0001558370-22-007648 | 10-Q | XBRL Viewer

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 03, 2022
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-32336
Entity Registrant Name	DIGITAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0081711
Entity Address, Address Line One	5707 Southwest Parkway, Building 1, Suite 275
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	737
Local Phone Number	281-0101
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		284,672,362
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001297996
Current Fiscal Year End Date	--12-31
Digital Realty Trust, L.P.
Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Entity File Number	000-54023
Entity Registrant Name	DIGITAL REALTY TRUST, L.P.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-2402955
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001494877
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information
Title of 12(b) Security	Common Stock
Trading Symbol	DLR
Security Exchange Name	NYSE
Series J Cumulative Redeemable Preferred Stock
Entity Information
Title of 12(b) Security	Series J Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr J
Security Exchange Name	NYSE
Series K Cumulative Redeemable Preferred Stock
Entity Information
Title of 12(b) Security	Series K Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr K
Security Exchange Name	NYSE
Series L Cumulative Redeemable Preferred Units
Entity Information
Title of 12(b) Security	Series L Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr L
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in real estate:
Investments in properties, net	$ 20,932,965	$ 20,762,241
Investments in unconsolidated entities	2,044,074	1,807,689
Net investments in real estate	22,977,039	22,569,930
Operating lease right-of-use assets, net	1,361,942	1,405,441
Cash and cash equivalents	157,964	142,698
Accounts and other receivables, net	774,577	671,721
Deferred rent, net	545,666	547,385
Goodwill	7,802,440	7,937,440
Customer relationship value, deferred leasing costs and intangibles, net	2,640,795	2,735,486
Other assets	420,119	359,459
Total assets	36,680,542	36,369,560
LIABILITIES AND EQUITY/CAPITAL
Global revolving credit facilities, net	943,325	398,172
Unsecured senior notes, net of discount	13,284,650	12,903,370
Secured and other debt, including premiums	160,240	146,668
Operating lease liabilities	1,472,510	1,512,187
Accounts payable and other accrued liabilities	1,572,357	1,543,623
Deferred tax liabilities, net	649,112	666,451
Accrued dividends and distributions		338,729
Security deposits and prepaid rents	346,908	336,578
Total liabilities	18,429,102	17,845,778
Redeemable noncontrolling interests	42,734	46,995
Commitments and contingencies
Stockholders' Equity:
Preferred stock/ units	731,690	731,690
Common Stock: $0.01 par value per share, 392,000,000 shares authorized; 284,666,082 and 284,415,013 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	2,824	2,824
Partners' capital:
Additional paid-in capital	21,069,391	21,075,863
Accumulated dividends in excess of earnings	(3,916,854)	(3,631,929)
Accumulated other comprehensive (loss) income, net	(188,844)	(173,880)
Total stockholders' equity	17,698,207	18,004,568
Noncontrolling interests	510,499	472,219
Total equity	18,208,706	18,476,787
Total liabilities and equity/capital	36,680,542	36,369,560
Digital Realty Trust, L.P.
Investments in real estate:
Investments in properties, net	20,932,965	20,762,241
Investments in unconsolidated entities	2,044,074	1,807,689
Net investments in real estate	22,977,039	22,569,930
Operating lease right-of-use assets, net	1,361,942	1,405,441
Cash and cash equivalents	157,964	142,698
Accounts and other receivables, net	774,577	671,721
Deferred rent, net	545,666	547,385
Goodwill	7,802,440	7,937,440
Customer relationship value, deferred leasing costs and intangibles, net	2,640,795	2,735,486
Other assets	420,119	359,459
Total assets	36,680,542	36,369,560
LIABILITIES AND EQUITY/CAPITAL
Global revolving credit facilities, net	943,325	398,172
Unsecured senior notes, net of discount	13,284,650	12,903,370
Secured and other debt, including premiums	160,240	146,668
Operating lease liabilities	1,472,510	1,512,187
Accounts payable and other accrued liabilities	1,572,357	1,543,623
Deferred tax liabilities, net	649,112	666,451
Accrued dividends and distributions		338,729
Security deposits and prepaid rents	346,908	336,578
Total liabilities	18,429,102	17,845,778
Redeemable noncontrolling interests	42,734	46,995
Commitments and contingencies
Stockholders' Equity:
Preferred stock/ units	731,690	731,690
Partners' capital:
Common units, 284,666,082 and 284,415,013 units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	17,155,361	17,446,758
Limited Partners, 6,290,465 and 5,931,771 units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	451,954	432,902
Accumulated other comprehensive (loss) income, net	(196,769)	(181,445)
Total partners' capital	18,142,236	18,429,905
Noncontrolling interests in consolidated entities	66,470	46,882
Total capital	18,208,706	18,476,787
Total liabilities and equity/capital	$ 36,680,542	$ 36,369,560

