	(760)
Contributions from (distributions to) noncontrolling interests		129	1,703
Net income (loss)	(26,769)	(17,618)	(4,653)
Other comprehensive income (loss)		(106,970)
Other comprehensive income (loss)	(32,701)		(46,742)
Ending balance	1,433,185	1,394,814	1,514,679
AOCI Attributable to Parent [Member] | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(772,668)	(613,423)	(181,445)
Other comprehensive income (loss)		(159,245)
Other comprehensive income (loss)	(439,699)		(431,978)
Ending balance	(1,212,367)	(772,668)	(613,423)
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	45,892	104,814	46,882
Sale of noncontrolling interest in property to DCRU	12,115		12,275
Contributions from (distributions to) noncontrolling interests	(21,418)	4,345	46,277
Deconsolidation of noncontrolling interest in consolidated entities	(20,308)	(65,358)
Net income (loss)	196	(1,143)	(620)
Other comprehensive income (loss)		3,234
Other comprehensive income (loss)	(10,378)
Ending balance	6,099	45,892	104,814
General Partner [Member] | Preferred Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 731,690	$ 731,690	$ 731,690
Beginning balance (units)	30,200,000	30,200,000	30,200,000
Dividends and distributions on common stock and common and incentive units		$ (40,724)	$ (40,724)
Distributions	$ (40,724)
Net income (loss)	40,724	40,724	40,724
Ending balance	$ 731,690	$ 731,690	$ 731,690
Ending balance (units)	30,200,000	30,200,000	30,200,000
General Partner [Member] | Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 19,137,237	$ 17,447,442	$ 17,446,758
Beginning balance (units)	311,607,580	291,148,222	284,415,013
Conversion of limited partner common units to general partner common units	$ 39,573	$ 8,234	$ 2,942
Conversion of limited partner common units to general partner common units (units)	552,869	112,607	36,284
Vesting of restricted common units, net (units)	217,478	265,671	340,874
Issuance of common unit, net of offering costs	$ 3,650,771
Issuance of common units, net of offering costs (in units)	24,138,787
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting	$ 2,757	$ (1,945)	$ 8,639
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting (in units)	120,028	123,539	106,051
Reclassification of vested share-based awards	$ (27,424)	$ (41,396)	$ (29,864)
Issuance of preferred units, net of offering costs (units)		19,957,541
Amortization of share-based compensation	81,803	$ 88,518	92,461
Units repurchased and retired to satisfy tax withholding upon vesting			(7,143)
Partial settlement of forward sale agreements, net of costs			$ 923,463
Partial settlement of forward sale agreements, net of costs (shares)			6,250,000
Issuance of common stock, net of costs		$ 2,207,260
Issuance of common stock, net of costs (shares)		19,957,541
Redemption of preferred units	32,319
Adjustment to redeemable noncontrolling interests	(98,601)	$ (5,354)	$ 11,954
Dividends and distributions on common stock and common and incentive units		(1,472,449)	(1,403,344)
Distributions	(1,591,304)
Sale of noncontrolling interest in property to DCRU			64,616
Net income (loss)	561,766	908,114	336,960
Other comprehensive income (loss)		(1,187)
Other comprehensive income (loss)	2,093
Ending balance	$ 21,790,990	$ 19,137,237	$ 17,447,442
Ending balance (units)	336,636,742	311,607,580	291,148,222
Limited Partner [Member] | Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 459,356	$ 436,942	$ 432,902
Beginning balance (units)	6,448,987	6,288,669	5,931,771
Conversion of limited partner common units to general partner common units	$ (39,573)	$ (8,234)	$ (2,942)
Conversion of limited partner common units to general partner common units (units)	(552,869)	(112,607)	(36,284)
Issuance of common units, net of offering costs (in units)			393,182
Issuance of limited partner common units, net (in units)	238,694
Reclassification of vested share-based awards	$ 27,424	$ 41,396	$ 29,864
Issuance of preferred units, net of offering costs (units)		272,925
Issuance of common stock, net of costs (shares)		272,925
Dividends and distributions on common stock and common and incentive units		$ (30,983)	(30,796)
Distributions	(31,132)
Net income (loss)	12,410	20,235	7,914
Other comprehensive income (loss)	(2,302)
Ending balance	$ 426,183	$ 459,356	$ 436,942
Ending balance (units)	6,134,812	6,448,987	6,288,669

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 588,327	$ 950,312	$ 380,325
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(595,825)	(900,531)	(176,754)
Provision for impairment	191,184	118,363	3,000
Equity in loss of unconsolidated entities	120,138	29,791	13,497
Distributions from unconsolidated entities	78,269	73,518	42,376
Depreciation and amortization	1,771,797	1,694,859	1,577,933
Amortization of share-based compensation	75,606	80,532	92,461
Loss on debt extinguishment and modifications	5,871		51,135
Straight-lined rents and amortization of above and below market leases	(56,465)	(50,931)	(64,954)
Amortization of deferred financing costs and debt discount / premium	28,666	26,834	18,848
Other operating activities, net	29,237	(8,216)	(45,141)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(342,061)	(155,317)	(272,452)
Increase (decrease) in accounts payable and other liabilities	366,733	(224,434)	42,114
Net cash provided by operating activities	2,261,477	1,634,780	1,659,388
Cash flows from investing activities:
Improvements to investments in real estate	(2,831,740)	(3,525,598)	(2,643,097)
Cash paid for business combination / asset acquisitions, net of cash acquired	(508,001)	(52,297)	(1,930,178)
Investments in and advances to unconsolidated entities	(315,623)	(336,456)	(299,427)
Return of investment from unconsolidated entities	99,864	241,984	3,332
Proceeds from sale of assets	1,764,835	2,619,778	271,567
Other investing activities, net	(115,492)	(62,522)	(101,600)
Net cash used in investing activities	(1,906,157)	(1,115,111)	(4,699,403)
Cash flows from financing activities:
Proceeds from credit facilities	1,636,351	2,870,841	5,510,267
Payments on credit facilities	(1,715,044)	(3,293,644)	(3,820,086)
Borrowings on secured / unsecured debt	2,234,999	869,132	2,791,027
Repayments on secured / unsecured debt	(2,119,007)	(111,979)	(1,036,577)
Capital (distribution to) contributions from noncontrolling interests, net	(21,418)	4,474	44,312
Proceeds from issuance of common stock, net	3,650,771	2,207,259	928,432
Payments of dividends and distributions	(1,633,247)	(1,520,644)	(1,450,637)
Other financing activities, net	30,028	(61,965)	52,073
Net cash provided by financing activities	2,063,433	963,474	2,969,149
Net increase in cash, cash equivalents and restricted cash	2,418,753	1,483,143	(70,866)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(178,523)	2,631	70,077
Cash, cash equivalents and restricted cash at beginning of period	1,636,470	150,696	151,485
Cash, cash equivalents and restricted cash at end of period	3,876,700	1,636,470	150,696
Digital Realty Trust, L.P.
Cash flows from operating activities:
Net income	588,327	950,312	380,325
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(595,825)	(900,531)	(176,754)
Provision for impairment	191,184	118,363	3,000
Equity in loss of unconsolidated entities	120,138	29,791	13,497
Distributions from unconsolidated entities	78,269	73,518	42,376
Depreciation and amortization	1,771,797	1,694,859	1,577,933
Amortization of share-based compensation	75,606	80,532	92,461
Loss on debt extinguishment and modifications	5,871		51,135
Straight-lined rents and amortization of above and below market leases	(56,465)	(50,931)	(64,954)
Amortization of deferred financing costs and debt discount / premium	28,666	26,834	18,848
Other operating activities, net	29,237	(8,216)	(45,141)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(342,061)	(155,317)	(272,452)
Increase (decrease) in accounts payable and other liabilities	366,733	(224,434)	42,114
Net cash provided by operating activities	2,261,477	1,634,780	1,659,388
Cash flows from investing activities:
Improvements to investments in real estate	(2,831,740)	(3,525,598)	(2,643,097)
Cash paid for business combination / asset acquisitions, net of cash acquired	(508,001)	(52,297)	(1,930,178)
Investments in and advances to unconsolidated entities	(315,623)	(336,456)	(299,427)
Return of investment from unconsolidated entities	99,864	241,984	3,332
Proceeds from sale of assets	1,764,835	2,619,778	271,567
Other investing activities, net	(115,492)	(62,522)	(101,600)
Net cash used in investing activities	(1,906,157)	(1,115,111)	(4,699,403)
Cash flows from financing activities:
Proceeds from credit facilities	1,636,351	2,870,841	5,510,267
Payments on credit facilities	(1,715,044)	(3,293,644)	(3,820,086)
Borrowings on secured / unsecured debt	2,234,999	869,132	2,791,027
Repayments on secured / unsecured debt	(2,119,007)	(111,979)	(1,036,577)
Capital (distribution to) contributions from noncontrolling interests, net	(21,418)	4,474	44,312
General partner contributions	3,650,771	2,207,259	928,432
Payments of dividends and distributions	(1,633,247)	(1,520,644)	(1,450,637)
Other financing activities, net	30,028	(61,965)	52,073
Net cash provided by financing activities	2,063,433	963,474	2,969,149
Net increase in cash, cash equivalents and restricted cash	2,418,753	1,483,143	(70,866)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(178,523)	2,631	70,077
Cash, cash equivalents and restricted cash at beginning of period	1,636,470	150,696	151,485
Cash, cash equivalents and restricted cash at end of period	$ 3,876,700	$ 1,636,470	$ 150,696

General

General	12 Months Ended
	Dec. 31, 2024
General
General	1. General Organization and Description of Business. The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. Accounting Principles and Basis of Presentation. Management Estimates and Assumptions . U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Consolidation We consolidate all entities that are wholly owned as well as all partially-owned entities that we control. In addition, we consolidate any variable interest entities (“VIEs”) for which we are the primary beneficiary. We evaluate whether or not an entity is a VIE (and we are the primary beneficiary) through consideration of substantive terms in the arrangement to identify which enterprise has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses/receive benefits from the entity. For entities that do not meet the definition of VIEs, we first consider if we are the general partner or a limited partner (or the equivalent in investments not structured as partnerships). We consolidate entities in which we are the general partner and the limited partners do not have rights that would preclude control. For entities in which we are the general partner, but the limited partners hold substantive participating or kick-out rights that prohibit our ability to control the entity, we apply the equity method of accounting since, as the general partner, we have the ability to exercise significant influence over the operating and financial policies of the entities. For entities in which we are a limited partner, or that are not structured similar to a partnership, we consider factors such as ownership interest, voting control, authority to make decisions and contractual and substantive participating rights of the partners. When factors indicate we have a controlling financial interest in an entity, we consolidate the entity. Foreign Operations and Foreign Currencies. The functional currency of each of our consolidated subsidiaries and unconsolidated entities operating in other countries is the principal currency in which each entity’s assets, liabilities, income and expenses are denominated, which may be different from the local currency of incorporation or the currency with which the entities conduct their operations. The primary functional currencies impacting our business include the Euro, Japanese yen, British pound sterling, Singapore dollar, South African rand and Brazilian real. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate financial statements into U.S. dollars at the time we consolidate these subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Certain balance sheet items, such as equity and capital-related accounts are reflected at historical exchange rates. Income statement accounts are generally translated at the average exchange rates for the reporting periods. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in the functional currency of the entities. When debt is denominated in a currency other than the functional currency of an entity, a gain or loss can result. The associated adjustment is reflected in other (expenses) income, net, in the consolidated income statements, unless it is intercompany debt that is deemed to be long-term in nature or third-party debt that has been designated as a nonderivative net investment hedge – in which case the associated adjustments are reflected as a cumulative translation adjustment as a component of other comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items. Acquisition Accounting . We evaluate whether or not substantially all of the value of acquired assets is concentrated in a single identifiable asset or group of identifiable assets to determine whether a transaction is accounted for as an asset acquisition or a business combination. For asset acquisitions: (1) transaction costs are included in the total costs of the acquisition and are allocated on a pro-rata basis to the carrying value of the assets and liabilities acquired, (2) real estate assets acquired are measured based on their cost or total consideration exchanged with any excess consideration or bargain purchase amount allocated to real estate properties and their associated intangibles such as above and below-market leases, in-place leases, acquired ground leases, and customer relationship value and (3) all other assets and liabilities assumed, including any debt, are recorded at fair value. For business combinations: (1) transaction costs are expensed as incurred, (2) all acquired tangible and identifiable intangible assets are recognized at fair value, (3) the amount of any purchase consideration that exceeds the fair value of the tangible and identifiable intangible assets acquired is recognized as goodwill, and (4) to the extent the purchase consideration is less than the fair value of the tangible and identifiable intangible assets acquired, a gain on bargain purchase is recognized. When we obtain control of an unconsolidated entity that we previously held as an equity method investment and the acquisition qualifies as a business combination, we remeasure our previously held interest in the unconsolidated entity at its acquisition-date fair value, derecognize the book value associated with that interest, and recognize any resulting gain or loss in earnings. We allocate purchase price primarily using Level 2 and Level 3 inputs (further defined in Fair Value Measurements) as follows: Real Estate Lease Intangibles. ● Above and below market leases: We use a discounted cash flow approach to determine the estimated present value of any difference between contractual rents for acquired in-place leases as compared to current market rents. If rents on acquired in-place leases are higher than current market rents, we record an intangible asset for the favorable rents. If rents on acquired in-place leases are lower than current market rents, we record a liability for the unfavorable rents. Favorable rent assets are amortized as a reduction to rental income over the remaining non-cancelable term of the lease. Unfavorable rent liabilities are amortized as an increase to rental income over the initial lease term plus any below-market fixed rate renewal periods. ● In-place lease value: Since the as-if-vacant model is used to determine the value of acquired operating properties, the value of such properties does not include the value associated with having existing tenants who are leasing space in the purchased properties. Having in-place tenants allows buyers to avoid costs associated with leasing the property as well as any rent losses and unreimbursed operating expenses during the lease-up period. An asset for such benefits is recorded separately as in-place lease value. In-place lease value is determined based on estimated carrying costs during hypothetical expected lease-up periods as well as costs to execute similar leases. We determine expected carrying costs and costs to execute similar leases in the same manner as described in the previous discussion of the valuation of operating properties using the as-if-vacant model. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. ● Customer relationship value: In some transactions, customers acquired are expected to generate recurring revenues beyond existing in-place lease terms. We utilize the multi-period excess earnings method to determine customer relationship value, if any. Key factors reflected in this approach include: (1) projected revenue growth from existing customers, (2) historical customer lease renewals and attrition rates, (3) rental renewal probabilities and related market terms, (4) estimated operating costs, and (5) discount rate. Customer relationship value is amortized to expense ratably over the anticipated life of substantially all of the acquired customer relationships that are expected to generate excess earnings. Debt. Noncontrolling interests. Other acquired assets and liabilities. Fair Value Measurements. Fair value is intended to reflect the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date (the exit price). We estimate fair value using available market information and valuation methods we believe to be appropriate for these purposes. Given the significant amount of judgement and subjectivity involved in the determination of fair value, estimated fair value is not necessarily indicative of amounts that would be realized on disposition. There are three levels in the fair value hierarchy under U.S. GAAP, which are: ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the measurement date. ● Level 2 – Inputs that are directly or indirectly observable for the associated asset or liability, but which do not qualify as Level 1 inputs. ● Level 3 – Unobservable inputs for the asset or liability. In instances where inputs from multiple different levels of the fair value hierarchy are used to determine fair value, the lowest level input that is significant is used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to a fair-value measurement requires judgment and considers factors specific to the asset or liability. We utilize fair value measurements on a recurring basis to determine the fair value of: marketable equity securities, share-based compensation awards, derivative instruments, and outstanding debt. Such measurements are also regularly utilized in assessing whether or not impairments may exist on intangible assets (including goodwill). In addition, we utilize fair value measurements on a non-recurring basis to determine the fair value associated with assets held for sale, acquisitions of assets, and acquisitions of businesses. ​ Investments in Unconsolidated Entities. Investments in unconsolidated entities as reflected on the consolidated balance sheets includes all investments accounted for using the equity method. We use the equity method to account for these investments, because we have the ability to exercise significant influence over their operating and financial policies, but do not control them. Equity method investments are initially recognized at our cost. Transaction costs related to the formation of equity method investments are also capitalized. We subsequently adjust these balances to reflect: (1) our proportionate share of net earnings/losses of the entities and accumulated other comprehensive income or loss, (2) distributions received, (3) contributions made, (4) sales and redemptions of our investments, and (5) certain other adjustments, as appropriate. When circumstances indicate there may have been a reduction in the value of an equity method investment, we evaluate whether or not the loss in value is other than temporary. If we determine that a loss in value is other than temporary, we recognize an impairment charge to reflect the equity investment at fair value. With regard to the cash flow classifications of distributions from unconsolidated entities, we have elected the nature of the distribution approach as the information is available to us to determine the nature of the underlying activity that generated the distributions. In accordance with this approach, cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales, debt refinancing or sales and redemptions of our investments are classified as a return of investment (cash inflow from investing activities). The Company has a negligible value of investments accounted for under the cost-method. These investments are included in Other assets on the consolidated balance sheets. Cash and Cash Equivalents. Restricted Cash . Assets Held for Sale. Investments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assts. Depreciable lives of assets are stated below. ​ ​ Investments in Real Estate. ​ ​ Acquired ground leases Terms of the related lease Buildings and improvements ​ 5-39 years Machinery and equipment ​ 7-15 years Furniture and fixtures ​ 3-5 years Leasehold improvements ​ Shorter of the estimated useful lives or the terms of the related leases Tenant improvements ​ Shorter of the estimated useful lives or the terms of the related leases ​ Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. Capitalization of Costs. Development costs Leasing commissions ​ Recoverability of Real Estate Assets. We assess the carrying value of our properties whenever events or circumstances indicate carrying amounts of these assets may not be fully recoverable (“triggering events"). Triggering events typically relate to a change in the expected holding period of a property, an adverse change in expected future cash flows of the property, or a trend of past cash flow losses that is expected to continue in the future. If our assessment of triggering events indicates the carrying value of a property or asset group might not be recoverable, we estimate the future undiscounted net cash flows expected to be generated by the assets and compare that amount to the book value of the assets. If our future undiscounted net cash flow evaluation indicates we are unable to recover the carrying value of a property or asset group, we record an impairment loss to provision for impairment in our consolidated income statements to the extent the carrying value of the property or asset group exceeds fair value. We generally estimate fair value of rental properties using a discounted cash flow analysis that includes projections of future revenues, expenses, and capital improvements that a market participant would use. In certain cases, we may supplement this analysis by obtaining outside broker opinions of value. When determining undiscounted future cash flows, we consider factors such as future operating income trends and prospects as well as the effects of leasing demand, competition and other factors. Goodwill and Other Acquired Intangible Assets. Other acquired intangible assets consist primarily of customer relationship value and in-place lease value. All of our other acquired intangible assets have finite useful lives. If impairment indicators arise with respect to these finite-lived intangible assets, we evaluate for impairment by comparing the carrying amount of the assets to the estimated future undiscounted net cash flows expected to be generated by the assets. If estimated future undiscounted cash flows exceed the carrying value of the assets, we record an impairment charge equal to the amount by which the carrying value exceeds the estimated fair value of the assets. We have no indefinite-lived intangible assets other than goodwill. Share-Based Compensation. Derivative Instruments. Changes in the fair value of derivatives are recognized periodically either in earnings or in other comprehensive income (loss), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in other comprehensive income (loss) would be recognized in earnings. ​ Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis over the term of the hedge. ​ Interest Rate Swaps Interest rate derivatives are presented on a gross basis on the consolidated balance sheets – with interest rate swap assets presented in other assets, and interest rate swap liabilities presented in accounts payable and other accrued liabilities. As of December 31, 2024, there was no impact from netting arrangements, because the Company had no derivatives in liability positions. Net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. Foreign Currency Contracts Hedge of Net Investment in Foreign Operations Cross-Currency Interest Rate Swaps – See Note 17. “Derivative Instruments” for further discussion on the Company’s outstanding derivative instruments. Income Taxes. Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay U.S. federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, it would be subject to U.S. federal and state income taxes (including any applicable alternative minimum tax) on its taxable income. The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s taxable REIT subsidiaries are subject to federal, state, local and foreign income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for the Company and its taxable REIT subsidiaries, including for U.S. federal, state, local and foreign jurisdictions, as applicable. We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). We classify interest and penalties from significant uncertain tax positions as current tax expense in our consolidated income statements. We are open to examination by the major taxing jurisdictions for the tax years that are within the statute of limitations for those jurisdictions. For further discussion related to tax reserves, see Note 13. “Income Taxes”. Transactional-based Taxes. Noncontrolling Interests and Redeemable Noncontrolling Interests. Noncontrolling interests represent the share of consolidated entities owned by third parties. We recognize each noncontrolling holder’s share of the fair value of the respective entity’s net assets as noncontrolling interest on our consolidated balance sheets at the date of formation or acquisition. Noncontrolling interest balances are adjusted for the noncontrolling holder’s share of additional contributions, distributions, net earnings or losses, and other comprehensive income or loss. ​ Partnership units which are contingently redeemable for cash are classified as redeemable noncontrolling interests and presented in the mezzanine section of the Company’s consolidated balance sheets between total liabilities and stockholder’s equity. Redeemable noncontrolling interests include amounts related to partnership units issued by consolidated subsidiaries of the Company in which redemption for equity is outside the control of the Company. The amounts of consolidated net income attributable to noncontrolling interests and redeemable noncontrolling interests are presented on the Company’s consolidated income statements as income (or loss) attributable to noncontrolling interests. ​ Revenue Recognition. Rental and Other Services Revenue – We generate the majority of our revenue by leasing our properties to customers under operating lease agreements, which are accounted for under Accounting Standards Codification 842, Leases (“ASC 842”). We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine it is probable that substantially all of the lease payments will be collected over the lease term. We commence recognition of revenue from rentals at the date the property is ready for its intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. The excess of rents recognized as revenue over amounts contractually due pursuant to the underlying leases is included in Deferred rent, net on the consolidated balance sheet. Rental payments received in excess of revenue recognized are classified as Accounts payable and other accrued liabilities on the consolidated balance sheet. Unpaid rents that are contractually due are included in Accounts and other receivables, net on the consolidated balance sheet. We estimate the probability of collection of lease payments based on customer creditworthiness, outstanding accounts receivable balances, and historical bad debts – as well as current economic trends. If collection of substantially all lease payments over the lease term is not probable, rental revenue is recognized when payment is received, and we record a reduction to rental revenue equal to the balance of any deferred rent and rent receivable, less the balance of any security deposits or letters of credit. If collection is subsequently determined to be probable, we: (1) resume recognizing rental revenue on a straight-line basis, (2) record incremental revenue such that the cumulative amount recognized is equal to the amount that would have been recorded on a straight-line basis since inception of the lease, and (3) reverse the allowance for bad debt recorded on outstanding receivables. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursable by customers (“tenant recoveries”) as revenue in the period the applicable expenses are incurred – which is generally on a ratable basis through the term of the lease. ​ We account for and present rental revenue and tenant recoveries as a single component under rental and other services as the timing of recognition is the same, the pattern with which we transfer the right of use of the property and related services to the lessee are both on a straight-line basis and our leases qualify as operating leases. ​ Interconnection services include port and cross-connect services generally provided on a month-to-month, one-year or multi-year term. We bill for these services on a monthly basis and recognize the revenue over the period the service is provided. Revenue for cross-connect installations is generally recognized in the period the cross-connect is installed. Interconnection services that are not specific to a particular leased space are accounted for under Topic 606 and have terms that are generally one year or less. ​ Fee Income and Other – We utilize the practical expedient in ASC 842 that allows us to account for lease and non-lease components associated with each lease as a single lease component recorded within rental and other services, instead of accounting for such items separately under Accounting Standards Codification 606, Revenue (“ASC 606”). We recognize revenue for items that do not qualify for revenue recognition under ASC 842 under ASC 606. Revenue recognized as a result of applying ASC 606 was less than 11% of total rental and other services revenue for the years ended December 31, 2024, 2023 and 2022. ​ Transaction and Integration Expense. Transaction expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to business combinations or acquisitions that were not consummated. Integration costs include transition costs associated with organizational restructuring (such as severance and retention payments and recruiting expenses), third-party consulting expenses directly related to the integration of acquired companies (in areas such as cost savings and synergy realization, technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects. Recurring costs are recorded in general and administrative expense. ​ Gains on Disposition of Properties. We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have control of the real estate sold. We recognize losses from the disposition of real estate when known. ​ New Accounting Pronouncements. Business Combinations. ​ Segment Reporting ​ Income Taxes. Income Statement. ​ Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement - excluding earnings or losses from equity method investments - if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. While the adoption is not expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the footnotes to our Consolidated Financial Statements. ​ We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our Consolidated Financial Statements or do not apply to our operations.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2024
Business Combinations
Business Combinations	3. Business Combinations On August 1, 2022, we completed the acquisition of a 61.1% indirect controlling interest in Teraco, a leading carrier-neutral data center and interconnection services provider in South Africa (the “Teraco Acquisition”). The total purchase price was $1.7 billion cash, funded by our Global Revolving Credit Facility and partial settlement of our forward equity sale agreements. Teraco controls (and consolidates) the Teraco Connect Trust (the “Trust”) that was created as part of the Broad Based Black Economic Empowerment Program in South Africa. The Trust owns a 12% interest in Teraco’s primary operating company, however, because Teraco (and the Company) controls the Trust, the Trust is consolidated by Teraco (and the Company). If the Trust was not consolidated by Teraco, the Company’s ownership interest in Teraco would be approximately 55%. ​ The following table summarizes the amounts recorded at the acquisition date (in thousands): ​ ​ ​ ​ ​ ​ ​ Final Amounts Building and improvements ​ $ 1,376,128 Construction in progress and space held for development ​ ​ 521,153 Operating lease right-of-use assets ​ ​ 2,784 Assumed cash and cash equivalents ​ ​ 5,528 Goodwill ​ 1,625,994 Customer relationship value and other intangibles (weighted-average amortization life of 7 years) ​ 720,126 Debt assumed ​ ​ (355,688) Operating lease liabilities ​ (4,031) Deferred tax liabilities ​ ​ (632,841) Redeemable noncontrolling interests ​ ​ (1,530,090) Working capital assets, net ​ ​ 1,112 Total purchase consideration ​ $ 1,730,175 ​ Goodwill ​ The Teraco acquisition was not material and neither the investment in the assets nor the results of operations of the acquisition was significant to the Company’s consolidated financial position or results of operations, and thus pro forma information is not required to be presented. Redeemable Noncontrolling Interest (“Redeemable NCI”) — ​ Since the Rollover Shareholders can redeem the put right at their discretion and such redemption, which could be in cash, is outside the Company’s control, the Company recorded the noncontrolling interest as Redeemable NCI and classified it in temporary equity within its consolidated balance sheets. The Redeemable NCI was initially recorded at its acquisition-date fair value and will be adjusted each reporting period for income (or loss) attributable to the noncontrolling interest (an $27.1 million and $18.1 million net loss for the years ended December 31, 2024 and 2023, respectively). If the contractual redemption value of the Redeemable NCI is greater than its carrying value, an adjustment is made to reflect Redeemable NCI at the higher of its contractual redemption value or its carrying value each reporting period. Changes to the redemption value are recognized immediately in the period the change occurs. If the redemption value of the Redeemable NCI is equal to or less than the fair market value of the Remaining Teraco Interest, the change in the redemption value will be adjusted through Additional Paid in Capital. If the redemption value is greater than the fair market value of the Remaining Teraco Interest, the change in redemption value will be adjusted through Retained Earnings. These adjustments are not reflected on the Company’s income statement, but are instead reflected as adjustments to the net income component of the Company’s earnings per share calculations. When calculating earnings per share attributable to Digital Realty Trust, Inc., the Company adjusts net income attributable to Digital Realty Trust, Inc. to the extent the redemption value exceeds the fair value of the Redeemable NCI on a cumulative basis. For the year ended December 31, 2024, we made an adjustment of approximately $91.9 million to Redeemable NCI as the contractual redemption value of the Redeemable NCI was greater than its carrying value. As contractual redemption value was less than the fair market value of the Remaining Teraco Interest, the change in the redemption value will be adjusted through Additional Paid in Capital. For the year ended December 31, 2023, no such adjustment was required.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases
Leases	4. Leases Lessor Accounting We generate the majority of our revenue by leasing operating properties to customers under operating lease agreements. The manner in which we recognize these transactions in our financial statements is described in Note 2. “Summary of Significant Accounting Policies—Revenue Recognition” to these Consolidated Financial Statements. Our largest customer’s total revenue approximates 12% of our total revenue base. No other individual customer makes up more than approximately 6% of our total revenue. ​ A summary of minimum lease payments due from our customers under operating leases of land, prestabilized development properties, and operating properties with lease periods of greater than one year at December 31, 2024 is shown below. These amounts do not reflect future rental revenues from renewal or replacement of existing leases unless we are reasonably certain we will exercise the option or the lessee has the sole ability to exercise the option. Reimbursements of operating expenses and variable rent increases are excluded from the table below. ​ ​ ​ ​ ​ (Amounts in thousands) Operating leases 2025 ​ $ 3,176,969 2026 ​ 2,522,253 2027 ​ 2,097,594 2028 ​ 1,780,247 2029 ​ 1,455,752 Thereafter ​ 5,028,089 Total ​ $ 16,060,904 ​ Lessee Accounting ​ We lease space and equipment at certain of our data centers from third parties under noncancelable lease agreements. Leases for our data centers expire on various dates through 2069. Certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of December 31, 2024, the termination dates of these ground leases ranged from 2038 to 2073. In addition, several of our regional office locations are subject to leases with termination dates ranging from 2025 to 2036. ​ The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease plus pay our share of common area, real estate and utility expenses as incurred. The leases do not contain residual value guarantees and do not impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in Rental property operating and maintenance expense in the consolidated income statements amounted to approximately $153.5 million, $153.2 million and $144.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. ​ As of December 31, 2024, the weighted average remaining lease term for our operating leases and finance leases was 12 years and 18 years, respectively. We do not include renewal options in the lease term for calculating the lease liability unless we are reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. The weighted average incremental borrowing rate was 3.4% for operating leases and 2.4% for finance leases at December 31, 2024. We assigned a collateralized interest rate to each lease based on the term of the lease and the currency in which the lease is denominated. ​ Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ lease liabilities ​ lease liabilities (1) 2025 ​ $ 160,633 ​ $ 70,544 2026 ​ 160,465 ​ 19,426 2027 ​ 159,090 ​ 19,918 2028 ​ 149,794 ​ 85,034 2029 ​ 149,929 ​ 12,511 Thereafter ​ 806,445 ​ 181,866 Total undiscounted future cash flows ​ 1,586,356 ​ 389,299 Less: Imputed interest ​ (292,137) ​ (70,016) Present value of undiscounted future cash flows ​ $ 1,294,219 ​ $ 319,283 (1) Included in accounts payable and other accrued liabilities on the consolidated balance sheet.

Receivables

Receivables	12 Months Ended
	Dec. 31, 2024
Receivables
Receivables	5. Receivables ​ Refer to Note 2 “Summary of Significant Accounting Policies—Revenue Recognition” for discussion of our accounting policies related to accounts receivable, deferred rent and related allowances. ​ Accounts and Other Receivables, Net ​ Accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts (net of an allowance for estimated uncollectible amounts) are shown in the subsequent table as Accounts receivable – trade, net. Other receivables shown separately from Accounts receivable – trade, net consist primarily of amounts that have not yet been billed to customers, such as for utility reimbursements and installation fees. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of (Amounts in thousands): ​ December 31, 2024 ​ December 31, 2023 Accounts receivable – trade ​ $ 629,250 ​ $ 694,252 Allowance for doubtful accounts ​ ​ (59,224) ​ ​ (41,204) Accounts receivable – trade, net ​ ​ 570,026 ​ ​ 653,048 ​ ​ ​ ​ ​ ​ ​ Accounts receivable – customer recoveries ​ ​ 178,827 ​ ​ 233,499 Value-added tax receivables ​ ​ 160,369 ​ ​ 257,911 Accounts receivable – installation fees ​ ​ 157,409 ​ ​ 65,203 Other receivables ​ ​ 190,833 ​ ​ 68,449 Accounts and other receivables, net ​ $ 1,257,464 ​ $ 1,278,110 ​ Deferred Rent, Net ​ Deferred rent, net represents rental income that has been recognized as revenue under ASC 842, but which is not yet due from customers under their existing rental agreements. The Company recognizes an allowance against deferred rent receivables to the extent it becomes no longer probable that a customer or group of customers will be able to make substantially all of their required cash rental payments over the entirety of their respective lease terms. As of December 31, 2024, allowance for deferred rent receivables increased primarily due to a customer bankruptcy. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of (Amounts in thousands): ​ December 31, 2024 ​ December 31, 2023 Deferred rent receivables ​ $ 644,566 ​ $ 657,009 Allowance for deferred rent receivables ​ ​ (2,110) ​ ​ (32,582) Deferred rent, net ​ $ 642,456 ​ $ 624,427 ​

Investments in Properties

Investments in Properties	12 Months Ended
	Dec. 31, 2024
Investments in Properties
Investments in Properties	6. Investments in Properties A summary of our investments in properties is below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Type ​ As of December 31, 2024 ​ ​ As of December 31, 2023 Land ​ $ 1,108,251 ​ ​ $ 1,087,278 Acquired ground lease ​ ​ 86 ​ ​ ​ 91 Buildings and improvements ​ ​ 25,567,155 ​ ​ ​ 25,388,788 Tenant improvements ​ ​ 883,502 ​ ​ ​ 830,211 ​ ​ ​ 27,558,994 ​ ​ ​ 27,306,368 Accumulated depreciation and amortization ​ ​ (8,641,331) ​ ​ ​ (7,823,685) Investments in operating properties, net ​ ​ 18,917,663 ​ ​ ​ 19,482,683 Construction in progress and space held for development ​ ​ 5,164,334 ​ ​ ​ 4,635,215 Land held for future development ​ ​ 38,785 ​ ​ ​ 118,190 Investments in properties, net ​ $ 24,120,782 ​ ​ $ 24,236,088 ​ During 2024 we determined that certain non-core properties in secondary U.S. markets had carrying amounts that may not be fully recoverable as we determined that we no longer intend to hold these properties long-term. Accordingly, the recorded amounts were reduced to reflect management’s estimate of fair value based principally on sales of similar properties and ongoing negotiations with third parties. During the year ended December 31, 2024, we recorded a provision for impairment on real estate investments of

Acquisitions and Dispositions o

Acquisitions and Dispositions of Properties	12 Months Ended
	Dec. 31, 2024
Acquisitions and Dispositions of Properties
Acquisitions and Dispositions of Properties	7. Acquisitions and Dispositions of Properties ​ Acquisitions of Properties ​ For the years ended December 31, 2024, 2023 and 2022, acquisitions of properties that did not qualify as business combinations were immaterial to our financial statements – both individually and in the aggregate. ​ In January 2024, we acquired a 16-acre site in Paris for $80 million. Prior to the acquisition, we leased the land, which consisted of two completed data centers and two data centers under construction. As a result of the land acquisition, we derecognized the right-of-use assets and lease liabilities of $145 million and $150 million, respectively. ​ In July 2024, the Company acquired two data centers located in the Slough Trading Estate for $200 million. The newly acquired campus features two individual data centers with a combined capacity of 15 megawatts (MW). ​ Disposition of Other Properties The Company sold or contributed the following other real estate properties during the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Sold / ​ Gross Proceeds / Fair Value ​ Gain on Sale / contribution Property Type ​ Metro Area ​ contributed ​ (in millions) ​ (in millions) Joint venture contributions ​ Various ​ 2024 ​ $ 1,246.4 (1) $ 304.1 Brookfield transaction ​ Various ​ 2024 ​ ​ 271.0 ​ ​ 191.6 Non-core assets ​ Various ​ 2024 ​ ​ 158.7 ​ ​ (1.0) Sale of noncontrolling interest in property ​ Frankfurt ​ 2024 ​ ​ 497.5 (2) ​ 101.1 Joint venture contributions ​ Various ​ 2023 ​ ​ 2,278.5 (3) ​ 814.0 Non-core assets ​ Various ​ 2023 ​ ​ 341.3 ​ ​ 86.6 Non-core assets ​ Dallas ​ 2022 ​ ​ 203.0 ​ ​ 174.0 Other ​ Various ​ 2022 ​ ​ 2.8 ​ ​ 2.8 (1) Includes Blackstone Inc., GI Partners, and Mitsubishi Corporation. (2) Includes sale of noncontrolling interest in DCREIT (see Note 8. “Investments in Unconsolidated Entities”). (3) Includes GI Partners, Realty Income, and TPG Real Estate. ​ 2024 Dispositions ​ Blackstone Inc. Joint Venture ​ Brookfield Transaction million. of the data centers were owned by Digital Core REIT (see Note 8. “Investments in Unconsolidated Entities”). The sale was completed subsequent to Brookfield’s November 2023 acquisition of one of our customers, Cyxtera Technologies. The acquisition was part of Cyxtera’s plan of reorganization under its Chapter 11 bankruptcy proceedings. In conjunction with the sale, we bought out Cyxtera’s leases in September 2024. As a result of the sale, we recognized a total gain on disposition of approximately ​ Mitsubishi Joint Venture – ​ GI Partners Joint Venture – ​ 2023 Dispositions ​ GI Partners Joint Venture – stabilized hyperscale data center buildings in the Chicago metro area that we contributed. We received approximately ownership in the joint venture. Currently, GI Partners has an ​ TPG Real Estate Joint Venture – ​ Realty Income Joint Venture -

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2024
Investments in Unconsolidated Entities.
Investments in Unconsolidated Entities	8. Investments in Unconsolidated Entities A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of ​ ​ ​ December 31, 2024 ​ ​ December 31, 2023 Americas (1)(5) ​ $ 1,311,950 ​ $ 1,363,226 APAC (2) ​ ​ 615,534 ​ ​ 569,996 EMEA (3) ​ ​ 422,570 ​ ​ 28,334 Global (4) ​ ​ 289,746 ​ ​ 334,333 Total ​ $ 2,639,800 ​ $ 2,295,889 Includes the following unconsolidated entities along with our ownership percentage: (1) Ascenty (49%), Blackstone (20%), Clise (50%), GI Partners (20%), Mapletree (20%), Menlo (20%), Mitsubishi (35%), Realty Income (20%), TPG Real Estate (20%), and Walsh (86%). (2) Digital Connexion (33%), Lumen (50%), and MC Digital Realty (50%). (3) Blackstone (20%), Medallion (60%), and Mivne (50%). (4) Digital Core REIT (38%) and Greenfield (35%). (5) In May 2024, we liquidated our 17% interest in Colovore, generating gross proceeds of approximately $35 million. We realized a gain of approximately $27 million on our original investments, made in 2015 and 2017. The gain is included within Other income, net on our consolidated income statements. ​ Generally, we serve as the managing member responsible for operations in the ordinary course of business of the joint ventures. We perform the day-to-day accounting and property management functions for the joint ventures and, as such, will earn management fees. However, certain approval rights are granted through the terms of the joint venture agreements and require unanimous consent of both members with respect to any major decisions. Generally, major decisions are defined to include the annual plan which sets out joint venture and property level budgets, including lease revenues, operating expenses, and capital expenditures. As such, we concluded we do not own a controlling interest and accounted for our interest in the joint ventures under the equity method of accounting. ​ Blackstone Inc. Joint Venture ​ GI Partners Joint Venture ​ As of the date of the joint venture formation, we used a discounted cash flow model to calculate the fair value of our retained equity interest. The fair value of the retained interest was $157 million and is classified as a Level 3 investment in the fair value hierarchy. The primary inputs to the valuation included volatility, hold period, and dividend yield. ​ TPG Real Estate Joint Venture As of the date of the joint venture formation, we used a discounted cash flow model to calculate the fair value of our retained equity interest. The fair value of the retained interest was $121 million and is classified as a Level 3 investment in the fair value hierarchy. The primary inputs to the valuation included volatility, hold period, and dividend yield. ​ Realty Income Joint Venture November 10, 2023, to the new joint venture. We received approximately $148 million of gross proceeds from the contribution of our data centers to the joint venture and retained a 20% interest in the joint venture. Realty Income contributed such cash to the joint venture in exchange for an 80% interest in the joint venture. Each partner will fund its pro rata share of the remaining $150 million estimated development cost for the first phase of the project, which was completed in mid-2024. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. We serve as the managing member responsible for operations in the ordinary course of business. However, certain approval rights are granted through the terms of the joint venture agreement and require unanimous consent of both members with respect to any major decisions. Major decisions are defined to include the annual plan which sets out joint venture and property level budgets, including lease revenues, operating expenses, and capital expenditures. As such, we concluded we do not own a controlling interest and accounted for our interest in the joint venture under the equity method of accounting. ​ DCREIT ​ As of December 31, 2024, the Company held 32% of the outstanding DCREIT units and separately owned a 10% direct retained interest in the underlying North American operating properties and a 35% direct retained interest in a Frankfurt asset. ​ The Company’s 32% interest in DCREIT consisted of 418 million units and 406 million units as of December 31, 2024 and 2023, respectively. Based on the closing price per unit of $0.58 and $0.65 as of December 31, 2024 and 2023, respectively, the fair value of the units the Company owned in DCREIT was approximately $242 million and $264 million as of December 31, 2024 and 2023, respectively. ​ Pursuant to contractual agreements with DCREIT and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCREIT or in cash. During the years ended December 31, 2024 and 2023, the Company earned fees pursuant to these contractual agreements of approximately $9.1 million and $13.6 million, respectively, which is recorded as fee income and other on the consolidated income statement. On April 19, 2024, we completed the sale of an additional 24.9% interest in a data center facility in Frankfurt, Germany to DCREIT for total consideration of approximately $126 million, and DCREIT then had a 49.9% interest in the Frankfurt data center. Because the Company still controlled this asset, no gain or loss was recorded on this 49.9% interest. In connection with this transaction, DCREIT loaned the consolidated subsidiary that owns the data center approximately $80 million. In addition, on December 5, 2024, we completed the sale of an additional 15.1% interest in the data center facility in Frankfurt for total consideration of approximately $77 million, and DCREIT now owns a During the year ended December 31, 2023, we concluded that the decline in fair value of our equity investment in DCREIT was other than temporary due to the length of time and extent to which the fair value of our investment has been less than the carrying value. As a result, we recorded an impairment charge of $95 million for the three months ended September 30, 2023, which was recorded to provision for impairment in our consolidated income statements. The charge reflected the difference between the fair value of our equity investment in DCREIT using DCREIT's unit price as of September 30, 2023 and the carrying value of our equity investment in DCREIT at September 30, 2023. Ascenty ​ Summarized Financial Information of Investments in Unconsolidated Entities The subsequent tables provide summarized financial information for all of our investments in unconsolidated entities accounted for using the equity method. Amounts are shown in thousands. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Net ​ ​ Total ​ Total ​ ​ ​ ​ ​ ​ Operating ​ Income December 31, 2024 ​ Assets ​ Liabilities ​ Equity ​ Revenues ​ Income ​ (Loss) Unconsolidated entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 7,473,799 ​ $ 3,532,248 ​ $ 3,941,551 ​ $ 824,027 ​ $ 464,637 ​ $ (336,627) APAC ​ ​ 2,127,166 ​ ​ 823,921 ​ ​ 1,303,245 ​ ​ 273,833 ​ ​ 140,594 ​ ​ 55,376 EMEA ​ ​ 1,009,055 ​ ​ 740,433 ​ ​ 268,622 ​ ​ 11,976 ​ ​ 5,108 ​ ​ (14,016) Global ​ ​ 2,007,082 ​ ​ 995,721 ​ ​ 1,011,361 ​ ​ 106,705 ​ ​ 66,258 ​ ​ (17,785) Total Unconsolidated entities ​ $ 12,617,102 ​ $ 6,092,323 ​ $ 6,524,779 ​ $ 1,216,541 ​ $ 676,597 $ (313,052) Our investment in and share of equity in earnings of unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ 2,639,800 ​ ​ ​ ​ ​ ​ $ (120,138) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Net ​ ​ Total ​ Total ​ ​ ​ ​ ​ ​ Operating ​ Income December 31, 2023 ​ Assets ​ Liabilities ​ Equity ​ Revenues ​ Income ​ (Loss) Unconsolidated entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 6,627,520 ​ $ 3,105,127 ​ $ 3,522,393 ​ $ 590,264 ​ $ 326,042 ​ $ (13,097) APAC ​ 2,097,115 ​ ​ 880,972 ​ ​ 1,216,143 ​ ​ 257,905 ​ ​ 121,053 ​ ​ 42,244 EMEA ​ ​ 80,525 ​ ​ 83,819 ​ ​ (3,294) ​ ​ 1,601 ​ ​ 939 ​ ​ (8,225) Global ​ ​ 1,542,331 ​ ​ 591,470 ​ ​ 950,861 ​ ​ 112,931 ​ ​ 73,390 ​ ​ (60,867) Total Unconsolidated entities ​ $ 10,347,491 ​ $ 4,661,388 ​ $ 5,686,103 ​ $ 962,701 ​ $ 521,424 $ (39,945) Our investment in and share of equity in loss of unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ 2,295,889 ​ ​ ​ ​ ​ ​ $ (29,791) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Net ​ ​ Total ​ Total ​ ​ ​ ​ ​ ​ Operating ​ Income December 31, 2022 ​ Assets ​ Liabilities ​ Equity ​ Revenues ​ ​ ​ (Loss) Unconsolidated entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 3,648,169 ​ $ 1,350,163 ​ $ 2,298,006 ​ $ 406,325 ​ $ 240,498 ​ $ (38,874) APAC ​ ​ 1,705,553 ​ ​ 541,509 ​ ​ 1,164,044 ​ ​ 201,405 ​ ​ 90,924 ​ ​ 25,946 EMEA ​ ​ 121,950 ​ ​ 68,223 ​ ​ 53,727 ​ ​ 1,632 ​ ​ 851 ​ ​ (5,475) Global ​ ​ 1,602,725 ​ ​ 551,088 ​ ​ 1,051,637 ​ ​ 118,233 ​ ​ 77,582 ​ ​ (19,455) Total Unconsolidated entities ​ $ 7,078,397 ​ $ 2,510,983 ​ $ 4,567,414 ​ $ 727,595 ​ $ 409,855 $ (37,858) Our investment in and share of equity in earnings of unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ 1,991,426 ​ ​ ​ ​ ​ ​ $ (13,497) ​ The amounts reflected in the previous tables on this topic are based on the historical financial information of the respective individual entities and have not been adjusted to show only the portion that is owned by the Company. The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2024
Goodwill.
Goodwill	9. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at December 31, 2024 as compared to December 31, 2023 were primarily driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies. The following is a summary of goodwill activity for the years ended December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ ​ ​ ​ ​ ​ Impact of Change ​ Balance as of ​ ​ December 31, ​ ​ ​ Goodwill ​ in Foreign ​ December 31, Merger / Portfolio Acquisition 2023 Acquisition Adjustments Exchange Rates 2024 Telx Acquisition ​ $ 330,845 ​ $ — ​ $ — ​ $ — ​ $ 330,845 European Portfolio Acquisition ​ 429,510 ​ — ​ — (14,533) ​ 414,977 DFT Merger ​ 2,592,147 ​ — ​ — — ​ 2,592,147 Interxion Combination ​ ​ 4,411,857 ​ ​ 598 ​ ​ — ​ ​ (259,139) ​ ​ 4,153,316 Teraco Combination ​ ​ 1,462,994 ​ ​ — ​ ​ — ​ ​ (37,366) ​ ​ 1,425,628 Other Combination ​ ​ 12,518 ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,518 Total ​ $ 9,239,871 ​ $ 598 ​ $ — ​ $ (311,038) ​ $ 8,929,431 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ ​ ​ ​ ​ ​ Impact of Change ​ Balance as of ​ ​ December 31, ​ ​ ​ Goodwill ​ in Foreign ​ December 31, Merger / Portfolio Acquisition ​ 2022 Acquisition Adjustments Exchange Rates 2023 Telx Acquisition ​ $ 330,845 ​ $ — ​ $ — ​ $ — ​ $ 330,845 European Portfolio Acquisition ​ 408,055 ​ — ​ 3,011 18,444 ​ 429,510 DFT Merger ​ ​ 2,592,147 ​ ​ — ​ ​ — — ​ ​ 2,592,147 Interxion Combination ​ ​ 4,288,208 ​ ​ — ​ ​ 4,843 ​ ​ 118,806 ​ ​ 4,411,857 Teraco Combination ​ 1,576,704 ​ — ​ — ​ ​ (113,710) ​ 1,462,994 Other Combination ​ ​ 12,538 ​ ​ — ​ ​ (20) ​ ​ — ​ ​ 12,518 Total ​ $ 9,208,497 ​ $ — ​ $ 7,834 ​ $ 23,540 ​ $ 9,239,871 ​

Acquired Intangible Assets and

Acquired Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2024
Acquired Intangible Assets and Liabilities
Acquired Intangible Assets and Liabilities	10. Acquired Intangible Assets and Liabilities The following table summarizes our acquired intangible assets and liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ December 31, 2024 ​ December 31, 2023 (Amounts in thousands) ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Net Carrying Amount ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Net Carrying Amount Customer relationship value ​ $ 2,783,428 ​ $ (1,080,547) ​ $ 1,702,881 ​ $ 2,926,808 ​ $ (952,943) ​ $ 1,973,865 Acquired in-place lease value ​ ​ 1,043,706 ​ ​ (863,021) ​ ​ 180,685 ​ ​ 1,089,743 ​ ​ (859,167) ​ ​ 230,576 Other ​ ​ 122,638 ​ ​ (36,038) ​ ​ 86,600 ​ ​ 108,744 ​ ​ (33,483) ​ ​ 75,261 Acquired above-market leases ​ ​ 126,322 ​ ​ (122,714) ​ ​ 3,608 ​ ​ 153,205 ​ ​ (150,344) ​ ​ 2,861 Acquired below-market leases ​ ​ (258,243) ​ ​ 219,672 ​ ​ (38,571) ​ ​ (273,951) ​ ​ 226,840 ​ ​ (47,111) ​ Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $240.4 million, $252.0 million and $253.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. ​ Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $5.2 million, $6.5 million and $2.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing January 1, 2025 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Amounts in thousands) ​ Customer relationship value ​ ​ Acquired in-place lease value ​ ​ Other (1) ​ ​ Acquired above-market leases ​ ​ Acquired below-market leases 2025 $ 208,836 ​ $ 52,481 ​ $ 2,717 ​ $ 959 ​ $ (5,647) 2026 209,236 ​ 51,367 ​ 2,717 ​ 840 ​ (5,186) 2027 209,011 ​ 42,196 ​ 2,717 ​ 705 ​ (4,621) 2028 188,083 ​ 22,771 ​ 2,735 ​ 705 ​ (4,544) 2029 156,142 ​ 11,476 ​ 2,789 ​ 399 ​ (4,544) Thereafter 731,573 ​ 394 ​ 3,545 ​ — ​ (14,029) Total $ 1,702,881 ​ $ 180,685 ​ $ 17,220 ​ $ 3,608 ​ $ (38,571) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Contractual Life (in years) ​ 11.6 ​ ​ 3.8 ​ ​ ​ ​ ​ 1.9 ​ ​ 6.1 (1) Excludes power grid rights in the amount of approximately $69.4 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.

Debt of the Operating Partnersh

Debt of the Operating Partnership	12 Months Ended
	Dec. 31, 2024
Debt of the Operating Partnership
Debt of the Operating Partnership	11. Debt of the Operating Partnership All debt is currently owed by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ Weighted- ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ average ​ Amount ​ average ​ Amount ​ ​ interest rate ​ Outstanding ​ interest rate ​ Outstanding Global Revolving Credit Facilities ​ 3.81 % ​ $ 1,637,922 ​ 4.33 % ​ $ 1,825,228 Unsecured term loans ​ 3.23 % ​ ​ 388,275 ​ 4.76 % ​ ​ 1,567,925 Unsecured senior notes ​ 2.26 % ​ ​ 14,059,415 ​ 2.24 % ​ ​ 13,507,427 Secured and other debt ​ 8.52 % ​ 761,263 ​ 8.07 % ​ 637,072 Total ​ 2.72 % ​ $ 16,846,875 2.89 % ​ $ 17,537,652 ​ The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt, along with cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Amount ​ ​ ​ ​ Amount ​ ​ ​ Denomination of Draw Outstanding % of Total ​ Outstanding % of Total U.S. dollar ($) ​ $ 2,852,102 16.9 % ​ $ 2,784,875 15.9 % British pound sterling (£) ​ 1,627,080 9.7 % ​ ​ 1,973,305 ​ 11.2 % Euro ( € ​ ​ 10,327,404 ​ 61.3 % ​ ​ 10,835,878 ​ 61.8 % Other ​ ​ 2,040,289 ​ 12.1 % ​ ​ 1,943,594 ​ 11.1 % Total ​ $ 16,846,875 ​ ​ ​ $ 17,537,652 ​ ​ ​ The table below summarizes our debt maturities and principal payments as of December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Revolving ​ Unsecured ​ Unsecured ​ Secured and ​ ​ ​ ​ Credit Facilities (1)(2) Term Loans (3) Senior Notes (4) Other Debt Total Debt 2025 ​ $ — ​ $ 388,275 ​ $ 1,173,650 ​ $ 782 ​ $ 1,562,707 2026 ​ ​ — ​ ​ — ​ ​ 1,416,042 ​ ​ 114,505 ​ ​ 1,530,547 2027 ​ ​ — ​ ​ — ​ ​ 1,165,265 ​ ​ 234,023 ​ ​ 1,399,288 2028 ​ — ​ — ​ 2,067,700 ​ 354,999 ​ 2,422,699 2029 ​ 1,637,922 ​ — ​ 2,785,538 ​ 13,946 ​ 4,437,406 Thereafter ​ — ​ — ​ 5,451,220 ​ 43,008 ​ 5,494,228 Subtotal ​ $ 1,637,922 ​ $ 388,275 ​ $ 14,059,415 ​ $ 761,263 ​ $ 16,846,875 Unamortized net discounts ​ — ​ — ​ (27,476) ​ (3,658) ​ (31,134) Unamortized deferred financing costs ​ ​ (26,614) ​ ​ (1,372) ​ ​ (69,087) ​ ​ (4,291) ​ ​ (101,364) Total ​ $ 1,611,308 ​ $ 386,903 ​ $ 13,962,852 ​ $ 753,314 ​ $ 16,714,377 (1) Includes amounts outstanding for the Global Revolving Credit Facilities. (2) The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded). (3) The €375.0 million 2025-27 Term Facility is subject to two maturity extension options of one year each, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding. (4) The £400 million 4.250 % unsecured senior note was paid at maturity on January 17, 2025. ​ Global Revolving Credit Facilities On September 24, 2024, we refinanced our Global Revolving Credit Facilities. The refinancing resulted in a loss on debt modification charge of approximately $1.1 million during the year ended December 31, 2024. Below are key terms for our Global Revolving Credit Facility and Yen Revolving Credit Facility. We have a Global Revolving Credit Facility under which we may draw up to $4.1 billion equivalent on a revolving basis (subject to currency fluctuations). The Global Revolving Credit Facility can be drawn in Australian dollars, British pounds sterling, Canadian dollars, Euros, Hong Kong dollars, Indonesian rupiah, Japanese yen, Korean won, Singapore dollars, Swiss francs and U.S. dollars (with the ability to add other currencies in the future). As of December 31, 2024, approximately $114.5 million of letters of credit were issued. We have the ability to increase the size of the Global Revolving Credit Facility by up to $1.8 billion, subject to the receipt of lender commitments and the satisfaction of certain customary conditions precedent. Other key terms of the Global Revolving Credit Facility are as follows: ● Maturity date: January 24, 2029, with two six-month extension options available. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the Global Revolving Credit Facilities. ● Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 85 basis points (subject to a sustainability-linked pricing component). ● Annual facility fee: based on the total commitment amount of the facility and the credit ratings of our long-term debt is currently 20 basis points (subject to a sustainability-linked pricing component) and is payable quarterly. ● Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets. Yen Revolving Credit Facility In addition to the Global Revolving Credit Facility, we have a revolving credit facility that provides for borrowings in Japanese Yen of up to ¥42.5 billion (approximately $296.8 million based on the exchange rate on September 24, 2024), hereafter referred to as the “Yen Revolving Credit Facility”). We have the ability from time to time to increase the size of the Yen Revolving Credit Facility to up to ¥102.5 billion, subject to receipt of lender commitments and other conditions precedent. Other key terms of the Yen Revolving Credit Facility are as follows: ● Maturity date: January 24, 2029, with two six-month extension options available. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the Global Revolving Credit Facilities. ● Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 50 basis points (subject to a sustainability-linked pricing component). ● Quarterly unused commitment fee: currently is 10 basis points (subject to a sustainability-linked pricing component), calculated using the average daily unused revolving credit commitment and is based on the credit ratings of our long-term debt. ● Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets. Restrictive Covenants in Global Revolving Credit Facility and Yen Revolving Credit Facility The Global Revolving Credit Facility and the Yen Revolving Credit Facility both contain various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments, or merge with another company. In addition, we are required to maintain financial coverage ratios, including with ratios respect to unencumbered assets. After the occurrence of and during the continuance of any event of default, these credit facilities restrict the Parent’s ability to make distributions to stockholders or redeem or otherwise repurchase shares of its capital stock, except in limited circumstances (such as those necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax). As of December 31, 2024, we were in compliance with all of such covenants for both of these revolving credit facilities. Unsecured Term Loans Euro Term Loan Agreement ​ On August 11, 2022, the Company, the Operating Partnership, and certain of the Operating Partnership’s subsidiaries and, together with the 2025 Term Facility, collectively, the “Euro Term Loan Facilities”), comprised of €125,000,000 of initial term loans, the entire amount of which was funded on such date, and €250,000,000 of delayed draw term loan commitments that were funded on September 9, 2023. The Euro Term Loan Facilities provide for borrowings in Euros. The 2025 Term Facility matures on August 11, 2025. The 2025-27 Term Facility matures on August 11, 2025, subject to two maturity extension options of one year each; provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of the 2025-27 Term Facility commitments then outstanding. ​ On September 13, 2024, we paid off the 2025 Term Facility on the Euro Term Loan Facilities, leaving the 2025-27 Term Facility outstanding. The paydown resulted in an early extinguishment charge of approximately $1.6 million during the year ended December 31, 2024. ​ USD Term Loan Agreement ​ On October 25, 2022, the Company, the Operating Partnership, and certain of the Operating Partnership’s subsidiaries entered into an escrow agreement (the “Escrow Agreement”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”), certain lenders (the “Lenders”), and Arnold & Porter Kaye Scholer LLP, as escrow agent (the “Escrow Agent”), pursuant to which the Operating Partnership, the Company, the Administrative Agent and the Lenders delivered executed signature pages to a new term loan agreement among the Operating Partnership, the Company, the Lenders and the Administrative Agent (the “USD Term Loan Agreement”) to be held in escrow by the Escrow Agent and released by the Escrow Agent upon satisfaction of the terms described in the Escrow Agreement. On January 9, 2023, the terms and conditions of the Escrow Agreement were satisfied, and, on such date, the USD Term Loan Agreement was deemed executed and became effective. The USD Term Loan Agreement provides for a $740 million senior unsecured term loan facility (the “USD Term Loan Facility”). The USD Term Loan Facility provides for borrowings in U.S. dollars. The USD Term Loan Facility will mature on March 31, 2025, subject to one twelve-month extension option at the Operating Partnership’s option; provided, that the Operating Partnership must pay a 0.1875% extension fee based on the then-outstanding principal amount of the term loans under the USD Term Loan Facility. ​ On January 9, 2024, we paid down $240 million on the USD Term Loan Facility, leaving $500 million outstanding. On November 15, 2024, we paid off the remaining $500 million on the USD Term Loan Facility. The paydowns resulted in an early extinguishment charge of approximately $3.2 million during the year ended December 31, 2024. Unsecured Senior Notes The following table provides details of our unsecured senior notes (balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate Principal Amount at Issuance ​ ​ ​ Balance as of ​ ​ Borrowing Currency ​ USD ​ Maturity Date ​ December 31, 2024 ​ December 31, 2023 2.625% notes due 2024 (1) ​ € 600,000 ​ $ 677,040 ​ Apr 15, 2024 ​ $ — ​ $ 662,340 2.750% notes due 2024 (2) ​ £ 250,000 ​ $ 324,925 ​ Jul 19, 2024 ​ ​ — ​ ​ 318,275 4.250% notes due 2025 (3) ​ £ 400,000 ​ $ 634,480 ​ Jan 17, 2025 ​ ​ 500,640 ​ ​ 509,240 0.625% notes due 2025 ​ € 650,000 ​ $ 720,980 ​ Jul 15, 2025 ​ ​ 673,010 ​ ​ 717,535 2.500% notes due 2026 ​ € 1,075,000 ​ $ 1,224,640 ​ Jan 16, 2026 ​ ​ 1,113,055 ​ ​ 1,186,693 0.200% notes due 2026 ​ CHF 275,000 ​ $ 298,404 ​ Dec 15, 2026 ​ ​ 302,987 ​ ​ 326,826 1.700% notes due 2027 ​ CHF 150,000 ​ $ 162,465 ​ Mar 30, 2027 ​ ​ 165,265 ​ ​ 178,269 3.700% notes due 2027 (4) ​ $ 1,000,000 ​ $ 1,000,000 ​ Aug 15, 2027 ​ ​ 1,000,000 ​ ​ 1,000,000 5.550% notes due 2028 (4) ​ $ 900,000 ​ $ 900,000 ​ Jan 15, 2028 ​ ​ 900,000 ​ ​ 900,000 1.125% notes due 2028 ​ € 500,000 ​ $ 548,550 ​ Apr 09, 2028 ​ ​ 517,700 ​ ​ 551,950 4.450% notes due 2028 ​ $ 650,000 ​ $ 650,000 ​ Jul 15, 2028 ​ ​ 650,000 ​ ​ 650,000 0.550% notes due 2029 ​ CHF 270,000 ​ $ 292,478 ​ Apr 16, 2029 ​ ​ 297,478 ​ ​ 320,884 3.600% notes due 2029 ​ $ 900,000 ​ $ 900,000 ​ Jul 01, 2029 ​ ​ 900,000 ​ ​ 900,000 3.300% notes due 2029 ​ £ 350,000 ​ $ 454,895 ​ Jul 19, 2029 ​ ​ 438,060 ​ ​ 445,585 1.875% notes due 2029 ​ $ 1,150,000 ​ $ 1,150,000 ​ Nov 15, 2029 ​ ​ 1,150,000 ​ ​ — 1.500% notes due 2030 ​ € 750,000 ​ $ 831,900 ​ Mar 15, 2030 ​ ​ 776,550 ​ ​ 827,925 3.750% notes due 2030 ​ £ 550,000 ​ $ 719,825 ​ Oct 17, 2030 ​ ​ 688,380 ​ ​ 700,205 1.250% notes due 2031 ​ € 500,000 ​ $ 560,950 ​ Feb 01, 2031 ​ ​ 517,700 ​ ​ 551,950 0.625% notes due 2031 ​ € 1,000,000 ​ $ 1,220,700 ​ Jul 15, 2031 ​ ​ 1,035,400 ​ ​ 1,103,900 1.000% notes due 2032 ​ € 750,000 ​ $ 874,500 ​ Jan 15, 2032 ​ ​ 776,550 ​ ​ 827,925 1.375% notes due 2032 ​ € 750,000 ​ $ 849,375 ​ Jul 18, 2032 ​ ​ 776,550 ​ ​ 827,925 3.875% notes due 2033 ​ € 850,000 ​ $ 941,375 ​ Sep 13, 2033 ​ ​ 880,090 ​ ​ — ​ ​ $ 14,059,415 ​ $ 13,507,427 Unamortized discounts, net of premiums ​ ​ ​ ​ ​ ​ ​ (27,476) ​ ​ (33,324) Deferred financing costs, net ​ ​ ​ ​ ​ ​ ​ (69,087) ​ ​ (51,761) Total unsecured senior notes, net of discount and deferred financing costs ​ $ 13,962,852 ​ $ 13,422,342 (1) Paid at maturity on April 15, 2024. (2) Paid at maturity on July 19, 2024. (3) Paid at maturity on January 17, 2025. (4) Subject to cross-currency swaps. ​ Restrictive Covenants in Unsecured Senior Notes ​ The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2024, we were in compliance with each of these financial covenants. Issuance of Unsecured Senior Notes ​ On September 13, 2024, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2033 (the “2033 Notes”). Net proceeds from the offering were approximately €843 million (approximately $933 million based on the exchange rate on September 13, 2024) after deducting managers’ discounts and estimated offering expenses. ​ On November 12, 2024, Digital Realty Trust, L.P. issued $1,150,000,000 principal amount of its 1.875% Exchangeable Senior Notes due 2029 (the “Exchangeable Notes”). Net proceeds from the offering were approximately $1.13 billion after deducting managers’ discounts and offering expenses. The holders of the Exchangeable Notes will have the right to exchange their notes on or after August 15, 2029 and in certain other circumstances prior to this date. Upon exchange, the Company may choose to pay or deliver cash or a combination of cash and shares of the Company’s common stock. Pursuant to the terms of the Exchangeable Notes, the principal of the notes must always be cash settled, while the excess may be settled via cash, shares, or a combination at the Company’s election. The Exchangeable Notes will also be subject to redemption at the Company’s option, on or after November 22, 2027, through September 19, 2029, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the exchange price for a specified period of time and certain other conditions are satisfied. The initial exchange rate is 4.7998 shares of our common stock per $1,000 principal amount of the Exchangeable Notes, which represents an initial exchange price of approximately $208.34 per share of our common stock. The initial exchange price represents a premium of approximately 20.0% over the last reported sale price of $173.62 per share of our common stock on November 6, 2024. We account for our Exchangeable Notes in accordance with ASC 470-20, Debt with Conversion and Other Options (Subtopic 470-20) and ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity. The embedded exchange feature is eligible for an exception from derivative accounting because it is indexed to our own stock and meets the equity classification under ASC 815-40; therefore, the exchange feature is not bifurcated. At each reporting period, we calculate the effect of the Exchangeable Notes on our dilutive earnings per common share and per common unit using the if-converted method. ​ In connection with the offering of Exchangeable Notes, we entered into a registration rights agreement pursuant to which we agreed to register the resale of the shares of our common stock, if any, deliverable upon exchange of the Exchangeable Notes. If certain conditions relating to our obligations under the registration rights agreement are not satisfied, then we will pay additional interest on the Exchangeable Notes, in certain circumstances, at a rate per annum not exceeding 0.5%. In addition, if those conditions are not satisfied after the regular record date immediately preceding the maturity date of Exchangeable Notes, then we will pay an additional interest payment at maturity for an amount equal to 3% of principal of Exchangeable Notes. We account for such additional interest amounts as contingent obligations in accordance with ASC Subtopic 825-20: Financial Instrument - Registration Payment Arrangements, which are measured separately in accordance with ASC Subtopic 450-20: Loss Contingencies. Because payment of such additional interest amounts is not probable as of December 31, 2024, they have not been recognized or included in the allocation of the proceeds from Exchangeable Notes as of December 31, 2024. ​ Early Extinguishment of Unsecured Senior Notes We recognized the following losses on early extinguishment of unsecured notes: ● During the year ended December 31, 2022 : $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022. Secured and Other Debt ​ This amount consists of a variety of loans at fixed and floating rates ranging from 3.29% to 14.50%. The largest component of the balance is Teraco debt facilities in the amount of $537.7 million, with an effective interest rate of 9.68%, along with a $135.0 million mortgage loan for the Company’s Westin building in Seattle – which bears interest at 3.29%. The loan bearing interest ranging from 11.65% to 14.50% is an unsecured loan with a balance of approximately $16 million.