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	110,000,000	110,000,000
Liquidation preference	$ 755,000	$ 755,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, issued (shares)	30,200,000	30,200,000
Preferred stock, outstanding (shares)	30,200,000	30,200,000
Common stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Common stock, authorized (shares)	392,000,000	392,000,000
Common stock, shares, issued (shares)	284,666,082	284,415,013
Common stock, shares, outstanding (shares)	284,666,082	284,415,013
Digital Realty Trust, L.P.
Liquidation preference	$ 755,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Preferred units, issued (units)	30,200,000	30,200,000
Preferred units, outstanding (units)	30,200,000	30,200,000
Common units, issued (units)	284,666,082	284,415,013
Common units, outstanding (units)	284,666,082	284,415,013
Limited Partners' units, issued (units)	6,290,465	5,931,771
Limited Partners' units outstanding (units)	6,290,465	5,931,771

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Revenues:
Operating Revenues	$ 1,127,322	$ 1,090,391
Operating Expenses:
Rental property operating and maintenance	435,593	361,779
Property taxes and insurance	50,224	52,503
Depreciation and amortization	382,132	369,733
General and administrative	98,513	99,994
Transactions and integration	11,968	14,120
Other	7,657	(257)
Total operating expenses	986,087	897,872
Operating income	141,235	192,519
Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities	60,958	(23,031)
Gain on disposition of properties, net	2,770	333,921
Other income (expenses), net	3,051	(7,186)
Interest expense	(66,725)	(75,653)
Loss from early extinguishment of debt	(51,135)	(18,347)
Income tax expense	(13,244)	(7,547)
Net income	76,910	394,676
Net income attributable to noncontrolling interests	(3,629)	(8,756)
Net income attributable to Digital Realty Trust, Inc/Digital Realty Trustt, L.P.	73,281	385,920
Preferred stock dividends	(10,181)	(13,514)
Net income available to common stockholders	$ 63,100	$ 372,406
Net income per share/unit available to common stockholders/unitholders:
Basic (in dollars per share/unit)	$ 0.22	$ 1.32
Diluted (in dollars per share/unit)	$ 0.22	$ 1.32
Weighted average common shares/ units outstanding:
Basic (shares/units)	284,526	281,095
Diluted (shares/units)	285,025	281,917
Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	$ 1,127,322	$ 1,090,391
Operating Expenses:
Rental property operating and maintenance	435,593	361,779
Property taxes and insurance	50,224	52,503
Depreciation and amortization	382,132	369,733
General and administrative	98,513	99,994
Transactions and integration	11,968	14,120
Other	7,657	(257)
Total operating expenses	986,087	897,872
Operating income	141,235	192,519
Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities	60,958	(23,031)
Gain on disposition of properties, net	2,770	333,921
Other income (expenses), net	3,051	(7,186)
Interest expense	(66,725)	(75,653)
Loss from early extinguishment of debt	(51,135)	(18,347)
Income tax expense	(13,244)	(7,547)
Net income	76,910	394,676
Net income attributable to noncontrolling interests	(2,029)	1,044
Net income attributable to Digital Realty Trust, Inc/Digital Realty Trustt, L.P.	74,881	395,720
Preferred stock dividends	(10,181)	(13,514)
Net income available to common stockholders	$ 64,700	$ 382,206
Net income per share/unit available to common stockholders/unitholders:
Basic (in dollars per share/unit)	$ 0.22	$ 1.32
Diluted (in dollars per share/unit)	$ 0.22	$ 1.32
Weighted average common shares/ units outstanding:
Basic (shares/units)	290,163	288,377
Diluted (shares/units)	290,662	289,199
Rental and other services
Operating Revenues:
Operating Revenues	$ 1,121,550	$ 1,087,906
Rental and other services \| Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	1,121,550	1,087,906
Fee income and other
Operating Revenues:
Operating Revenues	5,772	2,485
Fee income and other \| Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	$ 5,772	$ 2,485

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 76,910	$ 394,676
Other comprehensive income (loss):
Foreign currency translation adjustments	(13,877)	(219,002)
(Decrease) increase in fair value of interest rate swaps	(1,344)	337
Reclassification to interest expense from interest rate swaps	(103)	359
Other comprehensive loss	(15,324)	(218,306)
Comprehensive income	61,586	176,370
Comprehensive income attributable to noncontrolling interests	(3,269)	(3,143)
Comprehensive income attributable to Digital Realty Trust, Inc.	58,317	173,227
Digital Realty Trust, L.P.
Net income	76,910	394,676
Other comprehensive income (loss):
Foreign currency translation adjustments	(13,877)	(219,002)
(Decrease) increase in fair value of interest rate swaps	(1,344)	337
Reclassification to interest expense from interest rate swaps	(103)	359
Other comprehensive loss	(15,324)	(218,306)
Comprehensive income	61,586	176,370
Comprehensive income attributable to noncontrolling interests	(2,029)	1,044
Comprehensive income attributable to Digital Realty Trust, Inc.	$ 59,557	$ 177,414