Earnings per Common Share or Un

Earnings per Common Share or Unit	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Common Share or Unit	12. Earnings per Common Share or Unit The following is a s ummary of basic and diluted income per share/unit (in thousands ​ Digital Realty Trust, Inc. Earnings per Common Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 561,766 ​ $ 908,114 ​ $ 336,960 Loss attributable to redeemable noncontrolling interest (1) ​ ​ (27,059) ​ ​ (18,093) ​ ​ (4,839) Net income available to common stockholders - diluted EPS ​ ​ 534,707 ​ ​ 890,021 ​ ​ 332,121 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding—basic ​ 323,336 ​ 298,603 ​ 286,334 Potentially dilutive common shares: ​ ​ ​ Unvested incentive units ​ 98 ​ 118 ​ 257 Unvested restricted stock ​ ​ 44 ​ ​ 9 ​ ​ 45 Forward equity offering ​ ​ — ​ ​ 248 ​ ​ — Market performance-based awards ​ 271 ​ 112 ​ 103 Redeemable noncontrolling interest shares (1) ​ ​ 7,798 ​ ​ 9,975 ​ ​ 11,180 Weighted average shares outstanding—diluted ​ 331,547 ​ 309,065 ​ 297,919 Income per share: ​ ​ ​ Basic ​ $ 1.74 ​ $ 3.04 ​ $ 1.18 Diluted (2) ​ $ 1.61 ​ $ 2.88 ​ $ 1.11 ​ Digital Realty Trust, L.P. Earnings per Unit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common unitholders ​ $ 574,466 ​ $ 928,824 ​ $ 345,060 Loss attributable to redeemable noncontrolling interest (1) ​ ​ (27,059) ​ ​ (18,093) ​ ​ (4,839) Net income available to common unitholders - diluted EPS ​ ​ 547,407 ​ ​ 910,731 ​ ​ 340,221 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average units outstanding—basic ​ 329,485 ​ 304,651 ​ 292,123 Potentially dilutive common units: ​ ​ ​ ​ ​ Unvested incentive units ​ 98 ​ 118 ​ 257 Unvested restricted units ​ ​ 44 ​ 9 ​ ​ 45 Forward equity offering ​ ​ — ​ 248 ​ ​ — Market performance-based awards ​ 271 ​ 112 ​ 103 Redeemable noncontrolling interest shares (1) ​ ​ 7,798 ​ ​ 9,975 ​ ​ 11,180 Weighted average units outstanding—diluted ​ 337,696 ​ 315,113 ​ 303,708 Income per unit: ​ ​ ​ Basic ​ $ 1.74 ​ $ 3.05 ​ $ 1.18 Diluted (2) ​ $ 1.62 ​ $ 2.89 ​ $ 1.12 (1) Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in Digital Realty Trust, Inc. shares, in cash, or a combination of cash and shares. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by Digital Realty Trust, Inc.’s average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026. For additional information regarding the Teraco Acquisition and the defined terms used above, see Note 3. “Business Combinations” to Consolidated Financial Statements contained herein. (2) The Company has made an adjustment to previously reported amounts to correct an immaterial error in the computation of diluted earnings per share and diluted earnings per unit in each of the interim periods ended June 30, 2023 and September 30, 2023, and for the year ended December 31, 2023. The correction appropriately reduces net income available to common stockholders and unitholders, as applicable, for the loss attributable to the non-controlling interests in Teraco. The impact to earnings per share and earnings per unit for each respective period is summarized in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty Trust, Inc. ​ Digital Realty Trust, L.P. ​ Diluted Earnings per Common Share ​ Diluted Earnings per Unit ​ As Reported ​ As Revised ​ As Reported ​ As Revised Three months ended June 30, 2023 $0.37 ​ $0.34 ​ $0.37 ​ $0.34 Six months ended June 30, 2023 $0.57 ​ $0.52 ​ $0.57 ​ $0.52 Three months ended September 30, 2023 $2.33 ​ $2.31 ​ $2.34 ​ $2.32 Nine months ended September 30, 2023 $2.93 ​ $2.87 ​ $2.94 ​ $2.88 Fiscal year ended December 31, 2023 $3.00 ​ $2.88 ​ $3.01 ​ $2.89 ​ As of December 31, 2024, the holders of the Exchangeable Notes will have an option on or after August 15, 2029, or at an earlier date under certain circumstances, to exchange the notes. The Company must always cash settle the principal amount of the Exchangeable Notes, while any excess may be settled via cash, common shares or a combination at the election of the Company. Accordingly, the Company applies the if converted method to determine the dilutive impact on EPS related to the Exchangeable Notes. There is no interest expense adjustment to the numerator as the principal will always be cash settled. In order to compute the dilutive effect, the number of shares included in the denominator of diluted EPS is determined by dividing the “conversion spread value” of the share-settled portion (value above principal and interest component) of the instrument by the average share price during the period. The “conversion spread value” is the value that would be delivered to the holders in shares based on the terms of the Exchangeable Notes upon an assumed conversion. As of December 31, 2024, the conversion spread value is currently ​ The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 Exchangeable Notes ​ 6,624 ​ — ​ — Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. ​ 6,149 6,048 5,789 Potentially dilutive Series J Cumulative Redeemable Preferred Stock ​ 1,298 1,794 1,736 Potentially dilutive Series K Cumulative Redeemable Preferred Stock ​ 1,365 ​ 1,887 ​ 1,825 Potentially dilutive Series L Cumulative Redeemable Preferred Stock ​ 2,238 ​ 3,095 ​ 2,993 Total ​ 17,674 12,824 12,343 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes
Income Taxes	13. Income Taxes Digital Realty Trust, Inc. has elected to be treated and believes that it has been organized and has operated in a manner that has enabled it to qualify as a REIT for U.S. federal income tax purposes. As a REIT, Digital Realty Trust, Inc. is generally not subject to corporate level U.S. federal income taxes on taxable income distributed currently to its stockholders. Since inception, Digital Realty Trust, Inc. has distributed at least 100% of its taxable income annually. As such, no provision for U.S. federal income taxes has been included in the Company’s accompanying Consolidated Financial Statements years ended December 31, 2024, 2023 and 2022. The Operating Partnership is a partnership and is not required to pay U.S. federal income tax. Instead, taxable income is allocated to its partners, who include such amounts on their U.S. federal income tax returns. As such, no provision for U.S. federal income taxes has been included in the Operating Partnership’s accompanying Consolidated Financial Statements. We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that REITs cannot hold directly. Income taxes for TRS entities were accrued, as necessary, for the years ended December 31, 2024, 2023 and 2022. For our TRS entities and foreign subsidiaries that are subject to U.S. federal, state, local and foreign income taxes, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not that the deferred tax asset may not be realized, based on available evidence at the time the determination is made. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in the income statement. Deferred tax assets (net of valuation allowance) and liabilities for our TRS entities and foreign subsidiaries were accrued, as necessary, for the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024 and 2023, we had deferred tax liabilities net of deferred tax assets of approximately $1,081.1 million and $1,144.9 million, respectively, primarily related to our foreign properties, classified within Other assets (deferred tax assets) and separately stated Deferred tax liabilities in the consolidated balance sheet. The majority of our net deferred tax liability relates to differences between foreign tax basis and book basis of the assets acquired in the Teraco Acquisition in August 2022 and Interxion Combination in March 2020. The valuation allowance against the deferred tax assets as of December 31, 2024 and 2023 relate primarily to net operating loss carryforwards, nondeductible interest expense carryforwards and hybrid attributes that we do not expect to utilize attributable to certain foreign jurisdictions. As of December 31, 2024, we are under examination for various years in Germany, Indonesia, Kenya, Mauritius, Singapore, Switzerland, United Kingdom, and the United States. The amount of gross unrecognized tax benefits as of December 31, 2024, was $41.2 million, which includes $1.2 million of accrued interest and penalties. Deferred income tax assets and liabilities as of December 31, 2024 and 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Gross deferred income tax assets: ​ ​ ​ ​ Net operating loss carryforwards ​ $ 197,039 ​ $ 188,735 Basis difference - real estate property ​ 17,363 ​ 18,035 Basis difference - intangibles ​ 12,561 ​ 7,744 Tax credit carryforward ​ ​ 2,407 ​ ​ 2,056 Other - temporary differences ​ 237,342 ​ 180,316 Total gross deferred income tax assets ​ 466,711 ​ 396,886 Valuation allowance ​ (213,984) ​ (176,268) Total deferred income tax assets, net of valuation allowance ​ 252,728 ​ 220,618 Gross deferred income tax liabilities: ​ ​ Basis difference - real estate property ​ 1,138,120 ​ 1,162,143 Basis difference - intangibles ​ ​ 175,267 ​ ​ 190,607 Straight line rent ​ 9,970 ​ 5,992 Other - temporary differences ​ 10,466 ​ 6,750 Total gross deferred income tax liabilities ​ 1,333,822 ​ 1,365,492 Net deferred income tax liabilities (1) ​ $ 1,081,094 ​ $ 1,144,874 ​ (1) Net of deferred tax assets of $ 3.5 million and $ 6.2 million for the years ended December 31, 2024 and 2023, respectively.

Equity and Capital

Equity and Capital	12 Months Ended
	Dec. 31, 2024
Equity and Capital
Equity and Capital	14. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were parties to an ATM Equity Offering SM The 2023 Sales Agreement was amended on February 23, 2024 (the “Sales Agreement Amendment”). At the time of the amendment, $258.3 million remained unsold under the 2023 Sales Agreement. Following the Sales Agreement Amendment, Digital Realty Trust, Inc. could issue and sell common stock having an aggregate offering price of up to $2.0 billion through various named agents from time to time pursuant to the 2023 Sales Agreement. During the year ended December 31, 2024, Digital Realty Trust, Inc. generated net proceeds of approximately $1.9 billion from the issuance of approximately 11.4 million common shares under the 2023 Sales Agreement at an average price, net of commissions, of $166.85 per share. Commissions to the agents amounted to approximately $17.4 million. The proceeds from the issuances under the 2023 Sales Agreement for the year ended December 31, 2024, were contributed to our Operating Partnership in exchange for the issuance of approximately 11.4 million common units to our Parent Company. On December 23, 2024, our Parent and our Operating Partnership entered into a new an ATM Equity Offering SM The sales of common stock made under the 2024 Sales Agreement will be made in “at the market” offerings as defined in Rule 415 of the Securities Act. Our Parent has used and intends to use the net proceeds from the program to temporarily repay borrowings under our Operating Partnership’s Global Revolving Credit Facilities, to acquire additional properties or businesses, to fund development opportunities and for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption or retirement of outstanding debt securities. For the year ended December 31, 2023, Digital Realty Trust, Inc. generated net proceeds of approximately $1.1 billion from the issuance of approximately 8.7 million common shares under the 2023 Sales Agreement at an average price of $133.21 per share after payment of approximately $11.4 million of commissions to the agents. As of December 31, 2023, approximately $343.4 million remained available for future sales under the 2023 Sales Agreement. The proceeds from the issuances under the 2023 Sales Agreement for the year ended December 31, 2023 were contributed to our Operating Partnership in exchange for the issuance of approximately 8.7 million common units to our Parent Company. Equity Offering On May 7, 2024, our Parent and our Operating Partnership entered into an underwriting agreement with BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters relating to the sale of up to approximately 12.1 million shares of common stock (including approximately 1.6 million additional shares that the underwriters had the option to purchase, and which option was exercised in full on May 8, 2024), at a purchase price to the underwriters of $136.66 per share. The offering closed on May 10, 2024, and we received net proceeds of approximately $1.7 billion. ​ Redeemable Preferred Stock ​ The Company has issued and outstanding the following series of cumulative redeemable preferred stock, which are governed by the articles supplementary for the applicable series of preferred stock as of December 31, 2024 and 2023 (in thousands, except for share cap and annual dividend rate). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Annual ​ Shares Outstanding as of ​ Balance (net of issuance costs) ​ ​ Date(s) ​ Initial Date to ​ ​ ​ Liquidation ​ Dividend ​ December 31, ​ as of December 31, Preferred Stock (1) Issued Redeem (2) Share Cap (3) Value (4) Rate (5) 2024 2023 2024 2023 5.250% Series J Cumulative Redeemable Preferred Stock ​ Aug 7, 2017 ​ Aug 7, 2022 0.4252100 ​ $ 200,000 ​ 1.31250 8,000 8,000 ​ $ 193,540 ​ $ 193,540 5.850% Series K Cumulative Redeemable Preferred Stock ​ Mar 13, 2019 ​ Mar 13, 2024 ​ 0.4361100 ​ ​ 210,000 ​ ​ 1.46250 ​ 8,400 ​ 8,400 ​ ​ 203,264 ​ ​ 203,264 5.200% Series L Cumulative Redeemable Preferred Stock ​ Oct 10, 2019 ​ Oct 10, 2024 ​ 0.3851800 ​ ​ 345,000 ​ ​ 1.30000 ​ 13,800 ​ 13,800 ​ ​ 334,886 ​ ​ 334,886 ​ ​ ​ ​ ​ ​ ​ ​ $ 755,000 ​ ​ ​ 30,200 30,200 ​ $ 731,690 ​ $ 731,690 (1) All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. (2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption. (3) Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. (4) Liquidation preference is $25.00 per share. (5) Dividends on preferred shares are cumulative and payable quarterly in arrears. Noncontrolling Interests in Operating Partnership Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Number of ​ Percentage of ​ Number of ​ Percentage of (Units in thousands) units total ​ units total Digital Realty Trust, Inc. ​ 336,637 ​ 98.2 % ​ 311,608 ​ 98.0 % Noncontrolling interests consist of: ​ ​ ​ ​ Common units held by third parties 4,049 1.2 % ​ 4,343 1.3 % Incentive units held by employees and directors (see Note 16. ''Incentive Plans'') 2,086 0.6 % ​ 2,106 0.7 % ​ 342,772 100.0 % ​ 318,057 100.0 % ​ Limited partners have the right to require the Operating Partnership to redeem all or a portion of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of its common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. The common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the consolidated balance sheet. The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $1,090.4 million and $834.1 million based on the closing market price of Digital Realty Trust, Inc. common stock on December 31, 2024 and December 31, 2023, respectively. The following table shows activity for the noncontrolling interests in the Operating Partnership for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ (Units in thousands) Common Units Incentive Units Total As of December 31, 2023 4,343 2,106 6,449 Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) (294) (259) (553) Incentive units issued upon achievement of market performance condition — 88 88 Grant of incentive units to employees and directors — 155 155 Cancellation / forfeitures of incentive units held by employees and directors — (4) (4) As of December 31, 2024 4,049 2,086 6,135 (1) These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid in capital based on the book value per unit in the accompanying consolidated balance sheets of Digital Realty Trust, Inc. Dividends and Distributions Digital Realty Trust, Inc. Dividends ​ We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2024, 2023 and 2022 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J ​ Series K ​ Series L ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Preferred ​ Preferred ​ Common ​ Date dividend declared Dividend payment date Stock Stock Stock ​ Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 3, 2022 ​ March 31, 2022 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 348,025 (1) May 24, 2022 ​ June 30, 2022 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 348,077 (1) August 17, 2022 ​ September 30, 2022 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 351,410 (1) November 29, 2022 ​ December 31, 2022 for Preferred Stock; January 13, 2023 for Common Stock ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 355,832 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,403,344 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 22, 2023 ​ March 31, 2023 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 356,214 (1) May 24, 2023 ​ June 30, 2023 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 365,937 (1) August 8, 2023 ​ September 29, 2023 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 370,278 (1) November 28, 2023 ​ December 29, 2023 for Preferred Stock; January 19, 2024 for Common Stock ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 380,019 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,472,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2024 ​ March 28, 2024 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 382,208 (1) May 8, 2024 ​ June 28, 2024 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 397,429 (1) August 7, 2024 ​ September 30, 2024 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 400,659 (1) November 4, 2024 ​ December 31, 2024 for Preferred Stock; January 17, 2025 for Common Stock ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 410,831 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,591,127 ​ Annual rate of dividend per share ​ ​ ​ $ 1.31250 ​ $ 1.46250 ​ $ 1.30000 ​ $ 4.88000 ​ ​ (1) $4.880 annual rate of dividend per share. Digital Realty Trust, L.P. Distributions All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for years ended December 31, 2024, 2023 and 2022, (in thousands, except for per unit data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J ​ Series K ​ Series L ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Preferred ​ Preferred ​ Common ​ Date distribution declared Distribution payment date Units Units ​ Units ​ Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 3, 2022 ​ March 31, 2022 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 355,812 (1) May 24, 2022 ​ June 30, 2022 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 355,885 (1) August 17, 2022 ​ September 30, 2022 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 359,207 (1) November 29, 2022 ​ December 31, 2022 for Preferred Units; January 13, 2023 for Common Units ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 363,616 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,434,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 22, 2023 ​ March 31, 2023 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 364,204 (1) May 24, 2023 ​ June 30, 2023 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 373,833 (1) August 8, 2023 ​ September 29, 2023 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 378,352 (1) November 28, 2023 ​ December 29, 2023 for Preferred Units; January 19, 2024 for Common Units ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 387,988 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,504,377 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2024 ​ March 28, 2024 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 390,356 (1) May 8, 2024 ​ June 28, 2024 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 405,421 (1) August 7, 2024 ​ September 30, 2024 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 408,577 (1) November 4, 2024 ​ December 29, 2023 for Preferred Units; January 19, 2024 for Common Units ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 418,665 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,623,019 ​ Annual rate of distribution per unit ​ ​ ​ $ 1.31250 ​ $ 1.46250 ​ $ 1.30000 ​ $ 4.88000 ​ ​ ​ ​ (1) $4.880 annual rate of distribution per unit. ​ For U.S. federal income tax purposes, 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 tax basis in Digital Realty Trust, Inc.’s stock, are generally classified as a return of capital. Distributions in excess of a stockholder’s tax basis in Digital Realty Trust, Inc.’s stock are generally characterized as capital gain. Cash provided by operating activities has generally been sufficient to fund all distributions, however, in the future we may also need to utilize borrowings under the Global Revolving Credit Facility to fund all or a portion of distributions.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss), Net	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net.
Accumulated Other Comprehensive Income (Loss), Net	15. Accumulated Other Comprehensive Income (Loss), Net ​ The accumulated balances for each item within Accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P: ​ Digital Realty Trust, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency ​ Increase (decrease) in ​ Accumulated other ​ ​ translation ​ fair value of derivatives, ​ comprehensive ​ adjustments net of reclassification income (loss), net Balance as of December 31, 2022 ​ $ (536,019) ​ $ (59,779) ​ $ (595,798) Net current period change ​ (102,564) ​ ​ (53,031) ​ ​ (155,595) Balance as of December 31, 2023 ​ $ (638,583) ​ $ (112,810) ​ $ (751,393) Net current period change ​ (551,066) ​ 120,176 ​ (430,890) Balance as of December 31, 2024 ​ $ (1,189,649) ​ $ 7,366 ​ $ (1,182,283) ​ Digital Realty Trust, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency ​ Increase (decrease) in ​ Accumulated other ​ ​ translation ​ fair value of derivatives, ​ comprehensive ​ adjustments net of reclassification income (loss) Balance as of December 31, 2022 ​ $ (551,013) ​ $ (62,410) ​ $ (613,423) Net current period change ​ (105,050) ​ (54,195) ​ (159,245) Balance as of December 31, 2023 ​ $ (656,063) ​ $ (116,605) ​ $ (772,668) Net current period change ​ (562,349) ​ 122,650 ​ (439,699) Balance as of December 31, 2024 ​ $ (1,218,412) ​ $ 6,045 ​ $ (1,212,367) ​

Incentive Plans

Incentive Plans	12 Months Ended
	Dec. 31, 2024
Incentive Plans
Incentive Plans	​ 16. Incentive Plans ​ 2014 Incentive Award Plan ​ The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended (the “Incentive Plan”). The major categories of awards that can be issued under the Incentive Plan include: ​ Long-Term Incentive Units (“LTIP Units”) : two ​ Service-Based Restricted Stock Units : two Performance-Based Awards (“the Performance Awards”) : ​ Market-Based Performance Awards. The market performance criterion compares Digital Realty Trust, Inc.’s total stockholder return (“TSR”) relative to the MSCI US REIT Index (“RMS”) over a three-year performance period (“Market Performance Period”), subject to continued service, in order to determine the percentage of the total eligible pool of units that qualifies to be awarded. Following the completion of the Market Performance Period, the awards then have a time-based vesting element pursuant to which 50% of the performance-vested units will fully vest in the February immediately following the end of the Market Performance Period and 50% of the performance-vested units will fully vest in the subsequent February. Vesting with respect to the market condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS as is shown in the subsequent table (the “RMS Relative Market Performance”). ​ ​ ​ ​ ​ ​ ​ ​ ​ Market ​ ​ ​ Performance ​ RMS Relative ​ Vesting Level Market Performance ​ Percentage Below Threshold Level ≤ -500 basis points ​ 0 % Threshold Level -500 basis points ​ 25 % Target Level 0 basis points ​ 50 % High Level ≥ 500 basis points ​ 100 % ​ If the RMS Relative Market Performance falls between the levels specified in the above table, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels. Following the completion of the applicable Market Performance Period, the Compensation Committee made the following determinations regarding the vesting of these awards. ​ 2022 Awards ● In January 2025 the RMS Relative Market Performance was achieved at the high level of performance and, accordingly, 61,661 Class D units and 5,654 Restricted Stock Units performance vested and qualified for time-based vesting. ● The Class D units included 6,997 distribution equivalent units that immediately vested on December 31, 2024. ● On February 27, 2025, 50% of the 2022 awards will vest and the remaining 50% will vest on February 27, 2026, subject to continued employment through the applicable vesting date. 2021 Awards ● In January 2024, the RMS Relative Market Performance fell between the threshold and target level for the 2021 awards and, accordingly, 71,926 Class D units and 7,066 Restricted Stock Units performance vested and qualified for time-based vesting. ● The Class D units included 5,131 distribution equivalent units that immediately vested on December 31, 2023. ● On February 27, 2024, 50% of the 2021 awards vested and the remaining 50% will vest on February 27, 2025, subject to continued employment through the applicable vesting date. 2020 Awards ● In January 2023, the RMS Relative Market Performance fell between the threshold and target levels for the 2020 awards and, accordingly, 72,230 Class D units and 7,083 Restricted Stock Units performance vested and qualified for time-based vesting. ● The Class D units included 5,841 distribution equivalent units that immediately vested on December 31, 2022. ● On February 27, 2023, 50% of the 2020 awards vested and the remaining 50% vested on February 27, 2024. Financial-Based Performance Awards. ​ On January 1, 2024, the Company granted Financial-Based Performance Awards, which vest based on growth in same-store cash net operating income during the three-year period commencing on January 1, 2024. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards was $9.8 million, based on Digital Realty Trust, Inc.’s closing stock price at the grant date. On April 8, 2023, the Company granted Financial-Based Performance Awards, which vest based on growth in same-store cash net operating income during the three-year period commencing on January 1, 2023. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards was $8.1 million, based on Digital Realty Trust, Inc.’s closing stock price at the grant date. ​ On March 4, 2022, the Company granted Financial-Based Performance Awards, which vest based on the growth in core funds from operation (“Core FFO”) during the three-year period commencing on January 1, 2022. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards was ​ Fair Value of Market Performance-Based Awards ​ The fair values of the Performance Awards granted were measured using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. The Monte Carlo simulation is a probabilistic technique based on the underlying theory of the Black-Scholes formula, which was run for 100,000 trials to determine the fair value of the awards. For each trial, the payoff to an award is calculated at the settlement date and is then discounted to the grant date at a risk-free interest rate. The total expected value of the awards on the grant date was determined by multiplying the average value per award over all trials by the number of awards granted. Assumptions used in the valuations are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected Stock Price ​ Risk-Free Interest ​ Award Date Volatility ​ rate ​ January 1, 2022 ​ 26 % ​ 0.97 % January 1, 2023 ​ 32 % ​ 4.18 % January 1, 2024 ​ 29 % ​ 3.97 % ​ The expected stock price volatility assumption is calculated based on our historical volatility, which is calculated over a period of time commensurate with the expected term of the awards being valued. The expected dividend yield assumption used in the Monte Carlo simulation represents the percent of return to a stock that is available to the holder of an award. Because the holders of the awards receive dividend equivalents, an expected dividend yield assumption of 0.00% was used in the valuation. These valuations were performed in a risk-neutral framework, and no assumption was made with respect to an equity risk premium. ​ The grant date fair value of the Performance Awards was approximately $9.8 million, $8.2 million and $12.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. We recognize compensation expense on a straight-line basis over the expected service period of approximately four years. ​ The aggregate intrinsic value of the Performance Awards that vested in 2024, 2023 and 2022 was $18.5 million, $36.4 million and $41.2 million, respectively. ​ Other Items : ​ As of December 31, 2024, approximately 3.6 million shares of common stock, including awards that can be converted to or exchanged for shares of common stock, remained available for future issuance under the Incentive Plan. Each LTIP unit and each Class D unit issued under the Incentive Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the Incentive Plan and the individual award limits set forth therein. ​ Below is a summary of compensation expense and unearned compensation (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ period to ​ ​ Deferred Compensation Unearned Compensation recognize ​ ​ Expensed ​ Capitalized ​ As of ​ As of unearned ​ Year Ended December 31, ​ December 31, ​ December 31, compensation Type of incentive award 2024 2023 2022 2024 2023 2022 2024 2023 (in years) Long-term incentive units ​ $ 15.5 ​ $ 14.5 ​ $ 21.7 ​ $ 0.1 ​ $ 0.2 ​ $ 0.2 ​ $ 22.1 ​ $ 16.6 2.2 Performance-based awards ​ 12.8 ​ 12.9 ​ 21.4 ​ 0.2 ​ 0.2 ​ 0.5 ​ 24.1 ​ 19.9 2.1 Service-based restricted stock units ​ 33.5 ​ 21.1 ​ 25.9 ​ 5.9 ​ 7.5 ​ 5.4 ​ 70.3 ​ 66.4 2.4 Interxion awards ​ ​ — ​ ​ 6.0 ​ ​ 4.7 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ — ​ The following table sets forth the weighted-average fair value per share/unit for each type of incentive award at the date of grant for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Fair Value at Date of Grant Type of incentive award 2024 2023 2022 Long-term incentive units ​ $ 129.93 ​ $ 121.99 ​ $ 146.37 Performance-based awards ​ ​ 134.58 ​ ​ 97.06 ​ ​ 154.26 Restricted stock ​ ​ 145.15 ​ ​ 132.07 ​ ​ 131.57 ​ Activity for LTIP Units and service-based Restricted Stock Units for the year ended December 31, 2024 is shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Weighted-Average ​ Aggregate ​ ​ ​ Grant Date Fair Remaining Contractual ​ Intrinsic Value (1) Unvested LTIP Units ​ Units Value Life (Years) ​ (in millions) Unvested, beginning of period 238,360 ​ $ 121.99 ​ ​ ​ ​ ​ Granted 155,738 ​ 137.44 ​ ​ ​ ​ ​ Vested (127,753) ​ 124.73 ​ ​ ​ ​ ​ Cancelled or expired (3,215) ​ 111.39 ​ ​ ​ ​ ​ Unvested, end of period 263,130 ​ $ 129.93 ​ 2.23 ​ $ 46.7 (1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2024. ​ The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the applicable grant date(s), are being expensed on a straight-line basis for service awards between two The aggregate intrinsic value of long-term incentive units that vested in 2024, 2023 and 2022 was $15.6 million, $18.3 million and $18.1 million, respectively. As of December 31, 2024, we had approximately 1.2 million long-term incentive units that were outstanding and exercisable with an aggregate intrinsic value of approximately $208.8 million (based on the market price of our common stock as of December 31, 2024). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Weighted-Average ​ Aggregate ​ ​ ​ Grant Date Fair Remaining Contractual ​ Intrinsic Value (1) Unvested Restricted Stock Units Shares Value Life (Years) ​ (in millions) Unvested, beginning of period 621,863 ​ $ 132.07 ​ ​ ​ ​ ​ Granted 392,050 ​ 143.98 ​ ​ ​ ​ ​ Vested (304,845) ​ 124.96 ​ ​ ​ ​ ​ Cancelled or expired (117,271) ​ 124.39 ​ ​ ​ ​ ​ Unvested, end of period 591,797 ​ $ 145.15 ​ 2.42 $ ​ 104.9 (1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2024. ​ The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the grant date, are expensed on a straight-line basis for service awards over the vesting period of the restricted stock, which is generally four years. ​ The aggregate intrinsic value of restricted stock that vested in 2024, 2023 and 2022 was $39.1 million, $41.5 million and $59.0 million, respectively. ​ Defined Contribution Plans ​ We have a 401(k) plan whereby our U.S. employees may contribute a portion of their compensation to their respective retirement accounts, in an amount not to exceed the maximum allowed under the Code. The 401(k) plan complies with Internal Revenue Service requirements as a 401(k) safe harbor plan whereby matching contributions made by us are 100% vested. The aggregate cost of our contributions to the 401(k) plan was approximately $9.4 million, $6.8 million, and $5.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. In addition, Interxion has a defined contribution pension plan for most of its employees. Contributions are made in accordance with the terms of such defined contribution pension plan and are expensed as incurred.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments
Derivative Instruments	17. Derivative Instruments Derivatives Designated as Hedging Instruments Net Investment Hedges ​ In September 2022 and November 2024, we entered into cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. As of December 31, 2024 and 2023, we had cross-currency interest rate swaps outstanding with notional amounts of approximately $2.1 billion and maturity dates ranging through 2029. ​ The effect of these net investment hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 2023 2022 Cross-currency interest rate swaps (included component) (1) ​ ​ $ 136,880 ​ $ (22,703) ​ $ (116,550) Cross-currency interest rate swaps (excluded component) (2) ​ ​ ​ (22,841) ​ ​ (25,428) ​ ​ 7,929 Total ​ ​ $ 114,039 ​ $ (48,131) ​ $ (108,621) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of ​ Year Ended December 31, ​ gain or (loss) ​ 2024 2023 2022 Cross-currency interest rate swaps (excluded component) (2) Interest expense ​ $ 25,037 ​ $ 21,836 ​ $ 6,260 (1) Included component represents foreign exchange spot rates. (2) Excluded component represents cross-currency basis spread and interest rates. ​ Cash Flow Hedges ​ As of December 31, 2024, we had derivatives designated as cash flow hedges on 100% of the Euro Term Loan Facilities (€375 million notional amount). Amounts reported in Accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of December 31, 2023, we estimate that an additional $0.5 million will be reclassified as a decrease to interest expense during the year ending December 31, 2025, when the hedged forecasted transactions impact earnings. The effect of these cash flow hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 2023 2022 Interest rate swaps ​ ​ $ (5,439) ​ $ (7,221) ​ $ 7,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of ​ Year Ended December 31, ​ gain or (loss) ​ 2024 2023 2022 Interest rate swaps Interest expense ​ $ 15,027 ​ $ 10,953 ​ $ 819 ​ Fair Value of Derivative Instruments ​ The subsequent table presents the fair value of derivative instruments recognized in our consolidated balance sheets as of December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ Assets (1) Liabilities (2) Assets (1) Liabilities (2) Cross-currency interest rate swaps ​ $ 32,883 ​ $ 75,597 ​ $ — ​ $ 156,753 Interest rate swaps ​ ​ 6,130 ​ ​ 11,253 ​ ​ 8,538 ​ ​ — ​ ​ $ 39,013 ​ $ 86,850 ​ $ 8,538 ​ $ 156,753 (1) As presented in our consolidated balance sheets within Other assets. (2) As presented in our consolidated balance sheets within Accounts payable and other Accrued liabilities. ​ Credit-Risk Related Contingent Features ​ Upon entering into derivatives, we have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2024
Fair Value
Fair Value	18. Fair Value We disclose fair value information for all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. Considerable judgment is necessary to interpret market data in order to estimate the fair value of financial instruments. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. ​ The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our Global Revolving Credit Facilities, Euro Term Loan Facilities and USD Term Loan Facility approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on December 31, 2024 and 2023 as compared to those in effect when the debt was issued or assumed. As described in Note 17. "Derivative Instruments", outstanding derivative contracts are recorded at fair value. ​ We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt. ​ The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, Euro Term Loan Facilities and USD Term Loan Facility, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Categorization ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ under the fair value ​ Estimated Fair ​ Amount ​ Estimated Fair ​ Amount ​ hierarchy Value Outstanding Value Outstanding Global Revolving Credit Facilities (1) Level 2 ​ $ 1,637,922 ​ $ 1,637,922 ​ $ 1,825,228 ​ $ 1,825,228 Unsecured term loans (1) Level 2 ​ ​ 388,275 ​ ​ 388,275 ​ ​ 1,567,925 ​ ​ 1,567,925 Unsecured senior notes (2) Level 2 ​ ​ 13,370,897 ​ ​ 14,059,415 ​ 12,417,619 ​ 13,507,427 Secured and other debt (2) Level 2 ​ ​ 752,732 ​ ​ 761,263 ​ 625,473 ​ 637,072 ​ ​ ​ ​ $ 16,149,826 ​ $ 16,846,875 ​ $ 16,436,245 ​ $ 17,537,652 (1) The carrying value of our Global Revolving Credit Facilities and unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings. (2) Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices. ​ During the year ended December 31, 2024, we recorded an impairment per square foot to $151 per square foot. These measurements were classified within Level 3 of the fair value hierarchy as they are not observable.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies.
Commitments and Contingencies	19. Commitments and Contingencies Construction Commitments – Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements and from time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At December 31, 2024, we had open commitments, including amounts reimbursable of approximately $102.5 million, related to construction contracts of approximately $2.0 billion. ​ Legal Proceedings Although the Company is involved in legal proceedings arising in the ordinary course of business, as of December 31, 2024, the Company is not currently a party to any legal proceedings nor, to its knowledge, is any legal proceeding threatened against it that it believes would have a material adverse effect on its financial position, results of operations or liquidity . As we disclosed in our Quarterly Report on Form 10-Q filed on November 9, 2023, the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) is conducting an investigation into the adequacy of our disclosures of cybersecurity risks and our related disclosure controls and procedures. We are cooperating with the SEC and are not aware of any cybersecurity issue or event that caused the Staff to open this matter. Responding to an investigation of this type can be costly and time-consuming. While we are unable to predict the likely outcome of this matter or the potential cost or exposure or duration of the process, based on the information we currently possess, we do not expect the total potential cost to be material to our financial condition. If the SEC believes that violations occurred, it could seek remedies including, but not limited to, civil monetary penalties and injunctive relief, and/or file litigation against the Company. Insurance – In September 2024, an incident at one of our Singapore data centers resulted in damages to the facility. We believe this incident is substantially covered by our insurance policies, including coverage for the repair cost of the building, business interruption loss and potential third-party claims, subject to deductibles. Initial costs, including direct costs related to the incident and an estimated write-off of damage caused to existing fixed assets, totaling approximately million were incurred during 2024. After factoring our expected insurance coverage and related deductible, we have reported net expenses of approximately million for known losses for which insurance reimbursement is probable, which is included in Other Assets in the Consolidated Balance Sheet. No gain contingencies have been recognized as our ability to realize those gains remains uncertain.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information
Supplemental Cash Flow Information	20. Supplemental Cash Flow Information ​ Cash, cash equivalents, and restricted cash balances as of December 31, 2024, 2023, and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (Amounts in thousands) December 31, 2024 December 31, 2023 ​ December 31, 2022 Cash and cash equivalents ​ $ 3,870,891 ​ $ 1,625,495 ​ $ 141,773 Restricted cash (included in Other assets) ​ 5,809 ​ 10,975 ​ 8,923 Total ​ $ 3,876,700 ​ $ 1,636,470 ​ $ 150,696 ​ We paid $438.2 million, $393.4 million and $271.5 million for interest, net of amounts capitalized, for the years ended December 31, 2024, 2023 and 2022, respectively. During the years ended December 31, 2024, 2023 and 2022, we capitalized interest of approximately $118.9 million, $116.8 million and $70.8 million, respectively. ​ During the years ended December 31, 2024, 2023 and 2022, we capitalized amounts relating to compensation and other overhead expense of employees direct and incremental to construction activities of approximately $111.2 million, $99.2 million and $86.1 million, respectively. ​ We paid $71.2 million, $88.8 million and $41.7 million for income taxes, net of refunds, for the years ended December 31, 2024, 2023 and 2022, respectively. Accrued construction related costs totaled $521.5 million, $560.5 million and $417.1 million as of years ended December 31, 2024, 2023 and 2022, respectively.

Segment and Geographic Informat

Segment and Geographic Information	12 Months Ended
	Dec. 31, 2024
Segment and Geographic Information
Segment and Geographic Information	21. Segment and Geographic Information A majority of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. In order to better address the needs of these global customers, the Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations. In this regard, the Company manages customer relationships globally in order to achieve consistent sales and delivery experience of our products for our customers throughout the global portfolio. The Company has reiterated its commitment to and implemented strategies to align itself as one global team to help power customers’ digital ambitions. In order to best accommodate the needs of global customers (and customers that might one day become global), the Company manages its operations as a single global business – with one operating segment and therefore one reporting segment. The Company’s chief operating decisionmaker (“CODM”) is the Chief Executive Officer, who uses net income as a primary measure of operating results on a consolidated basis in making decisions. Net income is computed in accordance with U.S. GAAP. Significant expense categories, including Rental property operating and maintenance, Property taxes and insurance, General and administrative and Interest expense, are regularly provided to the Company’s CODM as components of net income, which are reflected on the Consolidated Income Statements. ​ The financial information disclosed herein represents all of the financial information related to our one reportable segment, and the segmental presentation is consistent with the information provided to our CODM. These metrics are collectively used to evaluate the performance of the Company’s investments in real estate assets, its operating results and to allocate resources. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Revenues ​ ​ Year Ended December 31, (Amounts in millions) ​ 2024 ​ 2023 ​ 2022 Inside the United States ​ $ 2,910.5 ​ ​ $ 2,836.0 ​ ​ $ 2,760.4 ​ Outside the United States ​ ​ 2,644.5 ​ ​ ​ 2,641.1 ​ ​ ​ 1,931.4 ​ Revenue Outside of U.S. % ​ ​ 47.6 % ​ ​ 48.2 % ​ ​ 41.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Properties, net ​ Operating lease right-of-use assets, net ​ ​ As of December 31, ​ As of December 31, ​ As of December 31, ​ As of December 31, (Amounts in millions) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Inside the United States ​ $ 10,592.3 ​ ​ $ 10,429.2 ​ ​ $ 552.3 ​ ​ $ 610.2 ​ Outside the United States ​ ​ 13,528.5 ​ ​ ​ 13,806.9 ​ ​ ​ 626.6 ​ ​ ​ 804.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Assets in Foreign Operations ​ $ 7,744.8 ​ ​ $ 6,778.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events
Subsequent Events	22. Subsequent Events On January 14, 2025, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2035. Net proceeds from the offering were approximately €838 million (approximately $864 million based on the exchange rate on January 14, 2025) after deducting managers’ discounts and estimated offering expenses.

Schedule III Properties And Acc

Schedule III Properties And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
Schedule III Properties And Accumulated Depreciation
Schedule III Properties And Accumulated Depreciation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial costs ​ ​ subsequent to acquisition ​ ​ Total costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Date of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired ​ ​ Buildings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired ​ ​ Buildings ​ ​ ​ ​ ​ depreciation ​ acquisition ​ ​ Data Center ​ ​ ​ ​ ​ ​ ​ ​ ground ​ ​ and ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ground ​ ​ and ​ ​ ​ ​ ​ and ​ or ​ Buildings ​ Encumbrances ​ Land ​ lease ​ improvements ​ Improvements ​ costs ​ Land ​ lease ​ improvements ​ Total ​ amortization construction North American Markets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northern Virginia ​ 18 ​ $ — ​ $ 122,168 ​ $ — ​ $ 466,221 ​ $ 3,319,576 ​ $ — ​ $ 155,785 ​ $ — ​ $ 3,752,180 ​ $ 3,907,965 ​ $ (1,228,345) ​ 2005 - 2019 Dallas ​ 19 ​ ​ — ​ ​ 50,533 ​ ​ — ​ ​ 241,081 ​ ​ 1,189,497 ​ ​ — ​ ​ 46,718 ​ ​ — ​ ​ 1,434,393 ​ ​ 1,481,111 ​ ​ (720,962) ​ 2002 - 2015 Chicago ​ 7 ​ ​ — ​ ​ 54,382 ​ ​ — ​ ​ 408,801 ​ ​ 1,008,444 ​ ​ — ​ ​ 54,343 ​ ​ — ​ ​ 1,417,284 ​ ​ 1,471,627 ​ ​ (659,778) ​ 2005 - 2017 New York ​ 11 ​ ​ — ​ ​ 8,743 ​ ​ — ​ ​ 354,361 ​ ​ 1,190,970 ​ ​ (116,486) ​ ​ 13,160 ​ ​ — ​ ​ 1,424,428 ​ ​ 1,437,588 ​ ​ (724,286) ​ 2002 - 2015 Silicon Valley ​ 13 ​ ​ — ​ ​ 126,095 ​ ​ — ​ ​ 819,685 ​ ​ 481,264 ​ ​ — ​ ​ 126,486 ​ ​ — ​ ​ 1,300,558 ​ ​ 1,427,044 ​ ​ (650,030) ​ 2002 - 2018 Portland ​ 3 ​ ​ — ​ ​ 1,689 ​ ​ — ​ ​ 3,131 ​ ​ 1,200,982 ​ ​ — ​ ​ 16,699 ​ ​ — ​ ​ 1,189,103 ​ ​ 1,205,802 ​ ​ (178,789) ​ 2011 - 2015 Phoenix ​ 2 ​ ​ — ​ ​ 11,859 ​ ​ — ​ ​ 399,122 ​ ​ 397,923 ​ ​ — ​ ​ 11,859 ​ ​ — ​ ​ 797,045 ​ ​ 808,904 ​ ​ (439,467) ​ 2006 - 2015 San Francisco ​ 4 ​ ​ — ​ ​ 41,165 ​ ​ — ​ ​ 358,066 ​ ​ 329,384 ​ ​ — ​ ​ 41,478 ​ ​ — ​ ​ 687,137 ​ ​ 728,615 ​ ​ (339,915) ​ 2004 - 2015 Toronto ​ 2 ​ ​ — ​ ​ 26,600 ​ ​ — ​ ​ 116,863 ​ ​ 466,874 ​ ​ — ​ ​ 27,648 ​ ​ — ​ ​ 582,689 ​ ​ 610,337 ​ ​ (90,348) ​ 2013 - 2017 Atlanta ​ 4 ​ ​ — ​ ​ 6,537 ​ ​ — ​ ​ 264,948 ​ ​ 149,480 ​ ​ — ​ ​ 6,552 ​ ​ — ​ ​ 414,413 ​ ​ 420,965 ​ ​ (160,706) ​ 2011 - 2017 Boston ​ 3 ​ ​ — ​ ​ 17,826 ​ ​ — ​ ​ 253,711 ​ ​ 114,556 ​ ​ (74,641) ​ ​ 16,600 ​ ​ — ​ ​ 294,852 ​ ​ 311,452 ​ ​ (198,978) ​ 2006 - 2011 Los Angeles ​ 2 ​ ​ — ​ ​ 29,531 ​ ​ — ​ ​ 105,910 ​ ​ 169,633 ​ ​ — ​ ​ 29,118 ​ ​ — ​ ​ 275,956 ​ ​ 305,074 ​ ​ (164,992) ​ 2004 - 2015 Houston ​ 6 ​ ​ — ​ ​ 6,965 ​ ​ — ​ ​ 23,492 ​ ​ 160,860 ​ ​ — ​ ​ 6,965 ​ ​ — ​ ​ 184,352 ​ ​ 191,317 ​ ​ (125,621) ​ 2,006 Austin ​ 1 ​ ​ — ​ ​ 1,177 ​ ​ — ​ ​ 4,877 ​ ​ 81,656 ​ ​ — ​ ​ 1,177 ​ ​ — ​ ​ 86,533 ​ ​ 87,710 ​ ​ (31,565) ​ 2005 Miami ​ 2 ​ ​ — ​ ​ 2,964 ​ ​ — ​ ​ 29,793 ​ ​ 44,240 ​ ​ (57) ​ ​ 2,964 ​ ​ — ​ ​ 73,976 ​ ​ 76,940 ​ ​ (43,113) ​ 2002 - 2015 Seattle ​ 1 ​ ​ 135,000 ​ ​ 43,110 ​ ​ — ​ ​ 329,283 ​ ​ (306,850) ​ ​ — ​ ​ - ​ ​ — ​ ​ 65,543 ​ ​ 65,543 ​ ​ (12,503) ​ 2020 North America - Other ​ 3 ​ ​ — ​ ​ 4,117 ​ ​ — ​ ​ 13,068 ​ ​ 256,369 ​ ​ — ​ ​ 4,118 ​ ​ — ​ ​ 269,436 ​ ​ 273,554 ​ ​ (76,231) ​ ​ Total North America ​ 101 ​ ​ 135,000 ​ ​ 555,461 ​ ​ — ​ ​ 4,192,413 ​ ​ 10,254,858 ​ ​ (191,184) ​ ​ 561,670 ​ ​ — ​ ​ 14,249,878 ​ ​ 14,811,548 ​ ​ (5,845,629) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EMEA Markets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ London ​ 13 ​ ​ — ​ ​ 76,906 ​ ​ — ​ ​ 1,273,661 ​ ​ 441,475 ​ ​ — ​ ​ 35,440 ​ ​ — ​ ​ 1,756,602 ​ ​ 1,792,042 ​ ​ (561,572) ​ 2007 - 2024 Frankfurt ​ 24 ​ ​ — ​ ​ 25,717 ​ ​ — ​ ​ 876,342 ​ ​ 661,779 ​ ​ — ​ ​ 97,156 ​ ​ — ​ ​ 1,466,682 ​ ​ 1,563,838 ​ ​ (301,651) ​ 2016 - 2020 Paris ​ 12 ​ ​ — ​ ​ 82,789 ​ ​ — ​ ​ 355,386 ​ ​ 879,436 ​ ​ — ​ ​ 94,775 ​ ​ — ​ ​ 1,222,836 ​ ​ 1,317,611 ​ ​ (166,481) ​ 2012 - 2024 Johannesburg ​ 5 ​ ​ — ​ ​ 10,099 ​ ​ — ​ ​ 1,008,751 ​ ​ 293,876 ​ ​ — ​ ​ 8,853 ​ ​ — ​ ​ 1,303,873 ​ ​ 1,312,726 ​ ​ (190,141) ​ 2022 Amsterdam ​ 13 ​ ​ — ​ ​ 87,674 ​ ​ — ​ ​ 975,654 ​ ​ 124,964 ​ ​ — ​ ​ 83,102 ​ ​ — ​ ​ 1,105,190 ​ ​ 1,188,292 ​ ​ (303,068) ​ 2005 - 2024 Marseille ​ 4 ​ ​ — ​ ​ 1,121 ​ ​ — ​ ​ 220,737 ​ ​ 431,426 ​ ​ — ​ ​ 1,014 ​ ​ — ​ ​ 652,271 ​ ​ 653,285 ​ ​ (104,746) ​ 2020 Zurich ​ 3 ​ ​ — ​ ​ 20,605 ​ ​ — ​ ​ 48,325 ​ ​ 532,316 ​ ​ — ​ ​ 44,011 ​ ​ — ​ ​ 557,235 ​ ​ 601,246 ​ ​ (66,645) ​ 2020 Cape Town ​ 2 ​ ​ — ​ ​ 5,100 ​ ​ — ​ ​ 276,021 ​ ​ 190,733 ​ ​ — ​ ​ 4,470 ​ ​ — ​ ​ 467,384 ​ ​ 471,854 ​ ​ (44,348) ​ 2022 Dublin ​ 9 ​ ​ — ​ ​ 11,722 ​ ​ 90 ​ ​ 89,597 ​ ​ 365,981 ​ ​ — ​ ​ 7,308 ​ ​ 86 ​ ​ 459,996 ​ ​ 467,390 ​ ​ (148,253) ​ 2006 - 2020 Vienna ​ 3 ​ ​ — ​ ​ 14,159 ​ ​ — ​ ​ 364,949 ​ ​ (303) ​ ​ — ​ ​ 12,291 ​ ​ — ​ ​ 366,514 ​ ​ 378,805 ​ ​ (89,174) ​ 2020 Brussels ​ 3 ​ ​ — ​ ​ 3,874 ​ ​ — ​ ​ 118,034 ​ ​ 160,651 ​ ​ — ​ ​ 10,785 ​ ​ — ​ ​ 271,774 ​ ​ 282,559 ​ ​ (36,063) ​ 2020 Madrid ​ 4 ​ ​ — ​ ​ 8,456 ​ ​ — ​ ​ 134,817 ​ ​ 59,959 ​ ​ — ​ ​ 12,561 ​ ​ — ​ ​ 190,671 ​ ​ 203,232 ​ ​ (37,257) ​ 2020 Copenhagen ​ 3 ​ ​ — ​ ​ 11,665 ​ ​ — ​ ​ 107,529 ​ ​ 53,859 ​ ​ — ​ ​ 4,295 ​ ​ — ​ ​ 168,758 ​ ​ 173,053 ​ ​ (31,909) ​ 2020 Stockholm ​ 6 ​ ​ — ​ ​ — ​ ​ — ​ ​ 93,861 ​ ​ 59,609 ​ ​ — ​ ​ 126 ​ ​ — ​ ​ 153,344 ​ ​ 153,470 ​ ​ (36,164) ​ 2020 Dusseldorf ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 30,093 ​ ​ 108,371 ​ ​ — ​ ​ — ​ ​ — ​ ​ 138,464 ​ ​ 138,464 ​ ​ (24,839) ​ 2020 Durban ​ 1 ​ ​ — ​ ​ 900 ​ ​ — ​ ​ 66,646 ​ ​ 4,062 ​ ​ — ​ ​ 789 ​ ​ — ​ ​ 70,819 ​ ​ 71,608 ​ ​ (8,578) ​ 2022 Europe - Other ​ 6 ​ ​ — ​ ​ 3,144 ​ ​ — ​ ​ 43,046 ​ ​ 533,741 ​ ​ — ​ ​ 88,641 ​ ​ — ​ ​ 491,290 ​ ​ 579,931 ​ ​ (172,162) ​ ​ Africa - Other ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 39,913 ​ ​ — ​ ​ 3,647 ​ ​ — ​ ​ 36,266 ​ ​ 39,913 ​ ​ (5,005) ​ ​ Total EMEA ​ 118 ​ ​ — ​ ​ 363,931 ​ ​ 90 ​ ​ 6,083,448 ​ ​ 4,941,850 ​ ​ — ​ ​ 509,264 ​ ​ 86 ​ ​ 10,879,969 ​ ​ 11,389,319 ​ ​ (2,328,056) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APAC Markets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Singapore ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 137,545 ​ ​ 722,405 ​ ​ — ​ ​ — ​ ​ — ​ ​ 859,950 ​ ​ 859,950 ​ ​ (335,413) ​ 2010 - 2015 Sydney ​ 4 ​ ​ — ​ ​ 18,285 ​ ​ — ​ ​ 3,868 ​ ​ 174,150 ​ ​ — ​ ​ 19,221 ​ ​ — ​ ​ 177,082 ​ ​ 196,303 ​ ​ (50,907) ​ 2011 - 2012 Seoul ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 116,622 ​ ​ — ​ ​ 15,384 ​ ​ — ​ ​ 101,238 ​ ​ 116,622 ​ ​ (11,708) ​ 2022 Melbourne ​ 2 ​ ​ — ​ ​ 4,467 ​ ​ — ​ ​ — ​ ​ 95,045 ​ ​ — ​ ​ 2,712 ​ ​ — ​ ​ 96,800 ​ ​ 99,512 ​ ​ (50,819) ​ 2011 Hong Kong ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 79,612 ​ ​ — ​ ​ — ​ ​ — ​ ​ 79,612 ​ ​ 79,612 ​ ​ (16,349) ​ 2021 Asia Pacific - Other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,128 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,128 ​ ​ 6,128 ​ ​ (2,450) ​ ​ Total APAC ​ 11 ​ ​ — ​ ​ 22,752 ​ ​ — ​ ​ 141,413 ​ ​ 1,193,962 ​ ​ — ​ ​ 37,317 ​ ​ — ​ ​ 1,320,810 ​ ​ 1,358,127 ​ ​ (467,646) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Portfolio 230 $ 135,000 $ 942,144 $ 90 $ 10,417,274 $ 16,390,670 $ (191,184) $ 1,108,251 $ 86 $ 26,450,657 $ 27,558,994 $ (8,641,331) ​ ​ (1) Tax Cost The aggregate gross cost of the Company’s properties for U.S. federal income tax purposes approximated $44.5 billion (unaudited) as of December 31, 2024. (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, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Balance, beginning of year ​ $ 27,306,368 ​ $ 26,136,057 ​ $ 23,625,450 Additions during period (acquisitions and improvements) ​ 2,051,279 ​ 3,494,450 ​ 2,553,946 Deductions during period (dispositions, impairments and assets held for sale) ​ (1,798,653) ​ (2,324,139) ​ (43,339) Balance, end of year ​ $ 27,558,994 ​ $ 27,306,368 ​ $ 26,136,057 ​ 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, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Balance, beginning of year ​ $ 7,823,685 ​ $ 7,268,981 ​ $ 6,210,281 Additions during period (depreciation and amortization expense) ​ 1,228,311 ​ 1,338,912 ​ 1,079,497 Deductions during period (dispositions and assets held for sale) ​ (410,665) ​ (784,208) ​ (20,797) Balance, end of year ​ $ 8,641,331 ​ $ 7,823,685 ​ $ 7,268,981 ​ 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 602,490	$ 948,838	$ 377,684

Insider Trading Arrangements

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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy ​ We have developed and implemented cybersecurity risk management processes intended to protect the confidentiality, integrity, and availability of our information systems. ​ We utilize the United States National Institute of Standards and Technology, Cybersecurity Framework (NIST CSF) in considering the design and in assessing our processes. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. ​ We have integrated aspects of our cybersecurity risk management processes into our overall risk management program through, for example, common methodologies, reporting channels and governance processes that apply across the overall risk management program to other risk areas. ​ Our cybersecurity risk management processes include, but are not limited to: ​ ● independent maturity assessments designed to help identify significant cybersecurity risks to our IT environment and systems; ​ ● a cyber resilience team jointly responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; ​ ● the use of external service providers , where appropriate, to assess, test or otherwise assist with aspects of our security controls; ​ ● cybersecurity awareness training of our employees, incident response personnel, and senior management; ​ ● a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and ​ ● a risk management process for service providers, suppliers, and vendors that aligns to our compliance requirements. ​ We have not identified risks from known cybersecurity threats as a result of any prior cybersecurity incidents that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face complex risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition . See “Risk Factors—We and our third-party providers are vulnerable to cyberattacks and security breaches that could materially disrupt or compromise our operations, data and results.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have integrated aspects of our cybersecurity risk management processes into our overall risk management program through, for example, common methodologies, reporting channels and governance processes that apply across the overall risk management program to other risk areas. ​ Our cybersecurity risk management processes include, but are not limited to: ​ ● independent maturity assessments designed to help identify significant cybersecurity risks to our IT environment and systems; ​ ● a cyber resilience team jointly responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; ​ ● the use of external service providers , where appropriate, to assess, test or otherwise assist with aspects of our security controls; ​ ● cybersecurity awareness training of our employees, incident response personnel, and senior management; ​ ● a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and ​ ● a risk management process for service providers, suppliers, and vendors that aligns to our compliance requirements.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance ​ Our Board considers cybersecurity and other information technology risks as part of its risk management and compliance oversight function. The Board oversees management’s implementation of our cybersecurity risk management processes and receives reports from management on our cybersecurity risks at least twice a year. In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Board receives briefings from management on our cyber risk management processes, and it receives presentations on cybersecurity topics from our Chief Technology Officer, Chief Information Security Officer and Chief Information Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. ​ Our management team has overall responsibility for assessing and managing material risks from cybersecurity threats, and for executing on our cybersecurity risk management processes. Our Chief Technology Officer, Chief Information Officer and Chief Information Security Officer , among others, have decades of combined experience in areas such as information technology, compliance, and cybersecurity program design and management. Additionally, certain leaders and personnel within the cybersecurity operations team hold industry certifications, such as Certified Information Systems Security Professional or Certified Information Security Manager. Our management team works closely with our cybersecurity operations team to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the IT, Operational Technology (OT), and products and services environments .
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Board receives briefings from management on our cyber risk management processes, and it receives presentations on cybersecurity topics from our Chief Technology Officer, Chief Information Security Officer and Chief Information Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	​ Our management team has overall responsibility for assessing and managing material risks from cybersecurity threats, and for executing on our cybersecurity risk management processes. Our Chief Technology Officer, Chief Information Officer and Chief Information Security Officer , among others, have decades of combined experience in areas such as information technology, compliance, and cybersecurity program design and management. Additionally, certain leaders and personnel within the cybersecurity operations team hold industry certifications, such as Certified Information Systems Security Professional or Certified Information Security Manager. Our management team works closely with our cybersecurity operations team to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the IT, Operational Technology (OT), and products and services environments .
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Technology Officer, Chief Information Officer and Chief Information Security Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Technology Officer, Chief Information Officer and Chief Information Security Officer , among others, have decades of combined experience in areas such as information technology, compliance, and cybersecurity program design and management. Additionally, certain leaders and personnel within the cybersecurity operations team hold industry certifications, such as Certified Information Systems Security Professional or Certified Information Security Manager.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team works closely with our cybersecurity operations team to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the IT, Operational Technology (OT), and products and services environments
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

General (Policies)

General (Policies)	12 Months Ended
	Dec. 31, 2024
General
Organization and Description of Business	Organization and Description of Business. The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units.
Accounting Principles and Basis of Presentation	Accounting Principles and Basis of Presentation.
Management Estimates and Assumptions	Management Estimates and Assumptions . U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.
Consolidation	Consolidation We consolidate all entities that are wholly owned as well as all partially-owned entities that we control. In addition, we consolidate any variable interest entities (“VIEs”) for which we are the primary beneficiary. We evaluate whether or not an entity is a VIE (and we are the primary beneficiary) through consideration of substantive terms in the arrangement to identify which enterprise has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses/receive benefits from the entity. For entities that do not meet the definition of VIEs, we first consider if we are the general partner or a limited partner (or the equivalent in investments not structured as partnerships). We consolidate entities in which we are the general partner and the limited partners do not have rights that would preclude control. For entities in which we are the general partner, but the limited partners hold substantive participating or kick-out rights that prohibit our ability to control the entity, we apply the equity method of accounting since, as the general partner, we have the ability to exercise significant influence over the operating and financial policies of the entities. For entities in which we are a limited partner, or that are not structured similar to a partnership, we consider factors such as ownership interest, voting control, authority to make decisions and contractual and substantive participating rights of the partners. When factors indicate we have a controlling financial interest in an entity, we consolidate the entity.
Foreign Operations and Foreign Currencies	Foreign Operations and Foreign Currencies. The functional currency of each of our consolidated subsidiaries and unconsolidated entities operating in other countries is the principal currency in which each entity’s assets, liabilities, income and expenses are denominated, which may be different from the local currency of incorporation or the currency with which the entities conduct their operations. The primary functional currencies impacting our business include the Euro, Japanese yen, British pound sterling, Singapore dollar, South African rand and Brazilian real. For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate financial statements into U.S. dollars at the time we consolidate these subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Certain balance sheet items, such as equity and capital-related accounts are reflected at historical exchange rates. Income statement accounts are generally translated at the average exchange rates for the reporting periods. We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in the functional currency of the entities. When debt is denominated in a currency other than the functional currency of an entity, a gain or loss can result. The associated adjustment is reflected in other (expenses) income, net, in the consolidated income statements, unless it is intercompany debt that is deemed to be long-term in nature or third-party debt that has been designated as a nonderivative net investment hedge – in which case the associated adjustments are reflected as a cumulative translation adjustment as a component of other comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items.
Acquisition Accounting	Acquisition Accounting . We evaluate whether or not substantially all of the value of acquired assets is concentrated in a single identifiable asset or group of identifiable assets to determine whether a transaction is accounted for as an asset acquisition or a business combination. For asset acquisitions: (1) transaction costs are included in the total costs of the acquisition and are allocated on a pro-rata basis to the carrying value of the assets and liabilities acquired, (2) real estate assets acquired are measured based on their cost or total consideration exchanged with any excess consideration or bargain purchase amount allocated to real estate properties and their associated intangibles such as above and below-market leases, in-place leases, acquired ground leases, and customer relationship value and (3) all other assets and liabilities assumed, including any debt, are recorded at fair value. For business combinations: (1) transaction costs are expensed as incurred, (2) all acquired tangible and identifiable intangible assets are recognized at fair value, (3) the amount of any purchase consideration that exceeds the fair value of the tangible and identifiable intangible assets acquired is recognized as goodwill, and (4) to the extent the purchase consideration is less than the fair value of the tangible and identifiable intangible assets acquired, a gain on bargain purchase is recognized. When we obtain control of an unconsolidated entity that we previously held as an equity method investment and the acquisition qualifies as a business combination, we remeasure our previously held interest in the unconsolidated entity at its acquisition-date fair value, derecognize the book value associated with that interest, and recognize any resulting gain or loss in earnings. We allocate purchase price primarily using Level 2 and Level 3 inputs (further defined in Fair Value Measurements) as follows: Real Estate Lease Intangibles. ● Above and below market leases: We use a discounted cash flow approach to determine the estimated present value of any difference between contractual rents for acquired in-place leases as compared to current market rents. If rents on acquired in-place leases are higher than current market rents, we record an intangible asset for the favorable rents. If rents on acquired in-place leases are lower than current market rents, we record a liability for the unfavorable rents. Favorable rent assets are amortized as a reduction to rental income over the remaining non-cancelable term of the lease. Unfavorable rent liabilities are amortized as an increase to rental income over the initial lease term plus any below-market fixed rate renewal periods. ● In-place lease value: Since the as-if-vacant model is used to determine the value of acquired operating properties, the value of such properties does not include the value associated with having existing tenants who are leasing space in the purchased properties. Having in-place tenants allows buyers to avoid costs associated with leasing the property as well as any rent losses and unreimbursed operating expenses during the lease-up period. An asset for such benefits is recorded separately as in-place lease value. In-place lease value is determined based on estimated carrying costs during hypothetical expected lease-up periods as well as costs to execute similar leases. We determine expected carrying costs and costs to execute similar leases in the same manner as described in the previous discussion of the valuation of operating properties using the as-if-vacant model. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. ● Customer relationship value: In some transactions, customers acquired are expected to generate recurring revenues beyond existing in-place lease terms. We utilize the multi-period excess earnings method to determine customer relationship value, if any. Key factors reflected in this approach include: (1) projected revenue growth from existing customers, (2) historical customer lease renewals and attrition rates, (3) rental renewal probabilities and related market terms, (4) estimated operating costs, and (5) discount rate. Customer relationship value is amortized to expense ratably over the anticipated life of substantially all of the acquired customer relationships that are expected to generate excess earnings. Debt. Noncontrolling interests. Other acquired assets and liabilities.
Fair Value Measurements	Fair Value Measurements. Fair value is intended to reflect the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date (the exit price). We estimate fair value using available market information and valuation methods we believe to be appropriate for these purposes. Given the significant amount of judgement and subjectivity involved in the determination of fair value, estimated fair value is not necessarily indicative of amounts that would be realized on disposition. There are three levels in the fair value hierarchy under U.S. GAAP, which are: ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the measurement date. ● Level 2 – Inputs that are directly or indirectly observable for the associated asset or liability, but which do not qualify as Level 1 inputs. ● Level 3 – Unobservable inputs for the asset or liability. In instances where inputs from multiple different levels of the fair value hierarchy are used to determine fair value, the lowest level input that is significant is used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to a fair-value measurement requires judgment and considers factors specific to the asset or liability. We utilize fair value measurements on a recurring basis to determine the fair value of: marketable equity securities, share-based compensation awards, derivative instruments, and outstanding debt. Such measurements are also regularly utilized in assessing whether or not impairments may exist on intangible assets (including goodwill). In addition, we utilize fair value measurements on a non-recurring basis to determine the fair value associated with assets held for sale, acquisitions of assets, and acquisitions of businesses.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities. Investments in unconsolidated entities as reflected on the consolidated balance sheets includes all investments accounted for using the equity method. We use the equity method to account for these investments, because we have the ability to exercise significant influence over their operating and financial policies, but do not control them. Equity method investments are initially recognized at our cost. Transaction costs related to the formation of equity method investments are also capitalized. We subsequently adjust these balances to reflect: (1) our proportionate share of net earnings/losses of the entities and accumulated other comprehensive income or loss, (2) distributions received, (3) contributions made, (4) sales and redemptions of our investments, and (5) certain other adjustments, as appropriate. When circumstances indicate there may have been a reduction in the value of an equity method investment, we evaluate whether or not the loss in value is other than temporary. If we determine that a loss in value is other than temporary, we recognize an impairment charge to reflect the equity investment at fair value. With regard to the cash flow classifications of distributions from unconsolidated entities, we have elected the nature of the distribution approach as the information is available to us to determine the nature of the underlying activity that generated the distributions. In accordance with this approach, cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales, debt refinancing or sales and redemptions of our investments are classified as a return of investment (cash inflow from investing activities). The Company has a negligible value of investments accounted for under the cost-method. These investments are included in Other assets on the consolidated balance sheets.
Cash, Cash Equivalents and Restricted Cash	Cash and Cash Equivalents. Restricted Cash .
Assets Held for Sale	Assets Held for Sale.
Investments in Real Estate	Investments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assts. Depreciable lives of assets are stated below. ​ ​ Investments in Real Estate. ​ ​ Acquired ground leases Terms of the related lease Buildings and improvements ​ 5-39 years Machinery and equipment ​ 7-15 years Furniture and fixtures ​ 3-5 years Leasehold improvements ​ Shorter of the estimated useful lives or the terms of the related leases Tenant improvements ​ Shorter of the estimated useful lives or the terms of the related leases ​ Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred.
Capitalization of Costs	Capitalization of Costs. Development costs Leasing commissions
Recoverability of Real Estate Assets	Recoverability of Real Estate Assets. We assess the carrying value of our properties whenever events or circumstances indicate carrying amounts of these assets may not be fully recoverable (“triggering events"). Triggering events typically relate to a change in the expected holding period of a property, an adverse change in expected future cash flows of the property, or a trend of past cash flow losses that is expected to continue in the future. If our assessment of triggering events indicates the carrying value of a property or asset group might not be recoverable, we estimate the future undiscounted net cash flows expected to be generated by the assets and compare that amount to the book value of the assets. If our future undiscounted net cash flow evaluation indicates we are unable to recover the carrying value of a property or asset group, we record an impairment loss to provision for impairment in our consolidated income statements to the extent the carrying value of the property or asset group exceeds fair value. We generally estimate fair value of rental properties using a discounted cash flow analysis that includes projections of future revenues, expenses, and capital improvements that a market participant would use. In certain cases, we may supplement this analysis by obtaining outside broker opinions of value. When determining undiscounted future cash flows, we consider factors such as future operating income trends and prospects as well as the effects of leasing demand, competition and other factors.
Goodwill and Other Acquired Intangible Assets	Goodwill and Other Acquired Intangible Assets. Other acquired intangible assets consist primarily of customer relationship value and in-place lease value. All of our other acquired intangible assets have finite useful lives. If impairment indicators arise with respect to these finite-lived intangible assets, we evaluate for impairment by comparing the carrying amount of the assets to the estimated future undiscounted net cash flows expected to be generated by the assets. If estimated future undiscounted cash flows exceed the carrying value of the assets, we record an impairment charge equal to the amount by which the carrying value exceeds the estimated fair value of the assets. We have no indefinite-lived intangible assets other than goodwill.
Share-Based Compensation	Share-Based Compensation.
Derivative Instruments	Derivative Instruments. Changes in the fair value of derivatives are recognized periodically either in earnings or in other comprehensive income (loss), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in other comprehensive income (loss) would be recognized in earnings. ​ Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis over the term of the hedge. ​ Interest Rate Swaps Interest rate derivatives are presented on a gross basis on the consolidated balance sheets – with interest rate swap assets presented in other assets, and interest rate swap liabilities presented in accounts payable and other accrued liabilities. As of December 31, 2024, there was no impact from netting arrangements, because the Company had no derivatives in liability positions. Net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. Foreign Currency Contracts Hedge of Net Investment in Foreign Operations Cross-Currency Interest Rate Swaps – See Note 17. “Derivative Instruments” for further discussion on the Company’s outstanding derivative instruments.
Income Taxes	Income Taxes. Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay U.S. federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, it would be subject to U.S. federal and state income taxes (including any applicable alternative minimum tax) on its taxable income. The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s taxable REIT subsidiaries are subject to federal, state, local and foreign income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for the Company and its taxable REIT subsidiaries, including for U.S. federal, state, local and foreign jurisdictions, as applicable. We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). We classify interest and penalties from significant uncertain tax positions as current tax expense in our consolidated income statements. We are open to examination by the major taxing jurisdictions for the tax years that are within the statute of limitations for those jurisdictions. For further discussion related to tax reserves, see Note 13. “Income Taxes”.
Transactional-based Taxes	Transactional-based Taxes.
Noncontrolling Interests and Redeemable Noncontrolling Interests	Noncontrolling Interests and Redeemable Noncontrolling Interests. Noncontrolling interests represent the share of consolidated entities owned by third parties. We recognize each noncontrolling holder’s share of the fair value of the respective entity’s net assets as noncontrolling interest on our consolidated balance sheets at the date of formation or acquisition. Noncontrolling interest balances are adjusted for the noncontrolling holder’s share of additional contributions, distributions, net earnings or losses, and other comprehensive income or loss. ​ Partnership units which are contingently redeemable for cash are classified as redeemable noncontrolling interests and presented in the mezzanine section of the Company’s consolidated balance sheets between total liabilities and stockholder’s equity. Redeemable noncontrolling interests include amounts related to partnership units issued by consolidated subsidiaries of the Company in which redemption for equity is outside the control of the Company. The amounts of consolidated net income attributable to noncontrolling interests and redeemable noncontrolling interests are presented on the Company’s consolidated income statements as income (or loss) attributable to noncontrolling interests. ​
Revenue Recognition	Revenue Recognition. Rental and Other Services Revenue – We generate the majority of our revenue by leasing our properties to customers under operating lease agreements, which are accounted for under Accounting Standards Codification 842, Leases (“ASC 842”). We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine it is probable that substantially all of the lease payments will be collected over the lease term. We commence recognition of revenue from rentals at the date the property is ready for its intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. The excess of rents recognized as revenue over amounts contractually due pursuant to the underlying leases is included in Deferred rent, net on the consolidated balance sheet. Rental payments received in excess of revenue recognized are classified as Accounts payable and other accrued liabilities on the consolidated balance sheet. Unpaid rents that are contractually due are included in Accounts and other receivables, net on the consolidated balance sheet. We estimate the probability of collection of lease payments based on customer creditworthiness, outstanding accounts receivable balances, and historical bad debts – as well as current economic trends. If collection of substantially all lease payments over the lease term is not probable, rental revenue is recognized when payment is received, and we record a reduction to rental revenue equal to the balance of any deferred rent and rent receivable, less the balance of any security deposits or letters of credit. If collection is subsequently determined to be probable, we: (1) resume recognizing rental revenue on a straight-line basis, (2) record incremental revenue such that the cumulative amount recognized is equal to the amount that would have been recorded on a straight-line basis since inception of the lease, and (3) reverse the allowance for bad debt recorded on outstanding receivables. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursable by customers (“tenant recoveries”) as revenue in the period the applicable expenses are incurred – which is generally on a ratable basis through the term of the lease. ​ We account for and present rental revenue and tenant recoveries as a single component under rental and other services as the timing of recognition is the same, the pattern with which we transfer the right of use of the property and related services to the lessee are both on a straight-line basis and our leases qualify as operating leases. ​ Interconnection services include port and cross-connect services generally provided on a month-to-month, one-year or multi-year term. We bill for these services on a monthly basis and recognize the revenue over the period the service is provided. Revenue for cross-connect installations is generally recognized in the period the cross-connect is installed. Interconnection services that are not specific to a particular leased space are accounted for under Topic 606 and have terms that are generally one year or less. ​ Fee Income and Other – We utilize the practical expedient in ASC 842 that allows us to account for lease and non-lease components associated with each lease as a single lease component recorded within rental and other services, instead of accounting for such items separately under Accounting Standards Codification 606, Revenue (“ASC 606”). We recognize revenue for items that do not qualify for revenue recognition under ASC 842 under ASC 606. Revenue recognized as a result of applying ASC 606 was less than 11% of total rental and other services revenue for the years ended December 31, 2024, 2023 and 2022.
Transaction and Integration Expense	Transaction and Integration Expense. Transaction expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to business combinations or acquisitions that were not consummated. Integration costs include transition costs associated with organizational restructuring (such as severance and retention payments and recruiting expenses), third-party consulting expenses directly related to the integration of acquired companies (in areas such as cost savings and synergy realization, technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects. Recurring costs are recorded in general and administrative expense. ​
Gains on Disposition of Properties	Gains on Disposition of Properties. We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have control of the real estate sold. We recognize losses from the disposition of real estate when known. ​
New Accounting Pronouncements	New Accounting Pronouncements. Business Combinations. ​ Segment Reporting ​ Income Taxes. Income Statement. ​ Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement - excluding earnings or losses from equity method investments - if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. While the adoption is not expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the footnotes to our Consolidated Financial Statements. ​ We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our Consolidated Financial Statements or do not apply to our operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Schedule of property and equipment	​ ​ Investments in Real Estate. ​ ​ Acquired ground leases Terms of the related lease Buildings and improvements ​ 5-39 years Machinery and equipment ​ 7-15 years Furniture and fixtures ​ 3-5 years Leasehold improvements ​ Shorter of the estimated useful lives or the terms of the related leases Tenant improvements ​ Shorter of the estimated useful lives or the terms of the related leases