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Redeemable Noncontrolling Interests -- Operating Partnership	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Dividends in Excess of Earnings	Accumulated other comprehensive income (loss), net Interest Rate Swap	Accumulated other comprehensive income (loss), net	Total Noncontrolling Interests Interest Rate Swap	Total Noncontrolling Interests	Interest Rate Swap	Total
Beginning balance at Dec. 31, 2020	$ 42,011	$ 950,940	$ 2,788	$ 20,626,897	$ (3,997,938)		$ 135,010		$ 728,639		$ 18,446,336
Beginning balance (shares) at Dec. 31, 2020			280,289,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock			$ 6	53,607					(53,613)
Conversion of common units to common stock (shares)			642,190
Common stock and share-based awards issued in connection with InterXion combination			$ 1	18,269							18,270
Common stock and share-based awards issued in connection with InterXion combination (in shares)			125,395
Payment of offering costs and other				(232)							(232)
Shares issued under employee stock purchase plan				3,427							3,427
Shares issued under employee stock purchase plan (shares)			29,475
Amortization of share-based compensation				28,788							28,788
Vesting of restricted stock, net (shares)			285,524
Shares repurchased and retired to satisfy tax withholding upon vesting				(9,718)							(9,718)
Reclassification of vested share-based awards				(20,548)					20,548
Adjustment to redeemable noncontrolling interests	208			(208)							(208)
Dividends declared on preferred stock					(13,514)						(13,514)
Dividends and distributions on common stock and common and incentive units	(181)				(326,965)				(8,701)		(335,666)
Contributions from (distributions to) noncontrolling interests in consolidated entities	(2,150)								31,680		31,680
Net income (loss)	209				385,920				8,547		394,467
Other comprehensive income (loss)-foreign currency translation adjustments							(213,471)		(5,531)		(219,002)
Other comprehensive income (loss)-fair value of interest rate swaps						$ 328		$ 9		$ 337	337
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense							350		9		359
Ending balance at Mar. 31, 2021	40,097	950,940	$ 2,795	20,700,282	(3,952,497)		(77,783)		721,587		18,345,324
Ending balance (shares) at Mar. 31, 2021			281,372,310
Beginning balance at Dec. 31, 2020	42,011	950,940	$ 2,788	20,626,897	(3,997,938)		135,010		728,639		18,446,336
Beginning balance (shares) at Dec. 31, 2020			280,289,726
Ending balance at Dec. 31, 2021	46,995	731,690	$ 2,824	21,075,863	(3,631,929)		(173,880)		472,219		18,476,787
Ending balance (shares) at Dec. 31, 2021			284,415,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock				1,258					(1,258)
Conversion of common units to common stock (shares)			14,861
Issuance of common units in connection with acquisition (shares)			194,020
Payment of offering costs and other				(4,024)							(4,024)
Shares issued under employee stock purchase plan				4,969							4,969
Shares issued under employee stock purchase plan (shares)			42,188
Amortization of share-based compensation				18,545							18,545
Shares repurchased and retired to satisfy tax withholding upon vesting				(6,162)							(6,162)
Reclassification of vested share-based awards				(26,531)					26,531
Adjustment to redeemable noncontrolling interests	(5,473)			5,473							5,473
Dividends declared on preferred stock					(10,181)						(10,181)
Dividends and distributions on common stock and common and incentive units	(190)				(348,025)				(7,786)		(355,811)
Contributions from (distributions to) noncontrolling interests in consolidated entities	1,367								17,559		17,559
Net income (loss)	35				73,281				3,594		76,875
Other comprehensive income (loss)-foreign currency translation adjustments							(13,551)		(326)		(13,877)
Other comprehensive income (loss)-fair value of interest rate swaps						$ (1,312)		$ (32)		$ (1,344)	(1,344)
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense							(101)		(2)		(103)
Ending balance at Mar. 31, 2022	$ 42,734	$ 731,690	$ 2,824	$ 21,069,391	$ (3,916,854)		$ (188,844)		$ 510,499		$ 18,208,706
Ending balance (shares) at Mar. 31, 2022			284,666,082