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combinations
Summary of Provisional Fair Value of Assets and Liabilities Acquired	The following table summarizes the amounts recorded at the acquisition date (in thousands): ​ ​ ​ ​ ​ ​ ​ Final Amounts Building and improvements ​ $ 1,376,128 Construction in progress and space held for development ​ ​ 521,153 Operating lease right-of-use assets ​ ​ 2,784 Assumed cash and cash equivalents ​ ​ 5,528 Goodwill ​ 1,625,994 Customer relationship value and other intangibles (weighted-average amortization life of 7 years) ​ 720,126 Debt assumed ​ ​ (355,688) Operating lease liabilities ​ (4,031) Deferred tax liabilities ​ ​ (632,841) Redeemable noncontrolling interests ​ ​ (1,530,090) Working capital assets, net ​ ​ 1,112 Total purchase consideration ​ $ 1,730,175

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases
Lessor Operating Minimum Lease Payments	​ ​ ​ ​ ​ (Amounts in thousands) Operating leases 2025 ​ $ 3,176,969 2026 ​ 2,522,253 2027 ​ 2,097,594 2028 ​ 1,780,247 2029 ​ 1,455,752 Thereafter ​ 5,028,089 Total ​ $ 16,060,904
Operating Lease Maturity	Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ lease liabilities ​ lease liabilities (1) 2025 ​ $ 160,633 ​ $ 70,544 2026 ​ 160,465 ​ 19,426 2027 ​ 159,090 ​ 19,918 2028 ​ 149,794 ​ 85,034 2029 ​ 149,929 ​ 12,511 Thereafter ​ 806,445 ​ 181,866 Total undiscounted future cash flows ​ 1,586,356 ​ 389,299 Less: Imputed interest ​ (292,137) ​ (70,016) Present value of undiscounted future cash flows ​ $ 1,294,219 ​ $ 319,283 (1) Included in accounts payable and other accrued liabilities on the consolidated balance sheet.
Finance Leases Maturity	Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ lease liabilities ​ lease liabilities (1) 2025 ​ $ 160,633 ​ $ 70,544 2026 ​ 160,465 ​ 19,426 2027 ​ 159,090 ​ 19,918 2028 ​ 149,794 ​ 85,034 2029 ​ 149,929 ​ 12,511 Thereafter ​ 806,445 ​ 181,866 Total undiscounted future cash flows ​ 1,586,356 ​ 389,299 Less: Imputed interest ​ (292,137) ​ (70,016) Present value of undiscounted future cash flows ​ $ 1,294,219 ​ $ 319,283 (1) Included in accounts payable and other accrued liabilities on the consolidated balance sheet.

Receivables (Tables)

Receivables (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables
Schedule of accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of (Amounts in thousands): ​ December 31, 2024 ​ December 31, 2023 Accounts receivable – trade ​ $ 629,250 ​ $ 694,252 Allowance for doubtful accounts ​ ​ (59,224) ​ ​ (41,204) Accounts receivable – trade, net ​ ​ 570,026 ​ ​ 653,048 ​ ​ ​ ​ ​ ​ ​ Accounts receivable – customer recoveries ​ ​ 178,827 ​ ​ 233,499 Value-added tax receivables ​ ​ 160,369 ​ ​ 257,911 Accounts receivable – installation fees ​ ​ 157,409 ​ ​ 65,203 Other receivables ​ ​ 190,833 ​ ​ 68,449 Accounts and other receivables, net ​ $ 1,257,464 ​ $ 1,278,110
Schedule of deferred rent receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of (Amounts in thousands): ​ December 31, 2024 ​ December 31, 2023 Deferred rent receivables ​ $ 644,566 ​ $ 657,009 Allowance for deferred rent receivables ​ ​ (2,110) ​ ​ (32,582) Deferred rent, net ​ $ 642,456 ​ $ 624,427 ​

Investments in Properties (Tabl

Investments in Properties (Tables)	12 Months Ended
	Dec. 31, 2024
Investments in Properties
Schedule of Investments in Properties	A summary of our investments in properties is below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Property Type ​ As of December 31, 2024 ​ ​ As of December 31, 2023 Land ​ $ 1,108,251 ​ ​ $ 1,087,278 Acquired ground lease ​ ​ 86 ​ ​ ​ 91 Buildings and improvements ​ ​ 25,567,155 ​ ​ ​ 25,388,788 Tenant improvements ​ ​ 883,502 ​ ​ ​ 830,211 ​ ​ ​ 27,558,994 ​ ​ ​ 27,306,368 Accumulated depreciation and amortization ​ ​ (8,641,331) ​ ​ ​ (7,823,685) Investments in operating properties, net ​ ​ 18,917,663 ​ ​ ​ 19,482,683 Construction in progress and space held for development ​ ​ 5,164,334 ​ ​ ​ 4,635,215 Land held for future development ​ ​ 38,785 ​ ​ ​ 118,190 Investments in properties, net ​ $ 24,120,782 ​ ​ $ 24,236,088

Acquisitions and Dispositions_2

Acquisitions and Dispositions of Properties (Tables)	12 Months Ended
	Dec. 31, 2024
Acquisitions and Dispositions of Properties
Schedule of acquisitions and dispositions of properties	The Company sold or contributed the following other real estate properties during the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Sold / ​ Gross Proceeds / Fair Value ​ Gain on Sale / contribution Property Type ​ Metro Area ​ contributed ​ (in millions) ​ (in millions) Joint venture contributions ​ Various ​ 2024 ​ $ 1,246.4 (1) $ 304.1 Brookfield transaction ​ Various ​ 2024 ​ ​ 271.0 ​ ​ 191.6 Non-core assets ​ Various ​ 2024 ​ ​ 158.7 ​ ​ (1.0) Sale of noncontrolling interest in property ​ Frankfurt ​ 2024 ​ ​ 497.5 (2) ​ 101.1 Joint venture contributions ​ Various ​ 2023 ​ ​ 2,278.5 (3) ​ 814.0 Non-core assets ​ Various ​ 2023 ​ ​ 341.3 ​ ​ 86.6 Non-core assets ​ Dallas ​ 2022 ​ ​ 203.0 ​ ​ 174.0 Other ​ Various ​ 2022 ​ ​ 2.8 ​ ​ 2.8 (1) Includes Blackstone Inc., GI Partners, and Mitsubishi Corporation. (2) Includes sale of noncontrolling interest in DCREIT (see Note 8. “Investments in Unconsolidated Entities”). (3) Includes GI Partners, Realty Income, and TPG Real Estate.

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Investments in Unconsolidated Entities.
Summary of Financial Information for Unconsolidated Entities	A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ Balance as of ​ ​ ​ December 31, 2024 ​ ​ December 31, 2023 Americas (1)(5) ​ $ 1,311,950 ​ $ 1,363,226 APAC (2) ​ ​ 615,534 ​ ​ 569,996 EMEA (3) ​ ​ 422,570 ​ ​ 28,334 Global (4) ​ ​ 289,746 ​ ​ 334,333 Total ​ $ 2,639,800 ​ $ 2,295,889 Includes the following unconsolidated entities along with our ownership percentage: (1) Ascenty (49%), Blackstone (20%), Clise (50%), GI Partners (20%), Mapletree (20%), Menlo (20%), Mitsubishi (35%), Realty Income (20%), TPG Real Estate (20%), and Walsh (86%). (2) Digital Connexion (33%), Lumen (50%), and MC Digital Realty (50%). (3) Blackstone (20%), Medallion (60%), and Mivne (50%). (4) Digital Core REIT (38%) and Greenfield (35%). (5) In May 2024, we liquidated our 17% interest in Colovore, generating gross proceeds of approximately $35 million. We realized a gain of approximately $27 million on our original investments, made in 2015 and 2017. The gain is included within Other income, net on our consolidated income statements.
Summarized Financial Information of Investments in Unconsolidated Entities	The subsequent tables provide summarized financial information for all of our investments in unconsolidated entities accounted for using the equity method. Amounts are shown in thousands. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Net ​ ​ Total ​ Total ​ ​ ​ ​ ​ ​ Operating ​ Income December 31, 2024 ​ Assets ​ Liabilities ​ Equity ​ Revenues ​ Income ​ (Loss) Unconsolidated entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 7,473,799 ​ $ 3,532,248 ​ $ 3,941,551 ​ $ 824,027 ​ $ 464,637 ​ $ (336,627) APAC ​ ​ 2,127,166 ​ ​ 823,921 ​ ​ 1,303,245 ​ ​ 273,833 ​ ​ 140,594 ​ ​ 55,376 EMEA ​ ​ 1,009,055 ​ ​ 740,433 ​ ​ 268,622 ​ ​ 11,976 ​ ​ 5,108 ​ ​ (14,016) Global ​ ​ 2,007,082 ​ ​ 995,721 ​ ​ 1,011,361 ​ ​ 106,705 ​ ​ 66,258 ​ ​ (17,785) Total Unconsolidated entities ​ $ 12,617,102 ​ $ 6,092,323 ​ $ 6,524,779 ​ $ 1,216,541 ​ $ 676,597 $ (313,052) Our investment in and share of equity in earnings of unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ 2,639,800 ​ ​ ​ ​ ​ ​ $ (120,138) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Net ​ ​ Total ​ Total ​ ​ ​ ​ ​ ​ Operating ​ Income December 31, 2023 ​ Assets ​ Liabilities ​ Equity ​ Revenues ​ Income ​ (Loss) Unconsolidated entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 6,627,520 ​ $ 3,105,127 ​ $ 3,522,393 ​ $ 590,264 ​ $ 326,042 ​ $ (13,097) APAC ​ 2,097,115 ​ ​ 880,972 ​ ​ 1,216,143 ​ ​ 257,905 ​ ​ 121,053 ​ ​ 42,244 EMEA ​ ​ 80,525 ​ ​ 83,819 ​ ​ (3,294) ​ ​ 1,601 ​ ​ 939 ​ ​ (8,225) Global ​ ​ 1,542,331 ​ ​ 591,470 ​ ​ 950,861 ​ ​ 112,931 ​ ​ 73,390 ​ ​ (60,867) Total Unconsolidated entities ​ $ 10,347,491 ​ $ 4,661,388 ​ $ 5,686,103 ​ $ 962,701 ​ $ 521,424 $ (39,945) Our investment in and share of equity in loss of unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ 2,295,889 ​ ​ ​ ​ ​ ​ $ (29,791) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Net ​ ​ Total ​ Total ​ ​ ​ ​ ​ ​ Operating ​ Income December 31, 2022 ​ Assets ​ Liabilities ​ Equity ​ Revenues ​ ​ ​ (Loss) Unconsolidated entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 3,648,169 ​ $ 1,350,163 ​ $ 2,298,006 ​ $ 406,325 ​ $ 240,498 ​ $ (38,874) APAC ​ ​ 1,705,553 ​ ​ 541,509 ​ ​ 1,164,044 ​ ​ 201,405 ​ ​ 90,924 ​ ​ 25,946 EMEA ​ ​ 121,950 ​ ​ 68,223 ​ ​ 53,727 ​ ​ 1,632 ​ ​ 851 ​ ​ (5,475) Global ​ ​ 1,602,725 ​ ​ 551,088 ​ ​ 1,051,637 ​ ​ 118,233 ​ ​ 77,582 ​ ​ (19,455) Total Unconsolidated entities ​ $ 7,078,397 ​ $ 2,510,983 ​ $ 4,567,414 ​ $ 727,595 ​ $ 409,855 $ (37,858) Our investment in and share of equity in earnings of unconsolidated entities ​ ​ ​ ​ ​ ​ ​ $ 1,991,426 ​ ​ ​ ​ ​ ​ $ (13,497)

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill.
Schedule of Goodwill	The following is a summary of goodwill activity for the years ended December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ ​ ​ ​ ​ ​ Impact of Change ​ Balance as of ​ ​ December 31, ​ ​ ​ Goodwill ​ in Foreign ​ December 31, Merger / Portfolio Acquisition 2023 Acquisition Adjustments Exchange Rates 2024 Telx Acquisition ​ $ 330,845 ​ $ — ​ $ — ​ $ — ​ $ 330,845 European Portfolio Acquisition ​ 429,510 ​ — ​ — (14,533) ​ 414,977 DFT Merger ​ 2,592,147 ​ — ​ — — ​ 2,592,147 Interxion Combination ​ ​ 4,411,857 ​ ​ 598 ​ ​ — ​ ​ (259,139) ​ ​ 4,153,316 Teraco Combination ​ ​ 1,462,994 ​ ​ — ​ ​ — ​ ​ (37,366) ​ ​ 1,425,628 Other Combination ​ ​ 12,518 ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,518 Total ​ $ 9,239,871 ​ $ 598 ​ $ — ​ $ (311,038) ​ $ 8,929,431 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ ​ ​ ​ ​ ​ Impact of Change ​ Balance as of ​ ​ December 31, ​ ​ ​ Goodwill ​ in Foreign ​ December 31, Merger / Portfolio Acquisition ​ 2022 Acquisition Adjustments Exchange Rates 2023 Telx Acquisition ​ $ 330,845 ​ $ — ​ $ — ​ $ — ​ $ 330,845 European Portfolio Acquisition ​ 408,055 ​ — ​ 3,011 18,444 ​ 429,510 DFT Merger ​ ​ 2,592,147 ​ ​ — ​ ​ — — ​ ​ 2,592,147 Interxion Combination ​ ​ 4,288,208 ​ ​ — ​ ​ 4,843 ​ ​ 118,806 ​ ​ 4,411,857 Teraco Combination ​ 1,576,704 ​ — ​ — ​ ​ (113,710) ​ 1,462,994 Other Combination ​ ​ 12,538 ​ ​ — ​ ​ (20) ​ ​ — ​ ​ 12,518 Total ​ $ 9,208,497 ​ $ — ​ $ 7,834 ​ $ 23,540 ​ $ 9,239,871 ​

Acquired Intangible Assets an_2

Acquired Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Acquired Intangible Assets and Liabilities
Summary of Acquired Intangible Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of ​ ​ December 31, 2024 ​ December 31, 2023 (Amounts in thousands) ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Net Carrying Amount ​ ​ Gross Carrying Amount ​ ​ Accumulated Amortization ​ ​ Net Carrying Amount Customer relationship value ​ $ 2,783,428 ​ $ (1,080,547) ​ $ 1,702,881 ​ $ 2,926,808 ​ $ (952,943) ​ $ 1,973,865 Acquired in-place lease value ​ ​ 1,043,706 ​ ​ (863,021) ​ ​ 180,685 ​ ​ 1,089,743 ​ ​ (859,167) ​ ​ 230,576 Other ​ ​ 122,638 ​ ​ (36,038) ​ ​ 86,600 ​ ​ 108,744 ​ ​ (33,483) ​ ​ 75,261 Acquired above-market leases ​ ​ 126,322 ​ ​ (122,714) ​ ​ 3,608 ​ ​ 153,205 ​ ​ (150,344) ​ ​ 2,861 Acquired below-market leases ​ ​ (258,243) ​ ​ 219,672 ​ ​ (38,571) ​ ​ (273,951) ​ ​ 226,840 ​ ​ (47,111)
Schedule of Estimated Annual Amortization of Acquired of Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Amounts in thousands) ​ Customer relationship value ​ ​ Acquired in-place lease value ​ ​ Other (1) ​ ​ Acquired above-market leases ​ ​ Acquired below-market leases 2025 $ 208,836 ​ $ 52,481 ​ $ 2,717 ​ $ 959 ​ $ (5,647) 2026 209,236 ​ 51,367 ​ 2,717 ​ 840 ​ (5,186) 2027 209,011 ​ 42,196 ​ 2,717 ​ 705 ​ (4,621) 2028 188,083 ​ 22,771 ​ 2,735 ​ 705 ​ (4,544) 2029 156,142 ​ 11,476 ​ 2,789 ​ 399 ​ (4,544) Thereafter 731,573 ​ 394 ​ 3,545 ​ — ​ (14,029) Total $ 1,702,881 ​ $ 180,685 ​ $ 17,220 ​ $ 3,608 ​ $ (38,571) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Contractual Life (in years) ​ 11.6 ​ ​ 3.8 ​ ​ ​ ​ ​ 1.9 ​ ​ 6.1 (1) Excludes power grid rights in the amount of approximately $69.4 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.

Debt of the Operating Partner_2

Debt of the Operating Partnership (Tables)	12 Months Ended
	Dec. 31, 2024
Debt of the Operating Partnership
Summary of Outstanding Indebtedness of the Operating Partnership	All debt is currently owed by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ Weighted- ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ average ​ Amount ​ average ​ Amount ​ ​ interest rate ​ Outstanding ​ interest rate ​ Outstanding Global Revolving Credit Facilities ​ 3.81 % ​ $ 1,637,922 ​ 4.33 % ​ $ 1,825,228 Unsecured term loans ​ 3.23 % ​ ​ 388,275 ​ 4.76 % ​ ​ 1,567,925 Unsecured senior notes ​ 2.26 % ​ ​ 14,059,415 ​ 2.24 % ​ ​ 13,507,427 Secured and other debt ​ 8.52 % ​ 761,263 ​ 8.07 % ​ 637,072 Total ​ 2.72 % ​ $ 16,846,875 2.89 % ​ $ 17,537,652
Schedule of Debt In Functional Currencies	We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Amount ​ ​ ​ ​ Amount ​ ​ ​ Denomination of Draw Outstanding % of Total ​ Outstanding % of Total U.S. dollar ($) ​ $ 2,852,102 16.9 % ​ $ 2,784,875 15.9 % British pound sterling (£) ​ 1,627,080 9.7 % ​ ​ 1,973,305 ​ 11.2 % Euro ( € ​ ​ 10,327,404 ​ 61.3 % ​ ​ 10,835,878 ​ 61.8 % Other ​ ​ 2,040,289 ​ 12.1 % ​ ​ 1,943,594 ​ 11.1 % Total ​ $ 16,846,875 ​ ​ ​ $ 17,537,652 ​ ​
Schedule of Debt Maturities and Principal Maturities	The table below summarizes our debt maturities and principal payments as of December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Revolving ​ Unsecured ​ Unsecured ​ Secured and ​ ​ ​ ​ Credit Facilities (1)(2) Term Loans (3) Senior Notes (4) Other Debt Total Debt 2025 ​ $ — ​ $ 388,275 ​ $ 1,173,650 ​ $ 782 ​ $ 1,562,707 2026 ​ ​ — ​ ​ — ​ ​ 1,416,042 ​ ​ 114,505 ​ ​ 1,530,547 2027 ​ ​ — ​ ​ — ​ ​ 1,165,265 ​ ​ 234,023 ​ ​ 1,399,288 2028 ​ — ​ — ​ 2,067,700 ​ 354,999 ​ 2,422,699 2029 ​ 1,637,922 ​ — ​ 2,785,538 ​ 13,946 ​ 4,437,406 Thereafter ​ — ​ — ​ 5,451,220 ​ 43,008 ​ 5,494,228 Subtotal ​ $ 1,637,922 ​ $ 388,275 ​ $ 14,059,415 ​ $ 761,263 ​ $ 16,846,875 Unamortized net discounts ​ — ​ — ​ (27,476) ​ (3,658) ​ (31,134) Unamortized deferred financing costs ​ ​ (26,614) ​ ​ (1,372) ​ ​ (69,087) ​ ​ (4,291) ​ ​ (101,364) Total ​ $ 1,611,308 ​ $ 386,903 ​ $ 13,962,852 ​ $ 753,314 ​ $ 16,714,377 (1) Includes amounts outstanding for the Global Revolving Credit Facilities. (2) The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded). (3) The €375.0 million 2025-27 Term Facility is subject to two maturity extension options of one year each, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding. (4) The £400 million 4.250 % unsecured senior note was paid at maturity on January 17, 2025.
Schedule of Unsecured Senior Notes	The following table provides details of our unsecured senior notes (balances in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate Principal Amount at Issuance ​ ​ ​ Balance as of ​ ​ Borrowing Currency ​ USD ​ Maturity Date ​ December 31, 2024 ​ December 31, 2023 2.625% notes due 2024 (1) ​ € 600,000 ​ $ 677,040 ​ Apr 15, 2024 ​ $ — ​ $ 662,340 2.750% notes due 2024 (2) ​ £ 250,000 ​ $ 324,925 ​ Jul 19, 2024 ​ ​ — ​ ​ 318,275 4.250% notes due 2025 (3) ​ £ 400,000 ​ $ 634,480 ​ Jan 17, 2025 ​ ​ 500,640 ​ ​ 509,240 0.625% notes due 2025 ​ € 650,000 ​ $ 720,980 ​ Jul 15, 2025 ​ ​ 673,010 ​ ​ 717,535 2.500% notes due 2026 ​ € 1,075,000 ​ $ 1,224,640 ​ Jan 16, 2026 ​ ​ 1,113,055 ​ ​ 1,186,693 0.200% notes due 2026 ​ CHF 275,000 ​ $ 298,404 ​ Dec 15, 2026 ​ ​ 302,987 ​ ​ 326,826 1.700% notes due 2027 ​ CHF 150,000 ​ $ 162,465 ​ Mar 30, 2027 ​ ​ 165,265 ​ ​ 178,269 3.700% notes due 2027 (4) ​ $ 1,000,000 ​ $ 1,000,000 ​ Aug 15, 2027 ​ ​ 1,000,000 ​ ​ 1,000,000 5.550% notes due 2028 (4) ​ $ 900,000 ​ $ 900,000 ​ Jan 15, 2028 ​ ​ 900,000 ​ ​ 900,000 1.125% notes due 2028 ​ € 500,000 ​ $ 548,550 ​ Apr 09, 2028 ​ ​ 517,700 ​ ​ 551,950 4.450% notes due 2028 ​ $ 650,000 ​ $ 650,000 ​ Jul 15, 2028 ​ ​ 650,000 ​ ​ 650,000 0.550% notes due 2029 ​ CHF 270,000 ​ $ 292,478 ​ Apr 16, 2029 ​ ​ 297,478 ​ ​ 320,884 3.600% notes due 2029 ​ $ 900,000 ​ $ 900,000 ​ Jul 01, 2029 ​ ​ 900,000 ​ ​ 900,000 3.300% notes due 2029 ​ £ 350,000 ​ $ 454,895 ​ Jul 19, 2029 ​ ​ 438,060 ​ ​ 445,585 1.875% notes due 2029 ​ $ 1,150,000 ​ $ 1,150,000 ​ Nov 15, 2029 ​ ​ 1,150,000 ​ ​ — 1.500% notes due 2030 ​ € 750,000 ​ $ 831,900 ​ Mar 15, 2030 ​ ​ 776,550 ​ ​ 827,925 3.750% notes due 2030 ​ £ 550,000 ​ $ 719,825 ​ Oct 17, 2030 ​ ​ 688,380 ​ ​ 700,205 1.250% notes due 2031 ​ € 500,000 ​ $ 560,950 ​ Feb 01, 2031 ​ ​ 517,700 ​ ​ 551,950 0.625% notes due 2031 ​ € 1,000,000 ​ $ 1,220,700 ​ Jul 15, 2031 ​ ​ 1,035,400 ​ ​ 1,103,900 1.000% notes due 2032 ​ € 750,000 ​ $ 874,500 ​ Jan 15, 2032 ​ ​ 776,550 ​ ​ 827,925 1.375% notes due 2032 ​ € 750,000 ​ $ 849,375 ​ Jul 18, 2032 ​ ​ 776,550 ​ ​ 827,925 3.875% notes due 2033 ​ € 850,000 ​ $ 941,375 ​ Sep 13, 2033 ​ ​ 880,090 ​ ​ — ​ ​ $ 14,059,415 ​ $ 13,507,427 Unamortized discounts, net of premiums ​ ​ ​ ​ ​ ​ ​ (27,476) ​ ​ (33,324) Deferred financing costs, net ​ ​ ​ ​ ​ ​ ​ (69,087) ​ ​ (51,761) Total unsecured senior notes, net of discount and deferred financing costs ​ $ 13,962,852 ​ $ 13,422,342 (1) Paid at maturity on April 15, 2024. (2) Paid at maturity on July 19, 2024. (3) Paid at maturity on January 17, 2025. (4) Subject to cross-currency swaps.

Earnings per Common Share or _2

Earnings per Common Share or Unit (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings Per Share and Unit	The following is a s ummary of basic and diluted income per share/unit (in thousands ​ Digital Realty Trust, Inc. Earnings per Common Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders ​ $ 561,766 ​ $ 908,114 ​ $ 336,960 Loss attributable to redeemable noncontrolling interest (1) ​ ​ (27,059) ​ ​ (18,093) ​ ​ (4,839) Net income available to common stockholders - diluted EPS ​ ​ 534,707 ​ ​ 890,021 ​ ​ 332,121 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding—basic ​ 323,336 ​ 298,603 ​ 286,334 Potentially dilutive common shares: ​ ​ ​ Unvested incentive units ​ 98 ​ 118 ​ 257 Unvested restricted stock ​ ​ 44 ​ ​ 9 ​ ​ 45 Forward equity offering ​ ​ — ​ ​ 248 ​ ​ — Market performance-based awards ​ 271 ​ 112 ​ 103 Redeemable noncontrolling interest shares (1) ​ ​ 7,798 ​ ​ 9,975 ​ ​ 11,180 Weighted average shares outstanding—diluted ​ 331,547 ​ 309,065 ​ 297,919 Income per share: ​ ​ ​ Basic ​ $ 1.74 ​ $ 3.04 ​ $ 1.18 Diluted (2) ​ $ 1.61 ​ $ 2.88 ​ $ 1.11 ​ Digital Realty Trust, L.P. Earnings per Unit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common unitholders ​ $ 574,466 ​ $ 928,824 ​ $ 345,060 Loss attributable to redeemable noncontrolling interest (1) ​ ​ (27,059) ​ ​ (18,093) ​ ​ (4,839) Net income available to common unitholders - diluted EPS ​ ​ 547,407 ​ ​ 910,731 ​ ​ 340,221 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average units outstanding—basic ​ 329,485 ​ 304,651 ​ 292,123 Potentially dilutive common units: ​ ​ ​ ​ ​ Unvested incentive units ​ 98 ​ 118 ​ 257 Unvested restricted units ​ ​ 44 ​ 9 ​ ​ 45 Forward equity offering ​ ​ — ​ 248 ​ ​ — Market performance-based awards ​ 271 ​ 112 ​ 103 Redeemable noncontrolling interest shares (1) ​ ​ 7,798 ​ ​ 9,975 ​ ​ 11,180 Weighted average units outstanding—diluted ​ 337,696 ​ 315,113 ​ 303,708 Income per unit: ​ ​ ​ Basic ​ $ 1.74 ​ $ 3.05 ​ $ 1.18 Diluted (2) ​ $ 1.62 ​ $ 2.89 ​ $ 1.12 (1) Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in Digital Realty Trust, Inc. shares, in cash, or a combination of cash and shares. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by Digital Realty Trust, Inc.’s average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026. For additional information regarding the Teraco Acquisition and the defined terms used above, see Note 3. “Business Combinations” to Consolidated Financial Statements contained herein. (2) The Company has made an adjustment to previously reported amounts to correct an immaterial error in the computation of diluted earnings per share and diluted earnings per unit in each of the interim periods ended June 30, 2023 and September 30, 2023, and for the year ended December 31, 2023. The correction appropriately reduces net income available to common stockholders and unitholders, as applicable, for the loss attributable to the non-controlling interests in Teraco. The impact to earnings per share and earnings per unit for each respective period is summarized in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty Trust, Inc. ​ Digital Realty Trust, L.P. ​ Diluted Earnings per Common Share ​ Diluted Earnings per Unit ​ As Reported ​ As Revised ​ As Reported ​ As Revised Three months ended June 30, 2023 $0.37 ​ $0.34 ​ $0.37 ​ $0.34 Six months ended June 30, 2023 $0.57 ​ $0.52 ​ $0.57 ​ $0.52 Three months ended September 30, 2023 $2.33 ​ $2.31 ​ $2.34 ​ $2.32 Nine months ended September 30, 2023 $2.93 ​ $2.87 ​ $2.94 ​ $2.88 Fiscal year ended December 31, 2023 $3.00 ​ $2.88 ​ $3.01 ​ $2.89
Schedule of earnings per share and earnings per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty Trust, Inc. ​ Digital Realty Trust, L.P. ​ Diluted Earnings per Common Share ​ Diluted Earnings per Unit ​ As Reported ​ As Revised ​ As Reported ​ As Revised Three months ended June 30, 2023 $0.37 ​ $0.34 ​ $0.37 ​ $0.34 Six months ended June 30, 2023 $0.57 ​ $0.52 ​ $0.57 ​ $0.52 Three months ended September 30, 2023 $2.33 ​ $2.31 ​ $2.34 ​ $2.32 Nine months ended September 30, 2023 $2.93 ​ $2.87 ​ $2.94 ​ $2.88 Fiscal year ended December 31, 2023 $3.00 ​ $2.88 ​ $3.01 ​ $2.89
Schedule of Antidilutive Securities Excluded from Calculations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 Exchangeable Notes ​ 6,624 ​ — ​ — Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. ​ 6,149 6,048 5,789 Potentially dilutive Series J Cumulative Redeemable Preferred Stock ​ 1,298 1,794 1,736 Potentially dilutive Series K Cumulative Redeemable Preferred Stock ​ 1,365 ​ 1,887 ​ 1,825 Potentially dilutive Series L Cumulative Redeemable Preferred Stock ​ 2,238 ​ 3,095 ​ 2,993 Total ​ 17,674 12,824 12,343 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Schedule of Deferred Tax Assets and Liabilities	Deferred income tax assets and liabilities as of December 31, 2024 and 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Gross deferred income tax assets: ​ ​ ​ ​ Net operating loss carryforwards ​ $ 197,039 ​ $ 188,735 Basis difference - real estate property ​ 17,363 ​ 18,035 Basis difference - intangibles ​ 12,561 ​ 7,744 Tax credit carryforward ​ ​ 2,407 ​ ​ 2,056 Other - temporary differences ​ 237,342 ​ 180,316 Total gross deferred income tax assets ​ 466,711 ​ 396,886 Valuation allowance ​ (213,984) ​ (176,268) Total deferred income tax assets, net of valuation allowance ​ 252,728 ​ 220,618 Gross deferred income tax liabilities: ​ ​ Basis difference - real estate property ​ 1,138,120 ​ 1,162,143 Basis difference - intangibles ​ ​ 175,267 ​ ​ 190,607 Straight line rent ​ 9,970 ​ 5,992 Other - temporary differences ​ 10,466 ​ 6,750 Total gross deferred income tax liabilities ​ 1,333,822 ​ 1,365,492 Net deferred income tax liabilities (1) ​ $ 1,081,094 ​ $ 1,144,874 ​ (1) Net of deferred tax assets of $ 3.5 million and $ 6.2 million for the years ended December 31, 2024 and 2023, respectively.

Equity and Capital (Tables)

Equity and Capital (Tables)	12 Months Ended
	Dec. 31, 2024
Class of Stock
Schedule of stock by class	​ The Company has issued and outstanding the following series of cumulative redeemable preferred stock, which are governed by the articles supplementary for the applicable series of preferred stock as of December 31, 2024 and 2023 (in thousands, except for share cap and annual dividend rate). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Annual ​ Shares Outstanding as of ​ Balance (net of issuance costs) ​ ​ Date(s) ​ Initial Date to ​ ​ ​ Liquidation ​ Dividend ​ December 31, ​ as of December 31, Preferred Stock (1) Issued Redeem (2) Share Cap (3) Value (4) Rate (5) 2024 2023 2024 2023 5.250% Series J Cumulative Redeemable Preferred Stock ​ Aug 7, 2017 ​ Aug 7, 2022 0.4252100 ​ $ 200,000 ​ 1.31250 8,000 8,000 ​ $ 193,540 ​ $ 193,540 5.850% Series K Cumulative Redeemable Preferred Stock ​ Mar 13, 2019 ​ Mar 13, 2024 ​ 0.4361100 ​ ​ 210,000 ​ ​ 1.46250 ​ 8,400 ​ 8,400 ​ ​ 203,264 ​ ​ 203,264 5.200% Series L Cumulative Redeemable Preferred Stock ​ Oct 10, 2019 ​ Oct 10, 2024 ​ 0.3851800 ​ ​ 345,000 ​ ​ 1.30000 ​ 13,800 ​ 13,800 ​ ​ 334,886 ​ ​ 334,886 ​ ​ ​ ​ ​ ​ ​ ​ $ 755,000 ​ ​ ​ 30,200 30,200 ​ $ 731,690 ​ $ 731,690 (1) All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. (2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption. (3) Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. (4) Liquidation preference is $25.00 per share. (5) Dividends on preferred shares are cumulative and payable quarterly in arrears.
Ownership Interest In The Operating Partnership	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Number of ​ Percentage of ​ Number of ​ Percentage of (Units in thousands) units total ​ units total Digital Realty Trust, Inc. ​ 336,637 ​ 98.2 % ​ 311,608 ​ 98.0 % Noncontrolling interests consist of: ​ ​ ​ ​ Common units held by third parties 4,049 1.2 % ​ 4,343 1.3 % Incentive units held by employees and directors (see Note 16. ''Incentive Plans'') 2,086 0.6 % ​ 2,106 0.7 % ​ 342,772 100.0 % ​ 318,057 100.0 %
Summary of Activity for Noncontrolling Interests in the Operating Partnership	​ ​ ​ ​ ​ ​ ​ ​ (Units in thousands) Common Units Incentive Units Total As of December 31, 2023 4,343 2,106 6,449 Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) (294) (259) (553) Incentive units issued upon achievement of market performance condition — 88 88 Grant of incentive units to employees and directors — 155 155 Cancellation / forfeitures of incentive units held by employees and directors — (4) (4) As of December 31, 2024 4,049 2,086 6,135 (1) These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid in capital based on the book value per unit in the accompanying consolidated balance sheets of Digital Realty Trust, Inc.
Schedule of Dividends and Distributions	Dividends and Distributions Digital Realty Trust, Inc. Dividends ​ We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2024, 2023 and 2022 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J ​ Series K ​ Series L ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Preferred ​ Preferred ​ Common ​ Date dividend declared Dividend payment date Stock Stock Stock ​ Stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 3, 2022 ​ March 31, 2022 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 348,025 (1) May 24, 2022 ​ June 30, 2022 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 348,077 (1) August 17, 2022 ​ September 30, 2022 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 351,410 (1) November 29, 2022 ​ December 31, 2022 for Preferred Stock; January 13, 2023 for Common Stock ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 355,832 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,403,344 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 22, 2023 ​ March 31, 2023 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 356,214 (1) May 24, 2023 ​ June 30, 2023 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 365,937 (1) August 8, 2023 ​ September 29, 2023 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 370,278 (1) November 28, 2023 ​ December 29, 2023 for Preferred Stock; January 19, 2024 for Common Stock ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 380,019 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,472,448 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2024 ​ March 28, 2024 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 382,208 (1) May 8, 2024 ​ June 28, 2024 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 397,429 (1) August 7, 2024 ​ September 30, 2024 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 400,659 (1) November 4, 2024 ​ December 31, 2024 for Preferred Stock; January 17, 2025 for Common Stock ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 410,831 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,591,127 ​ Annual rate of dividend per share ​ ​ ​ $ 1.31250 ​ $ 1.46250 ​ $ 1.30000 ​ $ 4.88000 ​ ​ (1) $4.880 annual rate of dividend per share.
Digital Realty Trust, L.P.
Class of Stock
Schedule of Dividends and Distributions	Digital Realty Trust, L.P. Distributions All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for years ended December 31, 2024, 2023 and 2022, (in thousands, except for per unit data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J ​ Series K ​ Series L ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Preferred ​ Preferred ​ Common ​ Date distribution declared Distribution payment date Units Units ​ Units ​ Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 3, 2022 ​ March 31, 2022 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 355,812 (1) May 24, 2022 ​ June 30, 2022 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 355,885 (1) August 17, 2022 ​ September 30, 2022 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 359,207 (1) November 29, 2022 ​ December 31, 2022 for Preferred Units; January 13, 2023 for Common Units ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 363,616 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,434,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 22, 2023 ​ March 31, 2023 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 364,204 (1) May 24, 2023 ​ June 30, 2023 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 373,833 (1) August 8, 2023 ​ September 29, 2023 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 378,352 (1) November 28, 2023 ​ December 29, 2023 for Preferred Units; January 19, 2024 for Common Units ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 387,988 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,504,377 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2024 ​ March 28, 2024 ​ $ 2,625 ​ $ 3,071 ​ $ 4,485 ​ $ 390,356 (1) May 8, 2024 ​ June 28, 2024 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 405,421 (1) August 7, 2024 ​ September 30, 2024 ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 408,577 (1) November 4, 2024 ​ December 29, 2023 for Preferred Units; January 19, 2024 for Common Units ​ ​ 2,625 ​ ​ 3,071 ​ ​ 4,485 ​ ​ 418,665 (1) ​ ​ ​ ​ $ 10,500 ​ $ 12,284 ​ $ 17,940 ​ $ 1,623,019 ​ Annual rate of distribution per unit ​ ​ ​ $ 1.31250 ​ $ 1.46250 ​ $ 1.30000 ​ $ 4.88000 ​ ​ ​ ​ (1) $4.880 annual rate of distribution per unit.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss), Net (Tables)	12 Months Ended
	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net.
Schedule of Accumulated Other Comprehensive Income (Loss), Net	Digital Realty Trust, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency ​ Increase (decrease) in ​ Accumulated other ​ ​ translation ​ fair value of derivatives, ​ comprehensive ​ adjustments net of reclassification income (loss), net Balance as of December 31, 2022 ​ $ (536,019) ​ $ (59,779) ​ $ (595,798) Net current period change ​ (102,564) ​ ​ (53,031) ​ ​ (155,595) Balance as of December 31, 2023 ​ $ (638,583) ​ $ (112,810) ​ $ (751,393) Net current period change ​ (551,066) ​ 120,176 ​ (430,890) Balance as of December 31, 2024 ​ $ (1,189,649) ​ $ 7,366 ​ $ (1,182,283) ​ Digital Realty Trust, L.P. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency ​ Increase (decrease) in ​ Accumulated other ​ ​ translation ​ fair value of derivatives, ​ comprehensive ​ adjustments net of reclassification income (loss) Balance as of December 31, 2022 ​ $ (551,013) ​ $ (62,410) ​ $ (613,423) Net current period change ​ (105,050) ​ (54,195) ​ (159,245) Balance as of December 31, 2023 ​ $ (656,063) ​ $ (116,605) ​ $ (772,668) Net current period change ​ (562,349) ​ 122,650 ​ (439,699) Balance as of December 31, 2024 ​ $ (1,218,412) ​ $ 6,045 ​ $ (1,212,367) ​

Incentive Plans (Tables)

Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Incentive Plans
Market Performance Based Awards	​ ​ ​ ​ ​ ​ ​ ​ ​ Market ​ ​ ​ Performance ​ RMS Relative ​ Vesting Level Market Performance ​ Percentage Below Threshold Level ≤ -500 basis points ​ 0 % Threshold Level -500 basis points ​ 25 % Target Level 0 basis points ​ 50 % High Level ≥ 500 basis points ​ 100 %
Schedule of Valuation Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ Expected Stock Price ​ Risk-Free Interest ​ Award Date Volatility ​ rate ​ January 1, 2022 ​ 26 % ​ 0.97 % January 1, 2023 ​ 32 % ​ 4.18 % January 1, 2024 ​ 29 % ​ 3.97 %
Schedule of compensation expense and unearned compensation	Below is a summary of compensation expense and unearned compensation (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ period to ​ ​ Deferred Compensation Unearned Compensation recognize ​ ​ Expensed ​ Capitalized ​ As of ​ As of unearned ​ Year Ended December 31, ​ December 31, ​ December 31, compensation Type of incentive award 2024 2023 2022 2024 2023 2022 2024 2023 (in years) Long-term incentive units ​ $ 15.5 ​ $ 14.5 ​ $ 21.7 ​ $ 0.1 ​ $ 0.2 ​ $ 0.2 ​ $ 22.1 ​ $ 16.6 2.2 Performance-based awards ​ 12.8 ​ 12.9 ​ 21.4 ​ 0.2 ​ 0.2 ​ 0.5 ​ 24.1 ​ 19.9 2.1 Service-based restricted stock units ​ 33.5 ​ 21.1 ​ 25.9 ​ 5.9 ​ 7.5 ​ 5.4 ​ 70.3 ​ 66.4 2.4 Interxion awards ​ ​ — ​ ​ 6.0 ​ ​ 4.7 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ —
Schedule of weighted average fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Fair Value at Date of Grant Type of incentive award 2024 2023 2022 Long-term incentive units ​ $ 129.93 ​ $ 121.99 ​ $ 146.37 Performance-based awards ​ ​ 134.58 ​ ​ 97.06 ​ ​ 154.26 Restricted stock ​ ​ 145.15 ​ ​ 132.07 ​ ​ 131.57
Summary of Long-Term Incentive Unit Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Weighted-Average ​ Aggregate ​ ​ ​ Grant Date Fair Remaining Contractual ​ Intrinsic Value (1) Unvested LTIP Units ​ Units Value Life (Years) ​ (in millions) Unvested, beginning of period 238,360 ​ $ 121.99 ​ ​ ​ ​ ​ Granted 155,738 ​ 137.44 ​ ​ ​ ​ ​ Vested (127,753) ​ 124.73 ​ ​ ​ ​ ​ Cancelled or expired (3,215) ​ 111.39 ​ ​ ​ ​ ​ Unvested, end of period 263,130 ​ $ 129.93 ​ 2.23 ​ $ 46.7 (1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2024.
Summary of Restricted Stock Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average Weighted-Average ​ Aggregate ​ ​ ​ Grant Date Fair Remaining Contractual ​ Intrinsic Value (1) Unvested Restricted Stock Units Shares Value Life (Years) ​ (in millions) Unvested, beginning of period 621,863 ​ $ 132.07 ​ ​ ​ ​ ​ Granted 392,050 ​ 143.98 ​ ​ ​ ​ ​ Vested (304,845) ​ 124.96 ​ ​ ​ ​ ​ Cancelled or expired (117,271) ​ 124.39 ​ ​ ​ ​ ​ Unvested, end of period 591,797 ​ $ 145.15 ​ 2.42 $ ​ 104.9 (1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2024. ​

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments
Schedule of effective portion of gains and losses on derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 2023 2022 Cross-currency interest rate swaps (included component) (1) ​ ​ $ 136,880 ​ $ (22,703) ​ $ (116,550) Cross-currency interest rate swaps (excluded component) (2) ​ ​ ​ (22,841) ​ ​ (25,428) ​ ​ 7,929 Total ​ ​ $ 114,039 ​ $ (48,131) ​ $ (108,621) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of ​ Year Ended December 31, ​ gain or (loss) ​ 2024 2023 2022 Cross-currency interest rate swaps (excluded component) (2) Interest expense ​ $ 25,037 ​ $ 21,836 ​ $ 6,260 (1) Included component represents foreign exchange spot rates. (2) Excluded component represents cross-currency basis spread and interest rates.
Schedule of effect of cash flow hedges on accumulated other comprehensive income and the consolidated income statements	The effect of these cash flow hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2024 2023 2022 Interest rate swaps ​ ​ $ (5,439) ​ $ (7,221) ​ $ 7,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of ​ Year Ended December 31, ​ gain or (loss) ​ 2024 2023 2022 Interest rate swaps Interest expense ​ $ 15,027 ​ $ 10,953 ​ $ 819
Schedule of fair value of derivative instruments in Balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ Assets (1) Liabilities (2) Assets (1) Liabilities (2) Cross-currency interest rate swaps ​ $ 32,883 ​ $ 75,597 ​ $ — ​ $ 156,753 Interest rate swaps ​ ​ 6,130 ​ ​ 11,253 ​ ​ 8,538 ​ ​ — ​ ​ $ 39,013 ​ $ 86,850 ​ $ 8,538 ​ $ 156,753 (1) As presented in our consolidated balance sheets within Other assets. (2) As presented in our consolidated balance sheets within Accounts payable and other Accrued liabilities.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value
Estimated Fair Value And Carrying Amounts	The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, Euro Term Loan Facilities and USD Term Loan Facility, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Categorization ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ under the fair value ​ Estimated Fair ​ Amount ​ Estimated Fair ​ Amount ​ hierarchy Value Outstanding Value Outstanding Global Revolving Credit Facilities (1) Level 2 ​ $ 1,637,922 ​ $ 1,637,922 ​ $ 1,825,228 ​ $ 1,825,228 Unsecured term loans (1) Level 2 ​ ​ 388,275 ​ ​ 388,275 ​ ​ 1,567,925 ​ ​ 1,567,925 Unsecured senior notes (2) Level 2 ​ ​ 13,370,897 ​ ​ 14,059,415 ​ 12,417,619 ​ 13,507,427 Secured and other debt (2) Level 2 ​ ​ 752,732 ​ ​ 761,263 ​ 625,473 ​ 637,072 ​ ​ ​ ​ $ 16,149,826 ​ $ 16,846,875 ​ $ 16,436,245 ​ $ 17,537,652 (1) The carrying value of our Global Revolving Credit Facilities and unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings. (2) Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices. ​

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information
Schedule of cash, cash equivalents, and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of (Amounts in thousands) December 31, 2024 December 31, 2023 ​ December 31, 2022 Cash and cash equivalents ​ $ 3,870,891 ​ $ 1,625,495 ​ $ 141,773 Restricted cash (included in Other assets) ​ 5,809 ​ 10,975 ​ 8,923 Total ​ $ 3,876,700 ​ $ 1,636,470 ​ $ 150,696

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment and Geographic Information
Schedule of Investment and operating revenues of geographical areas	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Revenues ​ ​ Year Ended December 31, (Amounts in millions) ​ 2024 ​ 2023 ​ 2022 Inside the United States ​ $ 2,910.5 ​ ​ $ 2,836.0 ​ ​ $ 2,760.4 ​ Outside the United States ​ ​ 2,644.5 ​ ​ ​ 2,641.1 ​ ​ ​ 1,931.4 ​ Revenue Outside of U.S. % ​ ​ 47.6 % ​ ​ 48.2 % ​ ​ 41.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in Properties, net ​ Operating lease right-of-use assets, net ​ ​ As of December 31, ​ As of December 31, ​ As of December 31, ​ As of December 31, (Amounts in millions) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Inside the United States ​ $ 10,592.3 ​ ​ $ 10,429.2 ​ ​ $ 552.3 ​ ​ $ 610.2 ​ Outside the United States ​ ​ 13,528.5 ​ ​ ​ 13,806.9 ​ ​ ​ 626.6 ​ ​ ​ 804.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Assets in Foreign Operations ​ $ 7,744.8 ​ ​ $ 6,778.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Period in which short-term investment become cash equivalents	90 days

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - PPE (Details)	Dec. 31, 2024
Machinery and Equipment | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	7 years
Machinery and Equipment | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	15 years
Furniture and Fixtures | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Furniture and Fixtures | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Buildings and Improvements | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Buildings and Improvements | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	39 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Capitalization of Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Capitalized deferred leasing cost	$ 49.3	$ 43.1	$ 51.8
Deferred leasing costs	207.9	220.5
Accumulated amortization, deferred leasing costs and intangibles	605.1	558.3
Amortization expense on deferred leasing costs	$ 74.3	$ 76.8	$ 79.2

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill and Other Acquired Intangible Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment item
Summary of Significant Accounting Policies
Number of reportable segments | segment	1
Number of reporting units | item	1
Indefinite-lived intangible assets other than goodwill | $	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Derivative Instruments (Details) $ in Millions	Dec. 31, 2024 USD ($) derivative
Summary Of Significant Accounting Policies [Line Items]
Total outstanding principle balance | $	$ 545
Interest Rate Swap
Summary Of Significant Accounting Policies [Line Items]
Derivatives in liability positions	0
Foreign Exchange Forward
Summary Of Significant Accounting Policies [Line Items]
Derivatives in asset positions	0
Foreign-currency transaction
Summary Of Significant Accounting Policies [Line Items]
Number of derivatives held	0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Revenue Recognition and Gains (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized as a percent of total revenue	11%	11%	11%

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 01, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 8,929,431	$ 9,239,871	$ 9,208,497
Teraco
Business Acquisition [Line Items]
Percentage of interest acquired	61.10%
Total purchase consideration	$ 1,730,175
Goodwill	$ 1,625,994	$ 1,425,628	1,462,994	$ 1,576,704
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years)	2 years	2 years
Right to purchase all or a portion of the Remaining Teraco Interest from the Rollover Shareholders beginning on February 1, 2028 (in years)	1 year
Net loss associated with properties acquired		$ 27,100	18,100
contractual redemption value		$ 91,900	$ 0
Teraco | Scenario
Business Acquisition [Line Items]
Percentage of interest acquired	55%
the Trust
Business Acquisition [Line Items]
Percentage of interest acquired	12%

Business Combinations - Amounts

Business Combinations - Amounts Recorded at the Teraco Acquisition Date (Details) - USD ($) $ in Thousands	Aug. 01, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Operating lease right-of-use assets		$ 1,178,853	$ 1,414,256
Goodwill		8,929,431	9,239,871	$ 9,208,497
Teraco
Business Acquisition [Line Items]
Building and improvements	$ 1,376,128
Construction in progress and space held for development	521,153
Operating lease right-of-use assets	2,784
Assumed cash and cash equivalents	5,528
Goodwill	1,625,994	$ 1,425,628	$ 1,462,994	$ 1,576,704
Customer relationship value and other intangibles (weighted-average amortization life of 14 years)	720,126
Debt assumed	(355,688)
Operating lease liabilities	(4,031)
Deferred tax liabilities, net	(632,841)
Redeemable noncontrolling interests	(1,530,090)
Working capital assets, net	1,112
Total purchase consideration	$ 1,730,175
Teraco | Customer relationships and other intangibles
Business Acquisition [Line Items]
Expected average remaining lives (in years)	7 years

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Leases
Rent expense | $	$ 153.5	$ 153.2	$ 144
Weighted average remaining lease term, operating lease	12 years
Weighted average remaining lease term, finance lease	18 years
Percentage of total revenue from our largest customer (approximates)	12%
Number of other customers that makes up more than 6% of our total revenue | customer	0
Percent of total revenue from other individual customers	6%
Incremental borrowing rate, operating lease	3.40%
Incremental borrowing rate, finance lease	2.40%

Leases - Summary of Minimum Lea

Leases - Summary of Minimum Lease Payments Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Future Minimum Payments Receivable on Operating Leases
2025	$ 3,176,969
2026	2,522,253
2027	2,097,594
2028	1,780,247
2029	1,455,752
Thereafter	5,028,089
Total	$ 16,060,904

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating lease liabilities
2025	$ 160,633
2026	160,465
2027	159,090
2028	149,794
2029	149,929
Thereafter	806,445
Total undiscounted future cash flows	1,586,356
Less: Imputed interest	(292,137)
Present value of undiscounted future cash flows	$ 1,294,219	$ 1,542,094
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities
Finance lease liabilities
2025	$ 70,544
2026	19,426
2027	19,918
2028	85,034
2029	12,511
Thereafter	181,866
Total undiscounted future cash flows	389,299
Less: Imputed interest	(70,016)
Present value of undiscounted future cash flows	$ 319,283
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities

Receivables - Accounts and Othe

Receivables - Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables
Accounts receivable - trade	$ 629,250	$ 694,252
Allowance for doubtful accounts	(59,224)	(41,204)
Accounts receivable - trade, net	570,026	653,048
Accounts receivable - customer recoveries	178,827	233,499
Value-added tax receivables	160,369	257,911
Accounts receivable - installation fees	157,409	65,203
Other receivables	190,833	68,449
Accounts and other receivables, net	$ 1,257,464	$ 1,278,110

Receivables - Deferred Rent, Ne

Receivables - Deferred Rent, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivables
Deferred rent receivables	$ 644,566	$ 657,009
Allowance for deferred rent receivables	(2,110)	(32,582)
Deferred rent, net	$ 642,456	$ 624,427

Investments in Properties (Deta

Investments in Properties (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Investments in Properties
Land		$ 1,108,251	$ 1,087,278
Acquired ground lease		86	91
Buildings and improvements		25,567,155	25,388,788
Tenant improvements		883,502	830,211
Total investments in operating properties		27,558,994	27,306,368
Accumulated depreciation and amortization		(8,641,331)	(7,823,685)
Investments in operating properties, net		18,917,663	19,482,683
Construction in progress and space held for development		5,164,334	4,635,215
Land held for future development		38,785	118,190
Investments in properties, net		24,120,782	$ 24,236,088
Impairment of Real Estate	$ 95,000	$ 191,200

Acquisitions and Dispositions_3

Acquisitions and Dispositions of Properties - Acquisitions (Details) $ in Millions	1 Months Ended
	Jul. 31, 2024 USD ($) Center MW	Jan. 31, 2024 USD ($) a Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of data centers | Center		2
Number of data centers under construction | Center		2
Site in Paris
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land acquired | a		16
Payments to acquire real estate		$ 80
Right-of-use assets derecognized		145
Lease liabilities derecognized		$ 150
Slough Trading Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire real estate	$ 200
Number of data centers acquired | Center	2
Combined capacity of data centers | MW	15

Acquisitions and Dispositions_4

Acquisitions and Dispositions of Properties - Disposition of Other Properties (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] - USD ($) $ in Millions			12 Months Ended
	Aug. 08, 2022	Mar. 16, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property
Joint venture contributions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds			$ 1,246.4	$ 2,278.5
Gain on sale			304.1	$ 814
Non-core assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds	$ 158.7	$ 341.3			$ 203
Gain on sale	$ (1)	$ 86.6			174
Brookfield transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds			271
Gain on sale			191.6
Sale of noncontrolling interest in property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds			497.5
Gain on sale			$ 101.1
Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds					2.8
Gain on sale					$ 2.8

Acquisitions and Dispositions_5

Acquisitions and Dispositions of Properties - Dispositions (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 01, 2024 item MW

Apr. 16, 2024 USD ($)

Mar. 01, 2024 USD ($) Center

Jan. 11, 2024 USD ($) Center MW

Jul. 13, 2023 USD ($) property

Jan. 31, 2024 USD ($) Center

Dec. 31, 2024 USD ($)

Sep. 30, 2023 USD ($)

Dec. 31, 2024 USD ($) property

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Jan. 12, 2024

Schedule of Equity Method Investments [Line Items]

Planned campuses to support the construction of data centers | item

10

Potential IT load capacity | MW

500

Provision for impairment

$ 95,000

$ 191,200

Number of data centers | Center

2

Equity in loss of unconsolidated entities

$ (120,138)

$ (29,791)

$ (13,497)

Joint Venture With Mitsubishi Joint Venture

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

35%

Joint Venture with GI Partners

Schedule of Equity Method Investments [Line Items]

Ownership percentage in joint ventures

25%

20%

20%

20%

Digital Core REIT (DCRU)

Schedule of Equity Method Investments [Line Items]

Number of data centers | property

12

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

Schedule of Equity Method Investments [Line Items]

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

4

Proceeds from partnership contribution

$ 385,000

Gain (loss) on disposition

$ 44,500

Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia | Joint Venture with GI Partners

Schedule of Equity Method Investments [Line Items]

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

4

Planned campuses to support the construction of data centers | Center

10

Potential IT load capacity | MW

500

Proceeds from partnership contribution

$ 231,000

385,000

Gain (loss) on disposition

$ 300

$ 44,500

Data Center Joint Venture | Brookfield Infrastructure Partners L.P

Schedule of Equity Method Investments [Line Items]

Equity in loss of unconsolidated entities

$ 8,900

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

Schedule of Equity Method Investments [Line Items]

Proceeds from partnership contribution

$ 386,000

$ 700,000

Gain (loss) on disposition

$ 172,000

$ 238,000

Number of properties sold | property

2

Percentage of ownership Interest in partnership

65%

80%

Call option to increase their ownership interest in the joint venture

80%

Percentage of interest in property sold

75%

Contribution, value

$ 453,000

Brookfield Infrastructure Partners L.P | Data Center Joint Venture

Schedule of Equity Method Investments [Line Items]

Proceeds from partnership contribution

271,000

Gain (loss) on disposition

$ 191,600

Number of properties sold | Center

4

Number of data centers | Center

2

Gain on sale of investments

$ 200,500

Brookfield Infrastructure Partners L.P | Data Center Joint Venture | Singapore and Frankfurt

Schedule of Equity Method Investments [Line Items]

Payments to acquire real estate

$ 57,000

Brookfield Infrastructure Partners L.P | Data Center Joint Venture | Americas

Schedule of Equity Method Investments [Line Items]

Number of properties for which lease is amended | Center

3

Brookfield Infrastructure Partners L.P | Data Center Joint Venture | Digital Core REIT (DCRU)

Schedule of Equity Method Investments [Line Items]

Number of data centers | Center

2

Number of leased data centers acquired | Center

3

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

Schedule of Equity Method Investments [Line Items]

Planned campuses to support the construction of data centers | Center

2

Gain (loss) on disposition

$ 7,000

Number of data centers | Center

2

Percentage of property pre- leased prior to construction

100%

Purchase Price

$ 261,000

Gross Proceeds

$ 153,000

Percentage of ownership Interest in partnership

65%

Acquisitions and Dispositions_6

Acquisitions and Dispositions of Properties - Additional Information (Details) $ in Millions			1 Months Ended
	Nov. 10, 2023 USD ($) property Center	Jul. 25, 2023 USD ($) property	Jan. 31, 2024 Center	Dec. 31, 2024	Jan. 12, 2024	Jul. 13, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of data centers | Center			2
Ownership interest in DCRU operating properties | Hyperscale data center buildings in the Chicago metro area
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in joint ventures				20%	20%	35%
Ownership interest in DCRU operating properties | Hyperscale data center buildings in the Northern Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in joint ventures	20%	20%
Joint Venture With Realty Income
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership Interest in partnership	80%
Number Of Properties Sold | property	2
Proceeds from Partnership Contribution	$ 148
Development cost	150
Purchase Price	$ 185
Joint Venture With Realty Income | Hyperscale data center buildings in the Northern Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership Interest in partnership	80%
Proceeds from Partnership Contribution	$ 148
Number of data centers | Center	2
Pre leased	100%
Development cost	$ 150
Purchase Price	$ 185
Joint Venture with TPG Real Estate | Hyperscale data center buildings in the Northern Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Properties Sold | property		3
Proceeds from Partnership Contribution		$ 1,400
Gain (loss) on disposition		$ 576
Percentage of interest in property sold		80%
Purchase Price		$ 1,500
Gross Proceeds		$ 1,400

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Balance Sheets (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Nov. 10, 2023
Joint Venture With Realty Income
Schedule of Equity Method Investments [Line Items]
% Ownership				20%
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
% Ownership		32%
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 2,639,800	$ 2,295,889
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in Americas
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 1,311,950	1,363,226
Unconsolidated Joint Ventures | Ascenty
Schedule of Equity Method Investments [Line Items]
% Ownership		49%
Unconsolidated Joint Ventures | Clise
Schedule of Equity Method Investments [Line Items]
% Ownership		50%
Unconsolidated Joint Ventures | Colovore
Schedule of Equity Method Investments [Line Items]
Ownership percentage liquidated	17%
Gross proceeds	$ 35,000
Gain on disposal of investments	$ 27,000
Unconsolidated Joint Ventures | GI Partners
Schedule of Equity Method Investments [Line Items]
% Ownership		20%
Unconsolidated Joint Ventures | Mapletree
Schedule of Equity Method Investments [Line Items]
% Ownership		20%
Unconsolidated Joint Ventures | Menlo
Schedule of Equity Method Investments [Line Items]
% Ownership		20%
Unconsolidated Joint Ventures | Mitsubishi
Schedule of Equity Method Investments [Line Items]
% Ownership		35%
Unconsolidated Joint Ventures | Joint Venture With Realty Income
Schedule of Equity Method Investments [Line Items]
% Ownership		20%
Unconsolidated Joint Ventures | TPG Real Estate
Schedule of Equity Method Investments [Line Items]
% Ownership		20%
Unconsolidated Joint Ventures | Walsh
Schedule of Equity Method Investments [Line Items]
% Ownership		86%
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in APAC
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 615,534	569,996
Unconsolidated Joint Ventures | Digital Connexion
Schedule of Equity Method Investments [Line Items]
% Ownership		33%
Unconsolidated Joint Ventures | Lumen
Schedule of Equity Method Investments [Line Items]
% Ownership		50%
Unconsolidated Joint Ventures | MC Digital Realty
Schedule of Equity Method Investments [Line Items]
% Ownership		50%
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in EMEA
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 422,570	28,334
Unconsolidated Joint Ventures | Blackstone
Schedule of Equity Method Investments [Line Items]
% Ownership		20%
Unconsolidated Joint Ventures | Medallion
Schedule of Equity Method Investments [Line Items]
% Ownership		60%
Unconsolidated Joint Ventures | Mivne
Schedule of Equity Method Investments [Line Items]
% Ownership		50%
Unconsolidated Joint Ventures | Unconsolidated Joint Ventures in Global
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures		$ 289,746	$ 334,333
Unconsolidated Joint Ventures | Digital Core REIT
Schedule of Equity Method Investments [Line Items]
% Ownership		38%
Unconsolidated Joint Ventures | Greenfield
Schedule of Equity Method Investments [Line Items]
% Ownership		35%

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Additional Information (Details) $ / shares in Units, $ in Thousands, shares in Millions											1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 05, 2024 USD ($)	Nov. 01, 2024 item MW	Apr. 19, 2024 USD ($)	Apr. 16, 2024 USD ($)	Mar. 01, 2024 USD ($) Center	Jan. 12, 2024 USD ($)	Jan. 11, 2024 USD ($) Center MW	Nov. 10, 2023 USD ($) property Center	Jul. 25, 2023 USD ($) property	Jul. 13, 2023 USD ($) property	Jan. 31, 2024 Center	Dec. 31, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) property $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jul. 23, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of data centers | Center											2
Planned campuses to support the construction of data centers | item		10
Potential IT load capacity | MW		500
Ownership interest held in operating properties sold	15.10%
Accounts payable and other accrued liabilities												$ 2,056,215		$ 2,056,215	$ 2,168,984
Impairment charge													$ 95,000	$ 191,200
Data center facility in Frankfurt, Germany
Schedule of Equity Method Investments [Line Items]
Ownership interest held in operating properties sold			24.90%
Consideration on sale of ownership	$ 77,000		$ 126,000
Gain on sale			0
Realty Income
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership								80%
Number of properties sold | property								2
Remaining development cost to be funded by each partner in pro rata share								$ 150,000
Percentage of property pre- leased prior to construction								100%
Proceeds from Partnership Contribution								$ 148,000
Realty Income | Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership								80%
Number of data centers | Center								2
Remaining development cost to be funded by each partner in pro rata share								$ 150,000
Proceeds from Partnership Contribution								$ 148,000
TPG Real Estate Joint Venture | Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Number of properties sold | property									3
Percentage of interest in property sold									80%
Fair value of the retained interest									$ 121,000
Proceeds from Partnership Contribution									1,400,000
Gain (loss) on disposition									$ 576,000
Ascenty | Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest												2%		2%	2%
Noncontrolling interests in consolidated entities												$ 23,000		$ 23,000
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Closing price per unit | $ / shares												$ 0.58		$ 0.58	$ 0.65
Fair value of shares												$ 242,000		$ 242,000	$ 264,000
Joint Venture With Mitsubishi Joint Venture | Data Centers in Dallas Metro Area
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership					65%
Number of data centers | Center					2
Planned campuses to support the construction of data centers | Center					2
Percentage of property pre- leased prior to construction					100%
Gain (loss) on disposition					$ 7,000
Realty Income
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures								20%
GI Partners Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures				25%			20%					20%		20%
GI Partners Joint Venture | Hyperscale data center buildings in the Chicago metro area
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership						80%				65%
Number of properties sold | property										2
Call option to increase ownership interest in joint venture										80%
Additional cash contribution by Joint Venture partner						$ 68,000
Percentage of Interest Acquired in Joint Venture						15%
Percentage of interest in property sold				75%
Fair value of the retained interest																$ 157,000
Proceeds from Partnership Contribution				$ 386,000						$ 700,000
Gain (loss) on disposition				$ 172,000						$ 238,000
GI Partners Joint Venture | Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia
Schedule of Equity Method Investments [Line Items]
Number of hyperscale data center campuses develop through joint venture | Center							4
Planned campuses to support the construction of data centers | Center							10
Potential IT load capacity | MW							500
Proceeds from Partnership Contribution							$ 231,000					$ 385,000
Gain (loss) on disposition							300					$ 44,500
GI Partners | Hyperscale data center buildings in the Chicago metro area
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures										35%
Ascenty | Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Noncontrolling interests in consolidated entities															$ 18,000
TPG Real Estate | Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures									20%
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures												32%		32%
Digital Core REIT | Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest												35%		35%
Digital Core REIT | Data center facility in Frankfurt, Germany
Schedule of Equity Method Investments [Line Items]
Amount loaned to the consolidated subsidiary that owns the data center			$ 80,000
Ownership interest in DCRU operating properties | Hyperscale data center buildings in the Chicago metro area
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures						20%				35%		20%		20%
Ownership interest in DCRU operating properties | Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures								20%	20%
Joint Venture With Blackstone Joint Venture | Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia
Schedule of Equity Method Investments [Line Items]
Number of hyperscale data center campuses develop through joint venture | item		4
Proceeds from Partnership Contribution							$ 385,000
Gain (loss) on disposition												$ 44,500
Joint Venture With Mitsubishi Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures					35%
North America | Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures												10%		10%
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Number of data centers | property														12
Number of units owned | shares												418		418	406
Digital Core REIT | Frankfurt data center
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest			49.90%
Minority interest ownership percentage by parent	65%
Digital Core REIT | Fee income and other
Schedule of Equity Method Investments [Line Items]
Fees earned pursuant to these contractual agreements														$ 9,100	$ 13,600
TPG Real Estate | TPG Real Estate Joint Venture | Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership									80%