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (units)	284,415,000
Common units and share-based awards issued in connection with Interxion combination		$ 18,270
Units issued in connection with employee stock purchase plan	$ 4,969	3,427
Units repurchased and retired to satisfy tax withholding upon vesting	(6,162)	(9,718)
Amortization of share-based compensation	18,545	28,788
Adjustment to redeemable noncontrolling interests	5,473	(208)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions	17,559	31,680
Cumulative effect adjustment from adoption of new accounting standard	18,208,706	18,345,324	$ 18,476,787
Net income (loss)	76,875	394,467
Other comprehensive income (loss)-foreign currency translation adjustments	(13,877)	(219,002)
Other comprehensive income (loss)-fair value of interest rate swaps	(1,344)	337
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense	$ (103)	359
Ending balance (units)	284,666,000		284,415,000
Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss)-fair value of interest rate swaps	$ (1,344)	337
Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	18,476,787	18,446,336	$ 18,446,336
Common units and share-based awards issued in connection with Interxion combination		18,270
Common unit offering costs and other	(4,024)
Issuance of common unit, net of offering costs		(232)
Units issued in connection with employee stock purchase plan	4,969	3,427
Units repurchased and retired to satisfy tax withholding upon vesting	(6,162)	(9,718)
Amortization of share-based compensation	18,545	28,788
Adjustment to redeemable partnership units	5,473	(208)
Distributions	(365,992)	(349,180)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions	17,559	31,680
Net income (loss)	76,875	394,467
Other comprehensive income (loss)-foreign currency translation adjustments	(13,877)	(219,002)
Other comprehensive income (loss)-fair value of interest rate swaps	(1,344)	337
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense	(103)	359
Ending balance	18,208,706	18,345,324	18,476,787
Digital Realty Trust, L.P. \| Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss)-fair value of interest rate swaps	(1,344)
Other comprehensive income-fair value of interest rate swaps		337
Redeemable Interests \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	46,995	42,011	42,011
Adjustment to redeemable partnership units	(5,473)	208
Distributions	(190)	(181)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions	1,367	(2,150)
Net income (loss)	35	209
Ending balance	42,734	40,097	46,995
Accumulated other comprehensive income (loss), net \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(181,445)	134,800	134,800
Other comprehensive income (loss)-foreign currency translation adjustments	(13,877)	(219,002)
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense	(103)	359
Ending balance	(196,769)	(83,506)	(181,445)
Accumulated other comprehensive income (loss), net \| Digital Realty Trust, L.P. \| Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss)-fair value of interest rate swaps	(1,344)
Other comprehensive income-fair value of interest rate swaps		337
Noncontrolling Interests in Consolidated Joint Ventures \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	46,882	119,659	119,659
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions	17,559	31,680
Net income (loss)	2,029	(1,044)
Ending balance	66,470	150,295	46,882
General Partner \| Preferred Units \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 731,690	$ 950,940	$ 950,940
Beginning balance (units)	30,200,000	38,250,000	38,250,000
Distributions		$ (13,514)
Net income (loss)		13,514
Ending balance	$ 731,690	$ 950,940	$ 731,690
Ending balance (units)	30,200,000	38,250,000	30,200,000
General Partner \| Common Units \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 17,446,758	$ 16,631,747	$ 16,631,747
Beginning balance (units)	284,415,013	280,289,726	280,289,726
Conversion of limited partner common units to general partner common units	$ 1,258	$ 53,613
Conversion of limited partner common units to general partner common units (units)	14,861	642,190
Common units issued in connection with acquisition (in units)	194,020
Common units and share-based awards issued in connection with Interxion combination		$ 18,270
Common units and share-based awards issued in connection with Interxion combination (in units)		125,395
Common unit offering costs and other	$ (4,024)
Issuance of common unit, net of offering costs		$ (232)
Units issued in connection with employee stock purchase plan	$ 4,969	$ 3,427
Units issued in connection with employee stock purchase plan (units)	42,188	29,475
Units repurchased and retired to satisfy tax withholding upon vesting	$ (6,162)	$ (9,718)
Amortization of share-based compensation	18,545	$ 28,788
Vesting of restricted common units, net (units)		285,524
Reclassification of vested share-based awards	(26,531)	$ (20,548)
Adjustment to redeemable partnership units	5,473	(208)
Distributions	(358,206)	(326,965)
Net income (loss)	73,281	372,506
Ending balance	$ 17,155,361	$ 16,750,680	$ 17,446,758
Ending balance (units)	284,666,082	281,372,310	284,415,013
Limited Partners \| Common Units \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 432,902	$ 609,190	$ 609,190
Beginning balance (units)	5,931,771	8,046,267	8,046,267
Conversion of limited partner common units to general partner common units	$ (1,258)	$ (53,613)
Conversion of limited partner common units to general partner common units (units)	(14,861)	(642,190)
Common unit offering costs and other (in units)	373,555
Issuance of common units, net of forfeitures (units)		337,194
Reclassification of vested share-based awards	$ 26,531	$ 20,548
Distributions	(7,786)	(8,701)
Net income (loss)	1,565	9,491
Ending balance	$ 451,954	$ 576,915	$ 432,902
Ending balance (units)	6,290,465	7,741,271	5,931,771