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summarized Financial Information of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net Investment in Properties	$ 24,120,782	$ 24,236,088
Total Assets	45,283,616	44,113,258
Mortgage Loans	753,314	630,973
Liabilities	22,107,836	23,116,937
Equity / (Deficit)	21,340,397	19,117,534
Investments in unconsolidated entities	2,639,800	2,295,889	$ 1,991,426
Revenues	5,554,968	5,477,061	4,691,834
Net Income (Loss)	588,327	950,312	380,325
Equity in (earnings) loss of unconsolidated entities	(120,138)	(29,791)	(13,497)
Unconsolidated entities
Schedule of Equity Method Investments [Line Items]
Total Assets	12,617,102	10,347,491	7,078,397
Liabilities	6,092,323	4,661,388	2,510,983
Equity / (Deficit)	6,524,779	5,686,103	4,567,414
Revenues	1,216,541	962,701	727,595
Net Operating Income	676,597	521,424	409,855
Net Income (Loss)	(313,052)	(39,945)	(37,858)
Unconsolidated Joint Ventures in Americas
Schedule of Equity Method Investments [Line Items]
Total Assets	7,473,799	6,627,520	3,648,169
Liabilities	3,532,248	3,105,127	1,350,163
Equity / (Deficit)	3,941,551	3,522,393	2,298,006
Revenues	824,027	590,264	406,325
Net Operating Income	464,637	326,042	240,498
Net Income (Loss)	(336,627)	(13,097)	(38,874)
Unconsolidated Joint Ventures in APAC
Schedule of Equity Method Investments [Line Items]
Total Assets	2,127,166	2,097,115	1,705,553
Liabilities	823,921	880,972	541,509
Equity / (Deficit)	1,303,245	1,216,143	1,164,044
Revenues	273,833	257,905	201,405
Net Operating Income	140,594	121,053	90,924
Net Income (Loss)	55,376	42,244	25,946
Unconsolidated Joint Ventures in EMEA
Schedule of Equity Method Investments [Line Items]
Total Assets	1,009,055	80,525	121,950
Liabilities	740,433	83,819	68,223
Equity / (Deficit)	268,622	(3,294)	53,727
Revenues	11,976	1,601	1,632
Net Operating Income	5,108	939	851
Net Income (Loss)	(14,016)	(8,225)	(5,475)
Unconsolidated Joint Ventures in Global
Schedule of Equity Method Investments [Line Items]
Total Assets	2,007,082	1,542,331	1,602,725
Liabilities	995,721	591,470	551,088
Equity / (Deficit)	1,011,361	950,861	1,051,637
Revenues	106,705	112,931	118,233
Net Operating Income	66,258	73,390	77,582
Net Income (Loss)	$ (17,785)	$ (60,867)	$ (19,455)

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill - Beginning Balance	$ 9,239,871	$ 9,208,497
Acquisition	598
Goodwill Adjustments		7,834
Impact of Change in Foreign Exchange Rates	(311,038)	23,540
Goodwill - Ending Balance	8,929,431	9,239,871
Telx Acquisition
Goodwill [Line Items]
Goodwill - Beginning Balance	330,845	330,845
Goodwill - Ending Balance	330,845	330,845
European Portfolio Acquisition
Goodwill [Line Items]
Goodwill - Beginning Balance	429,510	408,055
Goodwill Adjustments		3,011
Impact of Change in Foreign Exchange Rates	(14,533)	18,444
Goodwill - Ending Balance	414,977	429,510
DFT Merger
Goodwill [Line Items]
Goodwill - Beginning Balance	2,592,147	2,592,147
Goodwill - Ending Balance	2,592,147	2,592,147
Interxion Combination
Goodwill [Line Items]
Goodwill - Beginning Balance	4,411,857	4,288,208
Acquisition	598
Goodwill Adjustments		4,843
Impact of Change in Foreign Exchange Rates	(259,139)	118,806
Goodwill - Ending Balance	4,153,316	4,411,857
Teraco
Goodwill [Line Items]
Goodwill - Beginning Balance	1,462,994	1,576,704
Impact of Change in Foreign Exchange Rates	(37,366)	(113,710)
Goodwill - Ending Balance	1,425,628	1,462,994
Other Combinations
Goodwill [Line Items]
Goodwill - Beginning Balance	12,518	12,538
Goodwill Adjustments		(20)
Goodwill - Ending Balance	$ 12,518	$ 12,518

Acquired Intangible Assets an_3

Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Customer relationship value
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,783,428	$ 2,926,808
Accumulated Amortization	(1,080,547)	(952,943)
Total	1,702,881	1,973,865
Acquired in-place lease value
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,043,706	1,089,743
Accumulated Amortization	(863,021)	(859,167)
Total	180,685	230,576
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	122,638	108,744
Accumulated Amortization	(36,038)	(33,483)
Total	86,600	75,261
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	126,322	153,205
Accumulated Amortization	(122,714)	(150,344)
Total	3,608	2,861
Acquired below-market leases
Finite-Lived Intangible Assets [Line Items]
Below-market lease, Gross Carrying Amount	(258,243)	(273,951)
Below-market lease, Accumulated Amortization	219,672	226,840
Total	$ (38,571)	$ (47,111)

Acquired Intangible Assets an_4

Acquired Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Customer relationship value, acquired in-place lease value and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible assets	$ 240.4	$ 252	$ 253.3
Below-market leases, net of above-market leases | Rental and other services
Finite-Lived Intangible Assets [Line Items]
Increase in revenue	$ 5.2	$ 6.5	$ 2.9

Acquired Intangible Assets An_5

Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Customer relationship value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 208,836
2026	209,236
2027	209,011
2028	188,083
2029	156,142
Thereafter	731,573
Total	$ 1,702,881	$ 1,973,865
Remaining Contractual Life (in years)	11 years 7 months 6 days
Acquired in-place lease value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 52,481
2026	51,367
2027	42,196
2028	22,771
2029	11,476
Thereafter	394
Total	$ 180,685	230,576
Remaining Contractual Life (in years)	3 years 9 months 18 days
Other
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ 2,717
2026	2,717
2027	2,717
2028	2,735
2029	2,789
Thereafter	3,545
Total	17,220
Power grid rights
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Total	69,400
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	959
2026	840
2027	705
2028	705
2029	399
Total	$ 3,608	$ 2,861
Remaining Contractual Life (in years)	1 year 10 months 24 days
Acquired below-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	$ (5,647)
2026	(5,186)
2027	(4,621)
2028	(4,544)
2029	(4,544)
Thereafter	(14,029)
Total	$ (38,571)
Remaining Contractual Life (in years)	6 years 1 month 6 days

Debt of the Operating Partner_3

Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted-average interest rate	2.72%	2.89%
Amount Outstanding	$ 16,846,875	$ 17,537,652
Global Revolving Credit Facilities
Debt Instrument [Line Items]
Weighted-average interest rate	3.81%	4.33%
Amount Outstanding	$ 1,637,922	$ 1,825,228
Unsecured term loans
Debt Instrument [Line Items]
Weighted-average interest rate	3.23%	4.76%
Amount Outstanding	$ 388,275	$ 1,567,925
Unsecured senior notes
Debt Instrument [Line Items]
Weighted-average interest rate	2.26%	2.24%
Amount Outstanding	$ 14,059,415	$ 13,507,427
Secured and other debt
Debt Instrument [Line Items]
Weighted-average interest rate	8.52%	8.07%
Amount Outstanding	$ 761,263	$ 637,072

Debt of the Operating Partner_4

Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount Outstanding	$ 16,846,875	$ 17,537,652
% of Total	2.72%	2.89%
U.S. dollar
Debt Instrument [Line Items]
Amount Outstanding	$ 2,852,102	$ 2,784,875
% of Total	16.90%	15.90%
British pound sterling
Debt Instrument [Line Items]
Amount Outstanding	$ 1,627,080	$ 1,973,305
% of Total	9.70%	11.20%
Euro
Debt Instrument [Line Items]
Amount Outstanding	$ 10,327,404	$ 10,835,878
% of Total	61.30%	61.80%
Other
Debt Instrument [Line Items]
Amount Outstanding	$ 2,040,289	$ 1,943,594
% of Total	12.10%	11.10%

Debt of the Operating Partner_5

Debt of the Operating Partnership - Schedule of Debt Maturities And Principal Payments (Details) $ in Thousands, € in Millions, £ in Millions			12 Months Ended
	Nov. 15, 2024 USD ($)	Jan. 09, 2024 USD ($)	Dec. 31, 2024 USD ($) Option	Dec. 31, 2024 GBP (£) Option	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 EUR (€)
Debt Instrument
Loss on debt extinguishment and modifications			$ 5,871			$ 51,135
Repayments on secured / unsecured debt			2,119,007		$ 111,979	1,036,577
Global Revolving Credit Facilities
Debt Instrument
Loss on debt extinguishment and modifications			1,100
U.S. Term Loan
Debt Instrument
Subtotal		$ 500,000
Repayments on secured / unsecured debt	$ 500,000	$ 240,000
Premium paid for early extinguishment of debt			3,200
Euro term loan
Debt Instrument
Premium paid for early extinguishment of debt			1,600
Digital Realty Trust, L.P.
Debt Instrument
2025			1,562,707
2026			1,530,547
2027			1,399,288
2028			2,422,699
2029			4,437,406
Thereafter			5,494,228
Subtotal			16,846,875		17,537,652
Unamortized net discounts			(31,134)
Unamortized deferred financing costs			(101,364)
Total			16,714,377
Loss on debt extinguishment and modifications			5,871			51,135
Repayments on secured / unsecured debt			2,119,007		111,979	$ 1,036,577
Digital Realty Trust, L.P. | Global Revolving Credit Facilities
Debt Instrument
2029			1,637,922
Subtotal			1,637,922		1,825,228
Unamortized deferred financing costs			(26,614)
Total			$ 1,611,308
Number of extension option | Option			2	2
Debt instrument, extension term			6 months	6 months
Percentage of extension fee			0.0625%				0.0625%
Digital Realty Trust, L.P. | Unsecured Term Loans
Debt Instrument
2025			$ 388,275
Subtotal			388,275		1,567,925
Unamortized deferred financing costs			(1,372)
Total			386,903
Digital Realty Trust, L.P. | Unsecured Senior Notes
Debt Instrument
2025			1,173,650
2026			1,416,042
2027			1,165,265
2028			2,067,700
2029			2,785,538
Thereafter			5,451,220
Subtotal			14,059,415		13,507,427
Unamortized net discounts			(27,476)
Unamortized deferred financing costs			(69,087)		$ (51,761)
Total			$ 13,962,852
Repayments on secured / unsecured debt | £				£ 400
Stated interest rate			4.25%				4.25%
Digital Realty Trust, L.P. | Secured and Other Debt
Debt Instrument
2025			$ 782
2026			114,505
2027			234,023
2028			354,999
2029			13,946
Thereafter			43,008
Subtotal			761,263
Unamortized net discounts			(3,658)
Unamortized deferred financing costs			(4,291)
Total			$ 753,314
Digital Realty Trust, L.P. | 2025 Term Facility
Debt Instrument
Number of extension option | Option			2	2
Maturity extension option term			1 year	1 year
Debt face amount | €							€ 375
Percentage of extension fee			0.125%				0.125%

Debt of the Operating Partner_6

Debt of the Operating Partnership - Unsecured Senior Notes (Details) - Digital Realty Trust, L.P. € in Thousands, £ in Thousands, SFr in Thousands	Nov. 12, 2024 USD ($)	Sep. 13, 2024 USD ($)	Sep. 13, 2024 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 CHF (SFr)	Dec. 31, 2023 USD ($)
Debt of the Operating Partnership [Line Items]
Long-term debt, gross				$ 16,846,875,000				$ 17,537,652,000
Deferred financing costs				$ (101,364,000)
Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				4.25%	4.25%	4.25%	4.25%
Long-term debt, gross				$ 14,059,415,000				13,507,427,000
Unamortized discounts, net of premiums				(27,476,000)				(33,324,000)
Deferred financing costs				(69,087,000)				(51,761,000)
Total unsecured senior notes, net of discount and deferred financing costs				$ 13,962,852,000				13,422,342,000
Mortgage Loan For Westin Building
Debt of the Operating Partnership [Line Items]
Stated interest rate				3.29%	3.29%	3.29%	3.29%
Long-term debt, gross				$ 135,000,000
Unsecured Debt In Greece
Debt of the Operating Partnership [Line Items]
Long-term debt, gross				16,000,000
Secured and Other Debt
Debt of the Operating Partnership [Line Items]
Long-term debt, gross				$ 761,263,000				637,072,000
2.625% notes due 2024 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				2.625%	2.625%	2.625%	2.625%
Aggregate principal amount				$ 677,040,000	€ 600,000
Long-term debt, gross								662,340,000
2.750% notes due 2024 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				2.75%	2.75%	2.75%	2.75%
Aggregate principal amount				$ 324,925,000		£ 250,000
Long-term debt, gross								318,275,000
4.250% notes due 2025 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				4.25%	4.25%	4.25%	4.25%
Aggregate principal amount				$ 634,480,000		£ 400,000
Long-term debt, gross				$ 500,640,000				509,240,000
0.625% notes due 2025 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				0.625%	0.625%	0.625%	0.625%
Aggregate principal amount				$ 720,980,000	€ 650,000
Long-term debt, gross				$ 673,010,000				717,535,000
2.500% notes due 2026 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				2.50%	2.50%	2.50%	2.50%
Aggregate principal amount				$ 1,224,640,000	€ 1,075,000
Long-term debt, gross				$ 1,113,055,000				1,186,693,000
0.200% notes due 2026 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				0.20%	0.20%	0.20%	0.20%
Aggregate principal amount				$ 298,404,000			SFr 275,000
Long-term debt, gross				$ 302,987,000				326,826,000
1.700% notes due 2027 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				1.70%	1.70%	1.70%	1.70%
Aggregate principal amount				$ 162,465,000			SFr 150,000
Long-term debt, gross				$ 165,265,000				178,269,000
3.700% notes due 2027 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				3.70%	3.70%	3.70%	3.70%
Aggregate principal amount				$ 1,000,000,000
Long-term debt, gross				$ 1,000,000,000				1,000,000,000
5.550% notes due 2028 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				5.55%	5.55%	5.55%	5.55%
Aggregate principal amount				$ 900,000,000
Long-term debt, gross				$ 900,000,000				900,000,000
1.125% notes due 2028 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				1.125%	1.125%	1.125%	1.125%
Aggregate principal amount				$ 548,550,000	€ 500,000
Long-term debt, gross				$ 517,700,000				551,950,000
4.450% notes due 2028 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				4.45%	4.45%	4.45%	4.45%
Aggregate principal amount				$ 650,000,000
Long-term debt, gross				$ 650,000,000				650,000,000
0.550% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				0.55%	0.55%	0.55%	0.55%
Aggregate principal amount				$ 292,478,000			SFr 270,000
Long-term debt, gross				$ 297,478,000				320,884,000
3.600% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				3.60%	3.60%	3.60%	3.60%
Aggregate principal amount				$ 900,000,000
Long-term debt, gross				$ 900,000,000				900,000,000
3.300% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				3.30%	3.30%	3.30%	3.30%
Aggregate principal amount				$ 454,895,000		£ 350,000
Long-term debt, gross				$ 438,060,000				445,585,000
1.875% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.875%			1.875%	1.875%	1.875%	1.875%
Aggregate principal amount	$ 1,150,000,000			$ 1,150,000,000
Long-term debt, gross				$ 1,150,000,000
Net proceeds from offering	$ 1,130,000,000
1.500% notes due 2030 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				1.50%	1.50%	1.50%	1.50%
Aggregate principal amount				$ 831,900,000	€ 750,000
Long-term debt, gross				$ 776,550,000				827,925,000
3.750% notes due 2030 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				3.75%	3.75%	3.75%	3.75%
Aggregate principal amount				$ 719,825,000		£ 550,000
Long-term debt, gross				$ 688,380,000				700,205,000
1.250% notes due 2031 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				1.25%	1.25%	1.25%	1.25%
Aggregate principal amount				$ 560,950,000	€ 500,000
Long-term debt, gross				$ 517,700,000				551,950,000
0.625% notes due 2031 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				0.625%	0.625%	0.625%	0.625%
Aggregate principal amount				$ 1,220,700,000	€ 1,000,000
Long-term debt, gross				$ 1,035,400,000				1,103,900,000
1.000% notes due 2032 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				1%	1%	1%	1%
Aggregate principal amount				$ 874,500,000	€ 750,000
Long-term debt, gross				$ 776,550,000				827,925,000
1.375% notes due 2032 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate				1.375%	1.375%	1.375%	1.375%
Aggregate principal amount				$ 849,375,000	€ 750,000
Long-term debt, gross				$ 776,550,000				$ 827,925,000
3.875% notes due 2033 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate			3.875%	3.875%	3.875%	3.875%	3.875%
Aggregate principal amount			€ 850,000	$ 941,375,000	€ 850,000
Long-term debt, gross				$ 880,090,000
Net proceeds from offering		$ 933,000,000	€ 843,000
4.750% notes due 2025 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate								4.75%

Debt of the Operating Partner_7

Debt of the Operating Partnership - Narrative (Details) $ / shares in Units, £ in Millions

12 Months Ended

Nov. 15, 2024 USD ($)

Nov. 12, 2024 USD ($) $ / shares

Nov. 06, 2024 $ / shares

Sep. 24, 2024 USD ($) Option

Sep. 13, 2024 USD ($)

Sep. 13, 2024 EUR (€)

Jan. 09, 2024 USD ($)

Jan. 09, 2023 USD ($) Option

Nov. 08, 2022

Aug. 11, 2022 EUR (€) Option

Dec. 31, 2024 USD ($)

Dec. 31, 2024 GBP (£)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2024 EUR (€)

Sep. 08, 2023 EUR (€)

Debt Instrument

Repayments on secured / unsecured debt

$ 2,119,007,000

$ 111,979,000

$ 1,036,577,000

Digital Realty Trust, L.P.

Debt Instrument

Repayments on secured / unsecured debt

2,119,007,000

111,979,000

$ 1,036,577,000

Long-term debt, gross

$ 16,846,875,000

17,537,652,000

Term Loan Facility | Digital Realty Trust, L.P.

Debt Instrument

Number of extension option | Option

1

Percentage of extension fee

0.1875%

Maturity extension option term

12 months

Debt face amount

$ 740,000,000

Unsecured senior notes | Digital Realty Trust, L.P.

Debt Instrument

Repayments on secured / unsecured debt | £

£ 400

Interest rate

4.25%

4.25%

Long-term debt, gross

$ 14,059,415,000

13,507,427,000

Unsecured senior notes | Digital Realty Trust, L.P. | Maximum

Debt Instrument

Leverage ratio

60%

60%

Secured debt leverage ratio

40%

40%

Unsecured senior notes | Digital Realty Trust, L.P. | Minimum

Debt Instrument

Interest coverage ratio

1.5

1.5

Total unencumbered assets

150%

150%

Unsecured senior notes | 4.750% notes due 2025 | Digital Realty Trust, L.P.

Debt Instrument

Early extinguishment charge

$ 51,100,000

Interest rate

4.75%

Unsecured senior notes | 1.875% notes due 2029 | Digital Realty Trust, L.P.

Debt Instrument

Net proceeds from offering

$ 1,130,000,000

Debt face amount

$ 1,150,000,000

$ 1,150,000,000

Interest rate

1.875%

1.875%

1.875%

Percent of stock trigger

130%

Conversion ratio

4.7998

Debt instrument conversion price | $ / shares

$ 208.34

Percentage of premium

20%

Shares price | $ / shares

$ 173.62

Long-term debt, gross

$ 1,150,000,000

Unsecured senior notes | 3.875% notes due 2033 | Digital Realty Trust, L.P.

Debt Instrument

Net proceeds from offering

$ 933,000,000

€ 843,000,000

Debt face amount

€ 850,000,000

$ 941,375,000

€ 850,000,000

Interest rate

3.875%

3.875%

3.875%

Long-term debt, gross

$ 880,090,000

Global Revolving Credit Facility Amendment

Debt Instrument

Maximum borrowing capacity

$ 1,800,000

Number of extension options | Option

2

Debt instrument, extension term

6 months

Interest rate basis spread

0.85%

Mortgage Loan For Westin Building | Digital Realty Trust, L.P.

Debt Instrument

Interest rate

3.29%

3.29%

Long-term debt, gross

$ 135,000,000

Unsecured Debt In Greece | Digital Realty Trust, L.P.

Debt Instrument

Long-term debt, gross

$ 16,000,000

Unsecured Debt In Greece | Digital Realty Trust, L.P. | Maximum

Debt Instrument

Interest rate

14.50%

14.50%

Unsecured Debt In Greece | Digital Realty Trust, L.P. | Minimum

Debt Instrument

Interest rate

11.65%

11.65%

Unsecured term loans | Digital Realty Trust, L.P.

Debt Instrument

Long-term debt, gross

$ 388,275,000

$ 1,567,925,000

Unsecured term loans | 2025 Term Facility | Digital Realty Trust, L.P.

Debt Instrument

Debt instrument term

3 years

3 years

Debt face amount | €

€ 375,000,000

Unsecured term loans | 2025-27 Term Facility | Digital Dutch Finco B.V.

Debt Instrument

Percentage of extension fee

0.125%

Number of extension options | Option

2

Debt instrument, extension term

1 year

Unsecured term loans | 2025-27 Term Facility | Digital Realty Trust, L.P.

Debt Instrument

Debt instrument term

5 years

Debt face amount | €

€ 375,000,000

Unsecured term loans | Initial Term Loan | Digital Dutch Finco B.V.

Debt Instrument

Debt face amount | €

€ 125,000,000

Unsecured term loans | 1.875% notes due 2029 | Digital Realty Trust, L.P.

Debt Instrument

maximum additional interest rate to be paid by the entity over the debt instrument's stated rate, in case of violation of conditions as per the registration rights agreement

0.50%

Additional interest rate

3%

Unsecured term loans | Delayed Draw Term Loan

Debt Instrument

Debt face amount | €

€ 250,000,000

Secured and Other Debt | Digital Realty Trust, L.P.

Debt Instrument

Long-term debt, gross

$ 761,263,000

$ 637,072,000

Secured and Other Debt | Digital Realty Trust, L.P. | Maximum

Debt Instrument

Interest rate

14.50%

14.50%

Secured and Other Debt | Digital Realty Trust, L.P. | Minimum

Debt Instrument

Interest rate

3.29%

3.29%

Secured and Other Debt | Teraco Term Loan | Digital Realty Trust, L.P.

Debt Instrument

Debt face amount

$ 537,700,000

Interest rate

9.68%

9.68%

U.S. Term Loan [Member]

Debt Instrument

Repayments on secured / unsecured debt

$ 500,000,000

$ 240,000,000

Long-term debt, gross

$ 500,000,000

Debt of the Operating Partner_8

Debt of the Operating Partnership - Global Revolving Credit Facilities (Details) $ in Thousands, ¥ in Billions		12 Months Ended
	Sep. 24, 2024 USD ($) Option	Dec. 31, 2024 USD ($)	Sep. 24, 2024 JPY (¥)	Dec. 31, 2023 USD ($)
Debt Instrument
Letters of credit issued		$ 1,611,308		$ 1,812,287
Global Revolving Credit Facilities
Debt Instrument
Maximum borrowing capacity	$ 4,100,000
Global Revolving Credit Facility Amendment
Debt Instrument
Maximum borrowing capacity	$ 1,800
Number of extension options | Option	2
Debt instrument, extension term	6 months
Interest rate basis spread	0.85%
Commitment fee percentage	0.20%
Sustainability linking price threshold increase percentage	0.05%
Sustainability linking price threshold decrease percentage	0.05%
Global Revolving Credit Facility Amendment | Letter of Credit
Debt Instrument
Letters of credit issued		114,500
Yen Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity | ¥			¥ 102.5
Number of extension options | Option	2
Debt instrument, extension term	6 months
Interest rate basis spread	0.50%
Commitment fee percentage	0.10%
Sustainability linking price threshold increase percentage	0.05%
Sustainability linking price threshold decrease percentage	0.05%
Digital Realty Trust, L.P.
Debt Instrument
Letters of credit issued		$ 1,611,308		$ 1,812,287
Digital Realty Trust, L.P. | Global Revolving Credit Facilities
Debt Instrument
Debt instrument, extension term		6 months
Digital Realty Trust, L.P. | Yen Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	$ 296,800,000		¥ 42.5

Earnings per Common Share or _3

Earnings per Common Share or Unit - Summary of Basic and Diluted Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Aug. 01, 2022	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income available to common stockholders						$ 561,766	$ 908,114	$ 336,960
Loss attributable to redeemable noncontrolling interest						(27,059)	(18,093)	(4,839)
Net income available to common stockholders - diluted EPS						$ 534,707	$ 890,021	$ 332,121
Denominator:
Weighted average units outstanding-basic (shares/units)						323,336	298,603	286,334
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)						98	118	257
Unvested restricted stock (shares/units)						44	9	45
Forward equity offering (shares/units)							248
Market performance-based awards (units)						271	112	103
Redeemable noncontrolling interest shares (shares/units)						7,798	9,975	11,180
Weighted average shares/units outstanding-diluted (shares/units)						331,547	309,065	297,919
Income per unit:
Basic (in dollars per share)						$ 1.74	$ 3.04	$ 1.18
Diluted (in dollars per share)		$ 2.31	$ 0.34	$ 0.52	$ 2.87	$ 1.61	$ 2.88	$ 1.11
Teraco
Income per unit:
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years)	2 years					2 years
Digital Realty Trust, L.P.
Numerator:
Net income available to common stockholders						$ 574,466	$ 928,824	$ 345,060
Loss attributable to redeemable noncontrolling interest						(27,059)	(18,093)	(4,839)
Net income available to common stockholders - diluted EPS						$ 547,407	$ 910,731	$ 340,221
Denominator:
Weighted average units outstanding-basic (shares/units)						329,485	304,651	292,123
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)						98	118	257
Unvested restricted stock (shares/units)						44	9	45
Forward equity offering (shares/units)							248
Market performance-based awards (shares/units)						271	112	103
Redeemable noncontrolling interest shares (shares/units)						7,798	9,975	11,180
Weighted average shares/units outstanding-diluted (shares/units)						337,696	315,113	303,708
Income per unit:
Basic (in dollars per share)						$ 1.74	$ 3.05	$ 1.18
Diluted (in dollars per share)		$ 2.32	$ 0.34	$ 0.52	$ 2.88	$ 1.62	$ 2.89	$ 1.12

Earnings per Common Share or _4

Earnings per Common Share or Unit - Impact of Earnings Per Share (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Diluted (in dollars per share)	$ 2.31	$ 0.34	$ 0.52	$ 2.87	$ 1.61	$ 2.88	$ 1.11
Conversion of spread value					271	112	103
Digital Realty Trust, L.P.
Diluted (in dollars per share)	2.32	0.34	0.52	2.88	$ 1.62	$ 2.89	$ 1.12
Previously Reported
Diluted (in dollars per share)	2.33	0.37	0.57	2.93		3
Previously Reported | Digital Realty Trust, L.P.
Diluted (in dollars per share)	$ 2.34	$ 0.37	$ 0.57	$ 2.94		$ 3.01

Earnings per Common Share or _5

Earnings per Common Share or Unit - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	17,674	12,824	12,343
Conversion of spread value	271,000	112,000	103,000
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	6,149	6,048	5,789
Series J Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,298	1,794	1,736
Series K Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,365	1,887	1,825
Series L Cumulative Redeemable Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	2,238	3,095	2,993
Exchangeable Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	6,624
Conversion of spread value	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Percentage of income distributed (at least)	100%
Provision for income taxes	$ 54,760	$ 75,579	$ 31,550
Deferred tax liabilities net of deferred tax assets	(3,500)	(6,200)
Net deferred income tax liabilities	1,081,094	1,144,874
Unrecognized Tax Benefits	41,200
Unrecognized accrued interest and penalties	1,200
Gross deferred income tax assets:
Net operating loss carryforwards	197,039	188,735
Basis difference - real estate property	17,363	18,035
Basis difference - intangibles	12,561	7,744
Tax credit carryforward	2,407	2,056
Other - temporary differences	237,342	180,316
Total gross deferred income tax assets	466,711	396,886
Valuation allowance	(213,984)	(176,268)
Total deferred income tax assets, net of valuation allowance	252,728	220,618
Gross deferred income tax liabilities:
Basis difference - real estate property	1,138,120	1,162,143
Basis difference - intangibles	175,267	190,607
Straight-line rent	9,970	5,992
Other - temporary differences	10,466	6,750
Total gross deferred income tax liabilities	1,333,822	1,365,492
Net deferred income tax liabilities	1,081,094	1,144,874
Net of deferred tax assets	3,500	6,200
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Provision for income taxes	0	0	0
Digital Realty Trust, L.P.
Operating Loss Carryforwards [Line Items]
Provision for income taxes	54,760	$ 75,579	$ 31,550
Digital Realty Trust, L.P. | Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Provision for income taxes	$ 0

Equity and Capital - Equity Dis

Equity and Capital - Equity Distribution Agreement (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions				2 Months Ended	12 Months Ended
	Dec. 23, 2024	May 10, 2024	May 07, 2024	Feb. 23, 2024	Dec. 31, 2024	Dec. 31, 2023	May 08, 2024	Aug. 04, 2023
2023 Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Aggregate maximum offering price				$ 2,000				$ 1,500
Net proceeds from sale of stock				$ 99	$ 1,900	$ 1,100
Issuance of common stock, net of costs (shares)				0.6	11.4
Average price per share				$ 133.43	$ 166.85	$ 133.21
Payment of stock issuance costs				$ 0.6	$ 17.4	$ 11.4
Number of shares entered for agreement						8.7
Aggregate gross sales price unsold						$ 343.4
Issuance of limited partner common units				0.6	11.4	8.7
2024 Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Aggregate maximum offering price	$ 3,000
Value of shares remain unsold at the time of termination	76.5			$ 258.3
Amount of shares reserved for future issuance	$ 3,000
Over-Allotment Option | Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, net of costs (shares)			1.6
Equity Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Net proceeds from sale of stock		$ 1,700
Shares price							$ 136.66
Shares reserved for future issuance			12.1

Equity and Capital - Redeemable

Equity and Capital - Redeemable Preferred Stock (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Oct. 10, 2019 shares	Mar. 13, 2019 shares	Aug. 07, 2017 $ / shares shares	Dec. 31, 2024 USD ($) item $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Class of Stock
Liquidation preference | $				$ 755,000	$ 755,000
Preferred stock, issued (shares) | shares				30,200,000	30,200,000
Net proceeds from preferred stock | $				$ 731,690	$ 731,690
Number of quarters with no dividends triggering voting rights | item				6
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares				$ 25	$ 25
Preferred Stock, Redemption Price Per Share | $ / shares				$ 25
Series J Cumulative Redeemable Preferred Stock
Class of Stock
Share cap (in shares) | shares			0.42521
Liquidation preference | $				$ 200,000
Preferred stock dividend per share amount (in dollars per share) | $ / shares			$ 1.3125
Preferred stock, issued (shares) | shares				8,000,000	8,000,000
Net proceeds from preferred stock | $				$ 193,540	$ 193,540
Dividend rate percentage			5.25%
Series K Cumulative Redeemable Preferred Stock
Class of Stock
Share cap (in shares) | shares		0.43611
Liquidation preference | $				$ 210,000
Preferred stock dividend per share amount (in dollars per share) | $ / shares				$ 1.4625
Preferred stock, issued (shares) | shares				8,400,000	8,400,000
Net proceeds from preferred stock | $				$ 203,264	$ 203,264
Dividend rate percentage		5.85%
Series L Cumulative Redeemable Preferred Units
Class of Stock
Share cap (in shares) | shares	0.38518
Liquidation preference | $				$ 345,000
Preferred stock dividend per share amount (in dollars per share) | $ / shares				$ 1.3
Preferred stock, issued (shares) | shares				13,800,000	13,800,000
Net proceeds from preferred stock | $				$ 334,886	$ 334,886
Dividend rate percentage	5.20%
Series J Preferred Units
Class of Stock
Preferred stock dividend per share amount (in dollars per share) | $ / shares				$ 1.3125
Series K Preferred Units
Class of Stock
Preferred stock dividend per share amount (in dollars per share) | $ / shares				1.4625
Series L Preferred Units
Class of Stock
Preferred stock dividend per share amount (in dollars per share) | $ / shares				$ 1.3

Equity and Capital - Noncontrol

Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Class of Stock
Number of units (units)	336,637	311,608
Percentage of total	98.20%	98%
Common stock conversion ratio	1
Digital Realty Trust, L.P.
Class of Stock
Redeemable noncontrolling interests - operating partnership	$ 1,090.4	$ 834.1
Common units held by third parties
Class of Stock
Common units held by third parties (units)	4,049	4,343
Percentage of total	1.20%	1.30%
Incentive units held by employees and directors (see Note 12. Incentive Plan)
Class of Stock
Incentive units held by employees and directors (units)	2,086	2,106
Percentage of total	0.60%	0.70%
Noncontrolling Interests in Operating Partnership
Class of Stock
Number of units (units)	342,772	318,057
Percentage of total	100%	100%

Equity and Capital - Schedule o

Equity and Capital - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends Payable [Line Items]
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Redemption price (in dollars per share)	$ 25
Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 10,500	$ 10,500	$ 10,500
Preferred stock dividend per share amount (in dollars per share/unit)	$ 1.3125
Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 12,284	12,284	12,284
Preferred stock dividend per share amount (in dollars per share/unit)	$ 1.4625
Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 17,940	17,940	17,940
Preferred stock dividend per share amount (in dollars per share/unit)	$ 1.3
Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units	$ 1,591,127	$ 1,472,448	$ 1,403,344
Common stock dividend per share amount (in dollars per share/unit)	$ 4.88	$ 4.88	$ 4.88
O2022 Q1 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			$ 2,625
O2022 Q1 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			3,071
O2022 Q1 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			4,485
O2022 Q1 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units			348,025
O2022 Q2 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			2,625
O2022 Q2 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			3,071
O2022 Q2 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			4,485
O2022 Q2 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units			348,077
O2022 Q3 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			2,625
O2022 Q3 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			3,071
O2022 Q3 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			4,485
O2022 Q3 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units			351,410
O2022 Q4 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			2,625
O2022 Q4 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			3,071
O2022 Q4 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			4,485
O2022 Q4 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units			355,832
O2023 Q1 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		$ 2,625
O2023 Q1 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		3,071
O2023 Q1 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		4,485
O2023 Q1 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units		356,214
O2023 Q2 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		2,625
O2023 Q2 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		3,071
O2023 Q2 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		4,485
O2023 Q2 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units		365,937
O2023 Q3 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		2,625
O2023 Q3 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		3,071
O2023 Q3 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		4,485
O2023 Q3 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units		370,278
O2023 Q4 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		2,625
O2023 Q4 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		3,071
O2023 Q4 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		4,485
O2023 Q4 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units		$ 380,019
O2024 Q1 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 2,625
O2024 Q1 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
O2024 Q1 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
O2024 Q1 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units	382,208
O2024 Q2 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
O2024 Q2 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
O2024 Q2 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
O2024 Q2 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units	397,429
O2024 Q3 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
O2024 Q3 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
O2024 Q3 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
O2024 Q3 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units	400,659
O2024 Q4 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
O2024 Q4 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
O2024 Q4 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
O2024 Q4 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units	$ 410,831
Digital Realty Trust, L.P.
Dividends Payable [Line Items]
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Digital Realty Trust, L.P. | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 10,500	$ 10,500	10,500
Preferred stock dividend per share amount (in dollars per share/unit)	$ 1.3125
Digital Realty Trust, L.P. | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 12,284	12,284	12,284
Preferred stock dividend per share amount (in dollars per share/unit)	$ 1.4625
Digital Realty Trust, L.P. | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 17,940	17,940	17,940
Preferred stock dividend per share amount (in dollars per share/unit)	$ 1.3
Digital Realty Trust, L.P. | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 1,623,019
Dividends/Distributions, common units		1,504,377	1,434,520
Preferred stock dividend per share amount (in dollars per share/unit)	$ 4.88
Common stock dividend per share amount (in dollars per share/unit)	$ 4.88
Digital Realty Trust, L.P. | O2022 Q1 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			2,625
Digital Realty Trust, L.P. | O2022 Q1 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			3,071
Digital Realty Trust, L.P. | O2022 Q1 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			4,485
Digital Realty Trust, L.P. | O2022 Q1 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units			355,812
Digital Realty Trust, L.P. | O2022 Q2 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			2,625
Digital Realty Trust, L.P. | O2022 Q2 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			3,071
Digital Realty Trust, L.P. | O2022 Q2 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			4,485
Digital Realty Trust, L.P. | O2022 Q2 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units			355,885
Digital Realty Trust, L.P. | O2022 Q3 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			2,625
Digital Realty Trust, L.P. | O2022 Q3 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			3,071
Digital Realty Trust, L.P. | O2022 Q3 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			4,485
Digital Realty Trust, L.P. | O2022 Q3 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units			359,207
Digital Realty Trust, L.P. | O2022 Q4 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			2,625
Digital Realty Trust, L.P. | O2022 Q4 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			3,071
Digital Realty Trust, L.P. | O2022 Q4 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units			4,485
Digital Realty Trust, L.P. | O2022 Q4 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units			$ 363,616
Digital Realty Trust, L.P. | O2023 Q1 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		2,625
Digital Realty Trust, L.P. | O2023 Q1 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		3,071
Digital Realty Trust, L.P. | O2023 Q1 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		4,485
Digital Realty Trust, L.P. | O2023 Q1 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units		364,204
Digital Realty Trust, L.P. | O2023 Q2 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		2,625
Digital Realty Trust, L.P. | O2023 Q2 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		3,071
Digital Realty Trust, L.P. | O2023 Q2 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		4,485
Digital Realty Trust, L.P. | O2023 Q2 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units		373,833
Digital Realty Trust, L.P. | O2023 Q3 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		2,625
Digital Realty Trust, L.P. | O2023 Q3 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		3,071
Digital Realty Trust, L.P. | O2023 Q3 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		4,485
Digital Realty Trust, L.P. | O2023 Q3 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units		378,352
Digital Realty Trust, L.P. | O2023 Q4 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		2,625
Digital Realty Trust, L.P. | O2023 Q4 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		3,071
Digital Realty Trust, L.P. | O2023 Q4 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units		4,485
Digital Realty Trust, L.P. | O2023 Q4 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units		$ 387,988
Digital Realty Trust, L.P. | O2024 Q1 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 2,625
Digital Realty Trust, L.P. | O2024 Q1 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | O2024 Q1 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | O2024 Q1 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	390,356
Digital Realty Trust, L.P. | O2024 Q2 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
Digital Realty Trust, L.P. | O2024 Q2 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | O2024 Q2 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | O2024 Q2 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	405,421
Digital Realty Trust, L.P. | O2024 Q3 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
Digital Realty Trust, L.P. | O2024 Q3 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | O2024 Q3 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | O2024 Q3 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	408,577
Digital Realty Trust, L.P. | O2024 Q4 Dividends | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
Digital Realty Trust, L.P. | O2024 Q4 Dividends | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | O2024 Q4 Dividends | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | O2024 Q4 Dividends | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common units	$ 418,665

Equity and Capital - Summary of

Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 shares
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	6,449
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(553)
Incentive units issued upon achievement of market performance condition (units)	88
Grant of incentive units to employees and directors (units)	155
Cancellation / forfeitures of incentive units held by employees and directors (units)	(4)
Ending balance (units)	6,135
Common Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	4,343
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(294)
Ending balance (units)	4,049
Incentive Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	2,106
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(259)
Incentive units issued upon achievement of market performance condition (units)	88
Grant of incentive units to employees and directors (units)	155
Cancellation / forfeitures of incentive units held by employees and directors (units)	(4)
Ending balance (units)	2,086

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	$ 19,601,507	$ 18,107,465
Ending balance	21,742,595	19,601,507
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(638,583)	(536,019)
Net current period change	(551,066)	(102,564)
Ending balance	(1,189,649)	(638,583)
Foreign currency net investment hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(112,810)	(59,779)
Net current period change	120,176	(53,031)
Ending balance	7,366	(112,810)
Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(751,393)	(595,798)
Net current period change	(430,890)	(155,595)
Ending balance	(1,182,283)	(751,393)
Digital Realty Trust, L.P.
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	19,601,507	18,107,465
Ending balance	21,742,595	19,601,507
Digital Realty Trust, L.P. | Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(656,063)	(551,013)
Net current period change	(562,349)	(105,050)
Ending balance	(1,218,412)	(656,063)
Digital Realty Trust, L.P. | Foreign currency net investment hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(116,605)	(62,410)
Net current period change	122,650	(54,195)
Ending balance	6,045	(116,605)
Digital Realty Trust, L.P. | Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(772,668)	(613,423)
Net current period change	(439,699)	(159,245)
Ending balance	$ (1,212,367)	$ (772,668)

Incentive Plans - Performance B

Incentive Plans - Performance Based Awards (Details) - USD ($) $ in Millions								1 Months Ended		12 Months Ended
	Feb. 27, 2026	Feb. 27, 2025	Feb. 27, 2024	Jan. 01, 2024	Apr. 08, 2023	Feb. 27, 2023	Mar. 04, 2022	Jan. 31, 2024	Jan. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period										4 years
Market-based performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period										3 years
Market-based performance awards | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										0%
Performance Threshold										(500.00%)
Market-based performance awards | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										25%
Performance Threshold										(500.00%)
Market-based performance awards | Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										50%
Performance Threshold										0%
Market-based performance awards | High Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										100%
Performance Threshold										500%	500%
Market-based performance awards | First Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										50%
Market-based performance awards | First Vesting Period | 2020 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						50%
Market-based performance awards | First Vesting Period | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50%
Market-based performance awards | Second Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										50%
Market-based performance awards | Second Vesting Period | 2020 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50%
Class D Units | 2020 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)									72,230
Class D Units | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)								71,926
Class D Units | 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)								61,661
Restricted Stock Units (RSUs) | 2020 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)									7,083
Restricted Stock Units (RSUs) | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)								7,066
Restricted Stock Units (RSUs) | 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)								5,654
Distribution Equivalent Unit | 2020 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)										5,841
Distribution Equivalent Unit | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)								5,131
Distribution Equivalent Unit | 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)										6,997
Financial-based performance awards | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)										0
Award requisite service period				3 years	3 years		3 years
Share-based compensation arrangement by share-based payment award, grant date fair value				$ 9.8	$ 8.1		$ 12.3
Subsequent Event | Market-based performance awards | First Vesting Period | 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50%
Subsequent Event | Market-based performance awards | Second Vesting Period | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50%
Subsequent Event | Market-based performance awards | Second Vesting Period | 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50%

Incentive Plans - Assumptions U

Incentive Plans - Assumptions Used (Details) $ in Millions				12 Months Ended
	Jan. 01, 2021	Feb. 20, 2020	Feb. 19, 2020	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Market-based performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trials | item				100,000
Expected Stock Price Volatility	29%	32%	26%
Risk-Free Interest rate	3.97%	4.18%	0.97%
Expected dividend yield				0%
Class D And Rsu Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards				$ 9.8	$ 8.2	$ 12.3
Intrinsic value of units				$ 18.5	$ 36.4	$ 41.2

Incentive Plans - Schedule of C

Incentive Plans - Schedule of Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-term incentive units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 15.5	$ 14.5	$ 21.7
Deferred compensation, capitalized	0.1	0.2	$ 0.2
Unearned Compensation	$ 22.1	$ 16.6
Expected period to recognize unearned compensation (in years)	2 years 2 months 12 days	2 years 2 months 12 days
Weighted Average Fair Value at Date of Grant	$ 129.93	$ 121.99	$ 146.37
Performance-based awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 12.8	$ 12.9	$ 21.4
Deferred compensation, capitalized	0.2	0.2	$ 0.5
Unearned Compensation	$ 24.1	$ 19.9
Expected period to recognize unearned compensation (in years)	2 years 1 month 6 days	2 years 1 month 6 days
Weighted Average Fair Value at Date of Grant	$ 134.58	$ 97.06	$ 154.26
Service Based Restricted Stock Units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 33.5	$ 21.1	$ 25.9
Deferred compensation, capitalized	5.9	7.5	5.4
Unearned Compensation	$ 70.3	$ 66.4
Expected period to recognize unearned compensation (in years)	2 years 4 months 24 days	2 years 4 months 24 days
Interxion awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed		$ 6	$ 4.7
Deferred compensation, capitalized		$ 0.1
Expected period to recognize unearned compensation (in years)	0 years	0 years
Restricted stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted Average Fair Value at Date of Grant	$ 145.15	$ 132.07	$ 131.57

Incentive Plans - Summary of Lo

Incentive Plans - Summary of Long-Term Incentive Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Units
Granted (shares)	155,000
Long-term incentive units
Units
Unvested beginning of period (shares)	238,360
Granted (shares)	155,738
Vested (shares)	(127,753)
Cancelled or expired (shares)	(3,215)
Unvested end of period (shares)	263,130	238,360
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 121.99
Granted (in dollars per share)	137.44
Vested (in dollars per share)	124.73
Cancelled or expired (in dollars per share)	111.39
Unvested, end of period (in dollars per share)	$ 129.93	$ 121.99
Weighted-Average Remaining Contractual Life (Years)	2 years 2 months 23 days
Aggregate Intrinsic Value, unvested	$ 46.7
Intrinsic value of units	$ 15.6	$ 18.3	$ 18.1
Long term incentive units outstanding and exercisable	1,200,000
Intrinsic value outstanding and exercisable	$ 208.8

Incentive Plans - Summary of ac

Incentive Plans - Summary of activity for Service-Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Units
Granted (shares)	155,000
Restricted stock
Units
Unvested beginning of period (shares)	621,863
Granted (shares)	392,050
Vested (shares)	(304,845)
Cancelled or expired (shares)	(117,271)
Unvested end of period (shares)	591,797	621,863
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 132.07
Granted (in dollars per share)	143.98
Vested (in dollars per share)	124.96
Cancelled or expired (in dollars per share)	124.39
Unvested, end of period (in dollars per share)	$ 145.15	$ 132.07
Weighted-Average Remaining Contractual Life (Years)	2 years 5 months 1 day
Aggregate Intrinsic Value, unvested	$ 104.9
Intrinsic value of units	$ 39.1	$ 41.5	$ 59

Incentive Plans - Narrative (De

Incentive Plans - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years	3 years
2014 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining for issuance under Incentive Plan (shares)	3,600,000
Long-term incentive units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted stock, net (shares)	127,753
Long-term incentive units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Long-term incentive units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Service Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Service Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Financial-Based Performance Awards | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted stock, net (shares)	0
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Vesting of restricted stock, net (shares)	304,845

Incentive Plan - Defined Contri

Incentive Plan - Defined Contribution Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Incentive Plans
Vesting percentage of discretionary contributions	100%
Aggregate cost of contributions to the 401(k) Plan	$ 9.4	$ 6.8	$ 5.9

Derivative Instruments - Effect

Derivative Instruments - Effect of Investment Hedges (Details) - Interest Rate Swap - Net Investment Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Cross-currency interest rate swaps (included component)	$ 136,880	$ (22,703)	$ (116,550)
Cross-currency interest rate swaps (excluded component)	(22,841)	(25,428)	7,929
Total	114,039	(48,131)	(108,621)
Cross-currency interest rate swaps (excluded component)	$ 25,037	$ 21,836	$ 6,260
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating

Derivative Instruments - Cash F

Derivative Instruments - Cash Flow Hedges (Details) - Designated as Hedging Instrument $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 EUR (€)
Cash Flow Hedging
Derivative [Line Items]
Gain (loss) to be reclassified within twelve months	$ 500
Interest Rate Swap
Derivative [Line Items]
Notional Amount	2,100,000	$ 2,100,000
Interest Rate Swap | Cash Flow Hedging
Derivative [Line Items]
Unrealized gain (loss)	(5,439)	(7,221)	$ 7,774
Realized gain(loss)	$ 15,027	$ 10,953	$ 819
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating
Euro term loan | Cash Flow Hedging
Derivative [Line Items]
Percentage of loan held for derivative	100%			100%
Notional Amount | €				€ 375

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Financial Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Assets	$ 39,013	$ 8,538
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Liabilities	$ 86,850	$ 156,753
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Accrued Liabilities
Cross-currency interest rate swaps
Derivative [Line Items]
Assets	$ 32,883
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets
Liabilities	$ 75,597	$ 156,753
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities
Interest rate swaps
Derivative [Line Items]
Assets	$ 6,130	$ 8,538
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets
Liabilities	$ 11,253
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Accrued Liabilities

Fair Value - Estimated Fair Val

Fair Value - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 16,149,826	$ 16,436,245
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	16,846,875	17,537,652
Level 2 | Global Revolving Credit Facilities | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,637,922	1,825,228
Level 2 | Global Revolving Credit Facilities | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,637,922	1,825,228
Level 2 | Unsecured term loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	388,275	1,567,925
Level 2 | Unsecured term loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	388,275	1,567,925
Level 2 | Unsecured senior notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	13,370,897	12,417,619
Level 2 | Unsecured senior notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	14,059,415	13,507,427
Level 2 | Secured and Other Debt | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	752,732	625,473
Level 2 | Secured and Other Debt | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	$ 761,263	$ 637,072

Fair Value - Additional Informa

Fair Value - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / ft²
Fair Value
Recorded impairment charge | $	$ 191.2
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges
Comparable sales value, lower range	69
Comparable Sales Values, Upper Range	151

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Reimbursable amount of commitments related to construction contracts	$ 102.5
Commitments related to construction contracts	2,000
Insurance
Loss Contingencies [Line Items]
Estimated write-off of damage	16
Net expense	5
Proceeds from insurance	7.3
Insurance receivable	$ 11.6

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information
Cash and cash equivalents	$ 3,870,891	$ 1,625,495	$ 141,773
Restricted cash (included in Other assets)	$ 5,809	$ 10,975	$ 8,923
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets	Other Assets
Total	$ 3,876,700	$ 1,636,470	$ 150,696	$ 151,485
Interest, net of amounts capitalized	438,200	393,400	271,500
Interest capitalized	118,900	116,800	70,800
Capitalized employee expenses related to construction activities	111,200	99,200	86,100
Income taxes, net of refunds	71,200	88,800	41,700
Accrued construction related costs	$ 521,500	$ 560,500	$ 417,100

Segment and Geographic Inform_3

Segment and Geographic Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment	1
Number of Reportable Segments | segment	1
Total operating revenues	$ 5,554,968	$ 5,477,061	$ 4,691,834
Investments in Properties, net	26,760,582	26,531,977
Net Assets in Foreign Operations	7,744,800	6,778,400
Operating lease right-of-use assets, net	1,178,853	1,414,256
Outside the United States
Segment Reporting Information [Line Items]
Total operating revenues	2,644,500	2,641,100	$ 1,931,400
Investments in Properties, net	13,528,500	13,806,900
Operating lease right-of-use assets, net	$ 626,600	$ 804,100
Outside the United States | Revenue Outside of U.S. % | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk	47.60%	48.20%	41.20%
Inside the United States
Segment Reporting Information [Line Items]
Total operating revenues	$ 2,910,500	$ 2,836,000	$ 2,760,400
Investments in Properties, net	10,592,300	10,429,200
Operating lease right-of-use assets, net	$ 552,300	$ 610,200

Subsequent Events (Details)

Subsequent Events (Details) - Jan. 14, 2025 - Subsequent Event [Member] - Digital Dutch Finco B.V. € in Millions, $ in Millions	USD ($)	EUR (€)
3.875% notes due 2033
Subsequent Events
Net proceeds from sale of stock		€ 838
3.875% notes due 2035
Subsequent Events
Debt face amount		€ 850
Stated interest rate		3.875%
Net proceeds from sale of stock | $	$ 864

Schedule III Properties And A_2

Schedule III Properties And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Total	$ 27,558,994	$ 27,306,368	$ 26,136,057	$ 23,625,450
Accumulated depreciation and amortization	$ (8,641,331)	$ (7,823,685)	$ (7,268,981)	$ (6,210,281)
Operating
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	230
Encumbrances	$ 135,000
Land, Initial costs	942,144
Acquired ground lease, Initial costs	90
Buildings and improvements, Initial costs	10,417,274
Improvements, Costs capitalized subsequent to acquisition	16,390,670
Carry costs, Costs capitalized subsequent to acquisition	(191,184)
Land, Total costs	1,108,251
Acquired ground lease, Total costs	86
Buildings and improvements, Total costs	26,450,657
Total	27,558,994
Accumulated depreciation and amortization	$ (8,641,331)
North America
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	101
Encumbrances	$ 135,000
Land, Initial costs	555,461
Buildings and improvements, Initial costs	4,192,413
Improvements, Costs capitalized subsequent to acquisition	10,254,858
Carry costs, Costs capitalized subsequent to acquisition	(191,184)
Land, Total costs	561,670
Buildings and improvements, Total costs	14,249,878
Total	14,811,548
Accumulated depreciation and amortization	$ (5,845,629)
Northern Virginia
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	18
Land, Initial costs	$ 122,168
Buildings and improvements, Initial costs	466,221
Improvements, Costs capitalized subsequent to acquisition	3,319,576
Land, Total costs	155,785
Buildings and improvements, Total costs	3,752,180
Total	3,907,965
Accumulated depreciation and amortization	$ (1,228,345)
Dallas
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	19
Land, Initial costs	$ 50,533
Buildings and improvements, Initial costs	241,081
Improvements, Costs capitalized subsequent to acquisition	1,189,497
Land, Total costs	46,718
Buildings and improvements, Total costs	1,434,393
Total	1,481,111
Accumulated depreciation and amortization	$ (720,962)
Chicago
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	7
Land, Initial costs	$ 54,382
Buildings and improvements, Initial costs	408,801
Improvements, Costs capitalized subsequent to acquisition	1,008,444
Land, Total costs	54,343
Buildings and improvements, Total costs	1,417,284
Total	1,471,627
Accumulated depreciation and amortization	$ (659,778)
NEW YORK
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	11
Land, Initial costs	$ 8,743
Buildings and improvements, Initial costs	354,361
Improvements, Costs capitalized subsequent to acquisition	1,190,970
Carry costs, Costs capitalized subsequent to acquisition	(116,486)
Land, Total costs	13,160
Buildings and improvements, Total costs	1,424,428
Total	1,437,588
Accumulated depreciation and amortization	$ (724,286)
Silicon Valley
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	13
Land, Initial costs	$ 126,095
Buildings and improvements, Initial costs	819,685
Improvements, Costs capitalized subsequent to acquisition	481,264
Land, Total costs	126,486
Buildings and improvements, Total costs	1,300,558
Total	1,427,044
Accumulated depreciation and amortization	$ (650,030)
Portland
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Land, Initial costs	$ 1,689
Buildings and improvements, Initial costs	3,131
Improvements, Costs capitalized subsequent to acquisition	1,200,982
Land, Total costs	16,699
Buildings and improvements, Total costs	1,189,103
Total	1,205,802
Accumulated depreciation and amortization	$ (178,789)
Phoenix
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	2
Land, Initial costs	$ 11,859
Buildings and improvements, Initial costs	399,122
Improvements, Costs capitalized subsequent to acquisition	397,923
Land, Total costs	11,859
Buildings and improvements, Total costs	797,045
Total	808,904
Accumulated depreciation and amortization	$ (439,467)
San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	4
Land, Initial costs	$ 41,165
Buildings and improvements, Initial costs	358,066
Improvements, Costs capitalized subsequent to acquisition	329,384
Land, Total costs	41,478
Buildings and improvements, Total costs	687,137
Total	728,615
Accumulated depreciation and amortization	$ (339,915)
Toronto
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	2
Land, Initial costs	$ 26,600
Buildings and improvements, Initial costs	116,863
Improvements, Costs capitalized subsequent to acquisition	466,874
Land, Total costs	27,648
Buildings and improvements, Total costs	582,689
Total	610,337
Accumulated depreciation and amortization	$ (90,348)
Atlanta
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	4
Land, Initial costs	$ 6,537
Buildings and improvements, Initial costs	264,948
Improvements, Costs capitalized subsequent to acquisition	149,480
Land, Total costs	6,552
Buildings and improvements, Total costs	414,413
Total	420,965
Accumulated depreciation and amortization	$ (160,706)
Boston
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Land, Initial costs	$ 17,826
Buildings and improvements, Initial costs	253,711
Improvements, Costs capitalized subsequent to acquisition	114,556
Carry costs, Costs capitalized subsequent to acquisition	(74,641)
Land, Total costs	16,600
Buildings and improvements, Total costs	294,852
Total	311,452
Accumulated depreciation and amortization	$ (198,978)
Los Angeles
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	2
Land, Initial costs	$ 29,531
Buildings and improvements, Initial costs	105,910
Improvements, Costs capitalized subsequent to acquisition	169,633
Land, Total costs	29,118
Buildings and improvements, Total costs	275,956
Total	305,074
Accumulated depreciation and amortization	$ (164,992)
Houston
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	6
Land, Initial costs	$ 6,965
Buildings and improvements, Initial costs	23,492
Improvements, Costs capitalized subsequent to acquisition	160,860
Land, Total costs	6,965
Buildings and improvements, Total costs	184,352
Total	191,317
Accumulated depreciation and amortization	$ (125,621)
Austin
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	1
Land, Initial costs	$ 1,177
Buildings and improvements, Initial costs	4,877
Improvements, Costs capitalized subsequent to acquisition	81,656
Land, Total costs	1,177
Buildings and improvements, Total costs	86,533
Total	87,710
Accumulated depreciation and amortization	$ (31,565)
Miami
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	2
Land, Initial costs	$ 2,964
Buildings and improvements, Initial costs	29,793
Improvements, Costs capitalized subsequent to acquisition	44,240
Carry costs, Costs capitalized subsequent to acquisition	(57)
Land, Total costs	2,964
Buildings and improvements, Total costs	73,976
Total	76,940
Accumulated depreciation and amortization	$ (43,113)
Seattle
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	1
Encumbrances	$ 135,000
Land, Initial costs	43,110
Buildings and improvements, Initial costs	329,283
Improvements, Costs capitalized subsequent to acquisition	(306,850)
Buildings and improvements, Total costs	65,543
Total	65,543
Accumulated depreciation and amortization	$ (12,503)
North America - Other
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Land, Initial costs	$ 4,117
Buildings and improvements, Initial costs	13,068
Improvements, Costs capitalized subsequent to acquisition	256,369
Land, Total costs	4,118
Buildings and improvements, Total costs	269,436
Total	273,554
Accumulated depreciation and amortization	$ (76,231)
EMEA
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	118
Land, Initial costs	$ 363,931
Acquired ground lease, Initial costs	90
Buildings and improvements, Initial costs	6,083,448
Improvements, Costs capitalized subsequent to acquisition	4,941,850
Land, Total costs	509,264
Acquired ground lease, Total costs	86
Buildings and improvements, Total costs	10,879,969
Total	11,389,319
Accumulated depreciation and amortization	$ (2,328,056)
London
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	13
Land, Initial costs	$ 76,906
Buildings and improvements, Initial costs	1,273,661
Improvements, Costs capitalized subsequent to acquisition	441,475
Land, Total costs	35,440
Buildings and improvements, Total costs	1,756,602
Total	1,792,042
Accumulated depreciation and amortization	$ (561,572)
Frankfurt
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	24
Land, Initial costs	$ 25,717
Buildings and improvements, Initial costs	876,342
Improvements, Costs capitalized subsequent to acquisition	661,779
Land, Total costs	97,156
Buildings and improvements, Total costs	1,466,682
Total	1,563,838
Accumulated depreciation and amortization	$ (301,651)
Paris
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	12
Land, Initial costs	$ 82,789
Buildings and improvements, Initial costs	355,386
Improvements, Costs capitalized subsequent to acquisition	879,436
Land, Total costs	94,775
Buildings and improvements, Total costs	1,222,836
Total	1,317,611
Accumulated depreciation and amortization	$ (166,481)
Johannesburg
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	5
Land, Initial costs	$ 10,099
Buildings and improvements, Initial costs	1,008,751
Improvements, Costs capitalized subsequent to acquisition	293,876
Land, Total costs	8,853
Buildings and improvements, Total costs	1,303,873
Total	1,312,726
Accumulated depreciation and amortization	$ (190,141)
Amsterdam
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	13
Land, Initial costs	$ 87,674
Buildings and improvements, Initial costs	975,654
Improvements, Costs capitalized subsequent to acquisition	124,964
Land, Total costs	83,102
Buildings and improvements, Total costs	1,105,190
Total	1,188,292
Accumulated depreciation and amortization	$ (303,068)
Marseille
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	4
Land, Initial costs	$ 1,121
Buildings and improvements, Initial costs	220,737
Improvements, Costs capitalized subsequent to acquisition	431,426
Land, Total costs	1,014
Buildings and improvements, Total costs	652,271
Total	653,285
Accumulated depreciation and amortization	$ (104,746)
Zurich
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Land, Initial costs	$ 20,605
Buildings and improvements, Initial costs	48,325
Improvements, Costs capitalized subsequent to acquisition	532,316
Land, Total costs	44,011
Buildings and improvements, Total costs	557,235
Total	601,246
Accumulated depreciation and amortization	$ (66,645)
Cape Town
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	2
Land, Initial costs	$ 5,100
Buildings and improvements, Initial costs	276,021
Improvements, Costs capitalized subsequent to acquisition	190,733
Land, Total costs	4,470
Buildings and improvements, Total costs	467,384
Total	471,854
Accumulated depreciation and amortization	$ (44,348)
Dublin
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	9
Land, Initial costs	$ 11,722
Acquired ground lease, Initial costs	90
Buildings and improvements, Initial costs	89,597
Improvements, Costs capitalized subsequent to acquisition	365,981
Land, Total costs	7,308
Acquired ground lease, Total costs	86
Buildings and improvements, Total costs	459,996
Total	467,390
Accumulated depreciation and amortization	$ (148,253)
Vienna
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Land, Initial costs	$ 14,159
Buildings and improvements, Initial costs	364,949
Improvements, Costs capitalized subsequent to acquisition	(303)
Land, Total costs	12,291
Buildings and improvements, Total costs	366,514
Total	378,805
Accumulated depreciation and amortization	$ (89,174)
Brussels
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Land, Initial costs	$ 3,874
Buildings and improvements, Initial costs	118,034
Improvements, Costs capitalized subsequent to acquisition	160,651
Land, Total costs	10,785
Buildings and improvements, Total costs	271,774
Total	282,559
Accumulated depreciation and amortization	$ (36,063)
Madrid
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	4
Land, Initial costs	$ 8,456
Buildings and improvements, Initial costs	134,817
Improvements, Costs capitalized subsequent to acquisition	59,959
Land, Total costs	12,561
Buildings and improvements, Total costs	190,671
Total	203,232
Accumulated depreciation and amortization	$ (37,257)
Copenhagen
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Land, Initial costs	$ 11,665
Buildings and improvements, Initial costs	107,529
Improvements, Costs capitalized subsequent to acquisition	53,859
Land, Total costs	4,295
Buildings and improvements, Total costs	168,758
Total	173,053
Accumulated depreciation and amortization	$ (31,909)
Stockholm
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	6
Buildings and improvements, Initial costs	$ 93,861
Improvements, Costs capitalized subsequent to acquisition	59,609
Land, Total costs	126
Buildings and improvements, Total costs	153,344
Total	153,470
Accumulated depreciation and amortization	$ (36,164)
Dusseldorf
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Buildings and improvements, Initial costs	$ 30,093
Improvements, Costs capitalized subsequent to acquisition	108,371
Buildings and improvements, Total costs	138,464
Total	138,464
Accumulated depreciation and amortization	$ (24,839)
Durban
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	1
Land, Initial costs	$ 900
Buildings and improvements, Initial costs	66,646
Improvements, Costs capitalized subsequent to acquisition	4,062
Land, Total costs	789
Buildings and improvements, Total costs	70,819
Total	71,608
Accumulated depreciation and amortization	$ (8,578)
Europe - Other
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	6
Land, Initial costs	$ 3,144
Buildings and improvements, Initial costs	43,046
Improvements, Costs capitalized subsequent to acquisition	533,741
Land, Total costs	88,641
Buildings and improvements, Total costs	491,290
Total	579,931
Accumulated depreciation and amortization	$ (172,162)
Africa - Other
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	4
Improvements, Costs capitalized subsequent to acquisition	$ 39,913
Land, Total costs	3,647
Buildings and improvements, Total costs	36,266
Total	39,913
Accumulated depreciation and amortization	$ (5,005)
Asia Pacific
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	11
Land, Initial costs	$ 22,752
Buildings and improvements, Initial costs	141,413
Improvements, Costs capitalized subsequent to acquisition	1,193,962
Land, Total costs	37,317
Buildings and improvements, Total costs	1,320,810
Total	1,358,127
Accumulated depreciation and amortization	$ (467,646)
SINGAPORE
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	3
Buildings and improvements, Initial costs	$ 137,545
Improvements, Costs capitalized subsequent to acquisition	722,405
Buildings and improvements, Total costs	859,950
Total	859,950
Accumulated depreciation and amortization	$ (335,413)
Sydney
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	4
Land, Initial costs	$ 18,285
Buildings and improvements, Initial costs	3,868
Improvements, Costs capitalized subsequent to acquisition	174,150
Land, Total costs	19,221
Buildings and improvements, Total costs	177,082
Total	196,303
Accumulated depreciation and amortization	$ (50,907)
Seoul
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	1
Improvements, Costs capitalized subsequent to acquisition	$ 116,622
Land, Total costs	15,384
Buildings and improvements, Total costs	101,238
Total	116,622
Accumulated depreciation and amortization	$ (11,708)
Melbourne
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	2
Land, Initial costs	$ 4,467
Improvements, Costs capitalized subsequent to acquisition	95,045
Land, Total costs	2,712
Buildings and improvements, Total costs	96,800
Total	99,512
Accumulated depreciation and amortization	$ (50,819)
HONG KONG
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers | property	1
Improvements, Costs capitalized subsequent to acquisition	$ 79,612
Buildings and improvements, Total costs	79,612
Total	79,612
Accumulated depreciation and amortization	(16,349)
Asia Pacific - Other
Real Estate and Accumulated Depreciation [Line Items]
Improvements, Costs capitalized subsequent to acquisition	6,128
Buildings and improvements, Total costs	6,128
Total	6,128
Accumulated depreciation and amortization	$ (2,450)

Schedule III Properties And A_3

Schedule III Properties And Accumulated Depreciation - Narrative (Details) $ in Billions	Dec. 31, 2024 USD ($)
Schedule III Properties And Accumulated Depreciation
Aggregate gross cost of properties for U.S. federal income tax purposes	$ 44.5

Schedule III Properties And A_4

Schedule III Properties And Accumulated Depreciation - Summary Of Historical Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of year	$ 27,306,368	$ 26,136,057	$ 23,625,450
Additions during period (acquisitions and improvements)	2,051,279	3,494,450	2,553,946
Deductions during period (dispositions, impairments and assets held for sale)	(1,798,653)	(2,324,139)	(43,339)
Balance, end of year	$ 27,558,994	$ 27,306,368	$ 26,136,057

Schedule III Properties And A_5

Schedule III Properties And Accumulated Depreciation - Summary Of Accumulated Depreciation And Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of year	$ 7,823,685	$ 7,268,981	$ 6,210,281
Additions during period (depreciation and amortization expense)	1,228,311	1,338,912	1,079,497
Deductions during period (dispositions and assets held for sale)	(410,665)	(784,208)	(20,797)
Balance, end of year	$ 8,641,331	$ 7,823,685	$ 7,268,981