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 76,910	$ 394,676
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(2,770)	(333,921)
Equity in (earnings) loss of unconsolidated entities	(60,958)	23,031
Distributions from unconsolidated entities	14,419	15,567
Depreciation and amortization	382,132	369,733
Amortization of share-based compensation	18,545	27,654
Loss from early extinguishment of debt	51,135	18,347
Straight-lined rents and amortization of above and below market leases	4,456	(8,539)
Amortization of deferred financing costs and debt discount / premium	4,972	4,672
Other items, net	8,995	1,945
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(168,789)	(108,993)
Decrease in accounts payable and other liabilities	(51,362)	(76,297)
Net cash provided by operating activities	277,685	327,875
Cash flows from investing activities:
Improvements to investments in real estate	(518,734)	(508,523)
Cash paid for assets acquired	(20,133)	(27,623)
Proceeds from unconsolidated entities, net		40,796
(Investment in) unconsolidated entities, net	(150,196)
Proceeds from sale of real estate		685,484
Other investing activities, net	(30,029)	(4,676)
Net cash (used in) provided by investing activities	(719,092)	185,458
Cash flows from financing activities:
Net proceeds from (payments on) credit facilities	551,022	(69,438)
Borrowings on secured / unsecured debt	1,125,318	1,215,890
Repayments on secured / unsecured debt	(450,000)	(886,959)
Premium paid for early extinguishment of debt	(49,662)	(16,482)
Capital contributions from noncontrolling interests, net	18,926	29,530
Payments of dividends and distributions	(704,911)	(673,747)
Other financing activities, net	(12,397)	(15,459)
Net cash (used in) provided by financing activities	478,296	(416,665)
Net increase (decrease) in cash, cash equivalents and restricted cash	36,889	96,668
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(20,035)	10,392
Cash, cash equivalents and restricted cash at beginning of period	151,485	123,652
Cash, cash equivalents and restricted cash at end of period	168,339	230,712
Digital Realty Trust, L.P.
Cash flows from operating activities:
Net income	76,910	394,676
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(2,770)	(333,921)
Equity in (earnings) loss of unconsolidated entities	(60,958)	23,031
Distributions from unconsolidated entities	14,419	15,567
Depreciation and amortization	382,132	369,733
Amortization of share-based compensation	18,545	27,654
Loss from early extinguishment of debt	51,135	18,347
Amortization of acquired above-market leases and acquired below-market leases, net	4,456	(8,539)
Amortization of deferred financing costs and debt discount / premium	4,972	4,672
Other items, net	8,995	1,945
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(168,789)	(108,993)
Decrease in accounts payable and other liabilities	(51,362)	(76,297)
Net cash provided by operating activities	277,685	327,875
Cash flows from investing activities:
Improvements to investments in real estate	(518,734)	(508,523)
Cash paid for assets acquired	(20,133)	(27,623)
Proceeds from unconsolidated entities, net		40,796
(Investment in) unconsolidated entities, net	(150,196)
Proceeds from sale of real estate		685,484
Other investing activities, net	(30,029)	(4,676)
Net cash (used in) provided by investing activities	(719,092)	185,458
Cash flows from financing activities:
Net proceeds from (payments on) credit facilities	551,022	(69,438)
Borrowings on secured / unsecured debt	1,125,318	1,215,890
Repayments on secured / unsecured debt	(450,000)	(886,959)
Premium paid for early extinguishment of debt	(49,662)	(16,482)
Capital contributions from noncontrolling interests, net	18,926	29,530
Payments of dividends and distributions	(704,911)	(673,747)
Other financing activities, net	(12,397)	(15,459)
Net cash (used in) provided by financing activities	478,296	(416,665)
Net increase (decrease) in cash, cash equivalents and restricted cash	36,889	96,668
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(20,035)	10,392
Cash, cash equivalents and restricted cash at beginning of period	151,485	123,652
Cash, cash equivalents and restricted cash at end of period	$ 168,339	$ 230,712

General

3 Months Ended

Mar. 31, 2022

General

General

1. General

Organization and Description of Business. Digital Realty Trust, Inc. (the Parent), through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership or the OP) and the subsidiaries of the OP (collectively, we, our, us or the Company), is a leading global provider of data center (including colocation and interconnection) solutions for customers across a variety of industry verticals ranging from cloud and information technology services, social networking and communications to financial services, manufacturing, energy, healthcare, and consumer products. The OP, a Maryland limited partnership, is the entity through which the Parent, a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. The Parent operates as a REIT for federal income tax purposes.

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. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), and other filings with the SEC.

Management Estimates and Assumptions. U.S. GAAP requires that we 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.

New Accounting Pronouncements. Recently issued accounting pronouncements that have yet to be adopted by the Company are not expected to have a material impact to the condensed consolidated financial statements.

Investments in Properties

3 Months Ended

Mar. 31, 2022

Investments in Properties

Investments in Properties

2. Investments in Properties

A summary of our investments in properties is below (in thousands):


Property Type	As of March 31, 2022		As of December 31, 2021
Land	$	1,013,832	$	1,019,723
Acquired ground lease		6,526		6,721
Buildings and improvements		22,050,895		21,914,091
Tenant improvements		698,458		684,915
		23,769,711		23,625,450
Accumulated depreciation and amortization		(6,467,233)		(6,210,281)
Investments in operating properties, net		17,302,478		17,415,169
Construction in progress and space held for development		3,523,485		3,213,389
Land held for future development		107,002		133,683
Investments in properties, net	$	20,932,965	$	20,762,241

Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

3. Leases

Lessor Accounting

We generate most of our revenue by leasing operating properties to customers under operating lease agreements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, most of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk.

Lessee Accounting

We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of March 31, 2022, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of March 31, 2022, the termination dates of these ground leases generally range from 2049 to 2108. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2022 to 2028. The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements amounted to approximately $37.4 million and $35.6 million for the three months ended March 31, 2022 and 2021, respectively.

Receivables

3 Months Ended

Mar. 31, 2022

Receivables

Receivables

4. Receivables

Accounts and Other Receivables, Net

Accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts are shown in the subsequent table as Accounts receivable – trade. Other receivables shown separately from Accounts receivable – trade, consist primarily of amounts that have not yet been billed to customers, such as for utility reimbursements and installation fees.


	Balance as of		Balance as of
(Amounts in thousands):	March 31, 2022		December 31, 2021
Accounts receivable – trade, net	$	466,656	$	399,029
Allowance for doubtful accounts		(35,387)		(28,574)
Accounts receivable, net		431,269		370,455

Accounts receivable – customer recoveries		145,136		131,538
Value-added tax receivables		113,415		104,036
Accounts receivable – installation fees		45,915		43,626
Other receivables		38,842		22,066
Accounts and other receivables, net	$	774,577	$	671,721

Deferred Rent

Deferred rent receivables represent rental income that has been recognized as revenue under ASC 842, but which is not yet due from customers under their existing rental agreements. The Company recognizes an allowance against deferred rent receivables to the extent it becomes no longer probable that a customer or group of customers will be able to make substantially all of their required cash rental payments over the entirety of their respective lease terms.


	Balance as of		Balance as of
(Amounts in thousands):	March 31, 2022		December 31, 2021
Deferred rent receivables	$	566,071	$	556,251
Allowance for deferred rent receivables		(20,405)		(8,866)
Deferred rent receivables, net	$	545,666	$	547,385

Investments in Unconsolidated Entities

3 Months Ended

Mar. 31, 2022

Investments in Unconsolidated Entities.

Investments in Unconsolidated Entities

5. Investments in Unconsolidated Entities

See below for a summary of our investments in unconsolidated entities accounted for under the equity method of accounting as presented in our condensed consolidated balance sheets (in thousands):


	Year	Metropolitan			Balance as of		Balance as of
Entity	Entity Formed	Area of Properties	% Ownership			March 31, 2022		December 31, 2021
Digital Core REIT (DCRU)	2021	U.S. / Canada	35	%	$	342,460	$	343,317
Ownership interest in DCRU operating properties	2021	U.S. / Canada	10	%		144,050		144,050
Ascenty	2019	Brazil / Chile / Mexico	51	%		734,106		553,031
Mapletree	2019	Northern Virginia	20	%		169,895		172,465
Mitsubishi	Various	Osaka / Tokyo	50	%		417,497		401,509
Lumen	2012	Hong Kong	50	%		69,303		68,854
Other	Various	U.S. / India / Nigeria	Various			166,763		124,463
Total					$	2,044,074	$	1,807,689

DCREIT – Digital Core REIT is a standalone real estate investment trust publicly-traded on the Singapore Exchange under the ticker symbol “DCRU”. Digital Core REIT owns 10 operating data center properties. Digital Core REIT and its 10 operating properties are collectively referred to as the “DCREIT”. The Company’s ownership interest in DCREIT consists of units of DCRU, as well as an ownership interest in the operating properties of DCRU. As of March 31, 2022, the Company held 35% of the outstanding DCRU units and separately owned a 10% retained interest in the underlying operating properties. The Company’s 35% interest in DCRU as of March 31, 2022 consists of 390 million units. Based

on the closing price per unit of $1.11 as of March 31, 2022, the fair value of the units the Company owns in DCRU was $433 million. This value does not include the value of the Company’s 10% interest in the operating properties of DCRU, because the associated ownership interests are not publicly traded. The Company accounts for its ownership interest in DCREIT as an equity method investment (and not at fair value) based on the significant influence it is able to exert on DCREIT.

Pursuant to contractual agreements with the DCREIT, the Company will earn fees for asset and property management services as well as fees for aiding the DCREIT in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in the DCREIT or in cash. During the three months ended March 31, 2022, the Company earned fees pursuant to these contractual agreements of approximately $2.3 million, which is recorded as fee income and other on the condensed consolidated income statement.

Ascenty – The Company’s ownership interest in Ascenty includes an approximate 2% interest held by one of the Company’s non-controlling interest holders. This 2% interest had a carrying value of approximately $22.2 million and $20.9 million as of March 31, 2022 and December 31, 2021, respectively. Ascenty is a variable interest entity (“VIE”) and the Company’s maximum exposure to loss related to this VIE is limited to our equity investment in the entity.

The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to matters such as intentional misuse of funds, environmental conditions, and material misrepresentations.

Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill.

Goodwill

6. Goodwill

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at March 31, 2022 as compared to December 31, 2021 were driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies.

Acquired Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

7. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:



	Balance as of
	March 31, 2022						December 31, 2021
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,804,837	$	(759,084)	$	2,045,753	$	2,838,842	$	(721,983)	$	2,116,859
Acquired in-place lease value		1,275,069		(1,008,479)		266,590		1,278,012		(995,883)		282,129
Other		99,325		(18,769)		80,556		101,869		(14,688)		87,181
Acquired above-market leases		267,747		(249,742)		18,005		268,724		(247,135)		21,589
Acquired below-market leases		(350,129)		250,946		(99,183)		(351,052)		247,877		(103,175)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $61.6 million and $67.7 million for the three months ended March 31, 2022 and 2021, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $0.2 million and a decrease of $(1.4) million for the three months ended March 31, 2022 and 2021, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing April 1, 2022 is as follows:



(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other ⁽¹⁾		Acquired above-market leases		Acquired below-market leases
Remainder of 2022	$	125,119	$	38,651	$	7,221	$	7,627	$	(10,349)
2023		166,157		43,641		3,189		4,758		(12,613)
2024		165,577		37,876		1,770		2,584		(11,320)
2025		165,075		34,798		1,729		1,452		(10,328)
2026		164,640		30,686		1,522		684		(8,709)
Thereafter		1,259,185		80,938		1,522		900		(45,864)
Total	$	2,045,753	$	266,590	$	16,953	$	18,005	$	(99,183)

(1)	Excludes power grid rights in the amount of approximately $63.6 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 Partnership

3 Months Ended

Mar. 31, 2022

Debt of the Operating Partnership

Debt of the Operating Partnership

8. Debt of the Operating Partnership

All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the global revolving credit facilities and unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands):


	March 31, 2022				December 31, 2021
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	1.18	%	$	959,713	0.96	%	$	415,116
Unsecured senior notes	2.11	%		13,388,665	2.26	%		13,000,042
Secured and other debt	3.70	%		160,593	3.47	%		147,082
Total	2.06	%	$	14,508,971	2.23	%	$	13,562,240

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.

We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars):


	March 31, 2022				December 31, 2021
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,340,903	23.0	%	$	3,141,951	23.2	%
British pound sterling (£)		2,056,097	14.2	%		2,117,758	15.6	%
Euro (€)		7,942,786	54.7	%		7,532,057	55.5	%
Other		1,169,185	8.1	%		770,474	5.7	%
Total	$	14,508,971			$	13,562,240

The table below summarizes our debt maturities and principal payments as of March 31, 2022 (in thousands):


	Global Revolving		Unsecured		Secured and
	Credit Facilities ⁽¹⁾		Senior Notes		Other Debt		Total Debt
2022	$	—	$	664,020	$	782	$	664,802
2023		—		108,390		3,081		111,471
2024		—		992,470		—		992,470
2025		—		1,244,875		—		1,244,875
2026		—		1,487,776		7,822		1,495,598
Thereafter		959,713		8,891,134		148,908		9,999,755
Subtotal	$	959,713	$	13,388,665	$	160,593	$	14,508,971
Unamortized net discounts		—		(39,268)		—		(39,268)
Unamortized deferred financing costs		(16,388)		(64,747)		(353)		(81,488)
Total	$	943,325	$	13,284,650	$	160,240	$	14,388,215

(1)	Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”), which are discussed separately in these footnotes.

Unsecured Senior Notes

The following table provides details of our unsecured senior notes (balances in thousands):


	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date		March 31, 2022		December 31, 2021
Floating rate notes due 2022	€	300,000	$	349,800	Sep 23, 2022	$	332,010	$	341,100
0.125% notes due 2022	€	300,000		332,760	Oct 15, 2022		332,010		341,100
0.600% notes due 2023	CHF	100,000		108,310	Oct 02, 2023		108,390		-
2.625% notes due 2024	€	600,000		677,040	Apr 15, 2024		664,020		682,200
2.750% notes due 2024	£	250,000		324,925	Jul 19, 2024		328,450		338,300
4.250% notes due 2025	£	400,000		634,480	Jan 17, 2025		525,520		541,280
0.625% notes due 2025	€	650,000		720,980	Jul 15, 2025		719,355		739,050
4.750% notes due 2025	$	450,000		450,000	Oct 01, 2025		-		450,000
2.500% notes due 2026	€	1,075,000		1,224,640	Jan 16, 2026		1,189,703		1,222,275
0.200% notes due 2026	CHF	275,000		298,404	Dec 15, 2026		298,073		301,419
1.700% notes due 2027	CHF	150,000		162,465	Mar 30, 2027		162,585		-
3.700% notes due 2027	$	1,000,000		1,000,000	Aug 15, 2027		1,000,000		1,000,000
1.125% notes due 2028	€	500,000		548,550	Apr 09, 2028		553,350		568,500
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		292,654		295,938
3.300% notes due 2029	£	350,000		454,895	Jul 19, 2029		459,830		473,620
3.600% notes due 2029	$	900,000		900,000	Jul 01, 2029		900,000		900,000
1.500% notes due 2030	€	750,000		831,900	Mar 15, 2030		830,025		852,750
3.750% notes due 2030	£	550,000		719,825	Oct 17, 2030		722,590		744,260
1.250% notes due 2031	€	500,000		560,950	Feb 01, 2031		553,350		568,500
0.625% notes due 2031	€	1,000,000		1,220,700	Jul 15, 2031		1,106,700		1,137,000
1.000% notes due 2032	€	750,000		874,500	Jan 15, 2032		830,025		852,750
1.375% notes due 2032	€	750,000		849,375	Jul 18, 2032		830,025		-
						$	13,388,665	$	13,000,042
Unamortized discounts, net of premiums							(39,268)		(33,612)
Deferred financing costs, net							(64,747)		(63,060)
Total unsecured senior notes, net of discount and deferred financing costs						$	13,284,650	$	12,903,370

Restrictive Covenants in Unsecured Senior Notes

The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At March 31, 2022, we were in compliance with each of these financial covenants.

Early Extinguishment of Unsecured Senior Notes

We recognized the following losses on early extinguishment of unsecured notes:

●

During the three months ended March 31, 2022: $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022.

●

During the three months ended March 31, 2021: $18.3 million primarily due to redemption of the 2.750% Notes due 2023 in February 2021.

Issuance of Unsecured Senior Notes

Digital Intrepid Holding B.V., an indirect wholly owned holding and finance subsidiary of the Operating Partnership through which the Interxion business is held, issued and sold the following notes during the quarter ended March 31, 2022:

●

January 18, 2022: Issued and sold €750.0 million aggregate principal amount of 1.375% Guaranteed Notes due 2032 (the “2032 Notes”). Net proceeds from the offering were approximately €737.5 million (approximately $835.3 million based on the exchange rate on January 18, 2022) after deducting managers’ discounts and estimated offering expenses.

●

March 30, 2022: Issued and sold CHF 100 million aggregate principal amount of 0.600% Guaranteed Notes due 2023 (the “2023 Notes”) and CHF 150 million aggregate principal amount of 1.700% Guaranteed Notes due 2027 (the “2027 Notes” and, together with the “2023 Notes,” the “Swiss Franc Notes”). Net proceeds from the offering of the Swiss Franc Notes were approximately CHF 248.6 million (approximately $269.2 million based on the exchange rate on March 30, 2022) after deducting the managers’ commissions and certain offering expenses.

All of the notes listed above are senior unsecured obligations of Digital Intrepid Holding B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating Partnership.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
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+ Details

Earnings per Common Share or Unit

3 Months Ended

Mar. 31, 2022

Earnings per Common Share or Unit

Earnings per Common Share or Unit

9. Earnings per Common Share or Unit

The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share


	Three Months Ended March 31,
	2022		2021
Net income available to common stockholders	$	63,100	$	372,406
Weighted average shares outstanding—basic		284,526		281,095
Potentially dilutive common shares:
Unvested incentive units		348		324
Unvested restricted stock		91		158
Market performance-based awards		60		340
Weighted average shares outstanding—diluted		285,025		281,917
Income per share:
Basic	$	0.22	$	1.32
Diluted	$	0.22	$	1.32

Digital Realty Trust, L.P. Earnings per Unit


	Three Months Ended March 31,
	2022		2021
Net income available to common unitholders	$	64,700	$	382,206
Weighted average units outstanding—basic		290,163		288,377
Potentially dilutive common units:
Unvested incentive units		348		324
Unvested restricted units		91		158
Market performance-based awards		60		340
Weighted average units outstanding—diluted		290,662		289,199
Income per unit:
Basic	$	0.22	$	1.32
Diluted	$	0.22	$	1.32

The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands).


	Three Months Ended March 31,
	2022	2021
Shares subject to Forward Equity Offering	6,250	—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	7,552	7,283
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	—	1,476
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,452	1,462
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,527	1,537
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,505	2,521
Total	19,286	14,279

Equity and Capital

3 Months Ended

Mar. 31, 2022

Equity and Capital

Equity and Capital

10. Equity and Capital

Equity Distribution Agreement

Digital Realty Trust, Inc. and Digital Realty Trust, L.P., were parties to an at-the-market (ATM) equity offering sales agreement dated January 4, 2019, as amended in 2020 (the “Sales Agreement”). Pursuant to the Sales Agreement, Digital Realty Trust, Inc. was able to issue and sell common stock having an aggregate offering price of up to $1.0 billion through various named agents from time to time. For the three months ended March 31, 2022 and 2021, there was no activity under the Sales Agreement.

Subsequent to quarter-end, Digital Realty Trust, Inc. and Digital Realty Trust, L.P., entered into an ATM equity offering sales agreement dated April 1, 2022 (the “2022 Sales Agreement”). Upon entry into the 2022 Sales Agreement, we terminated our prior ATM program. At the time of the termination, $577.6 million remained unsold under the prior program. Pursuant to the 2022 Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time.

Forward Equity Sale

On September 13, 2021, Digital Realty Trust, Inc. completed an underwritten public offering of 6,250,000 shares of its common stock, all of which were offered in connection with forward sale agreements it entered into with certain financial institutions acting as forward purchasers. The forward purchasers borrowed and sold an aggregate of 6,250,000 shares of Digital Realty Trust, Inc.’s common stock in the public offering. Digital Realty Trust, Inc. did not receive any proceeds from the sale of our common stock by the forward purchasers in the public offering. The Company may receive gross proceeds of approximately $1.0 billion (based on the offering price of $155.69 per share) upon full physical settlement of the forward sale agreements, which is to be no later than March 13, 2023.

Upon physical settlement of the forward sale agreements, the Operating Partnership is expected to issue general partner common partnership units to Digital Realty Trust, Inc. in exchange for contribution of the net proceeds.

We account for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. As of March 31, 2022, none of our forward equity sales agreements were deemed to be liabilities as they did not embody obligations to repurchase our shares, nor did they embody obligations to issue a variable number of shares for which the monetary value was predominantly fixed, varied with something other than the fair value of our shares, or varied inversely in relation to our shares. We also evaluated whether the agreements met the derivatives and hedging guidance scope exception to be accounted for as equity instruments and concluded that the agreements could be classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

Noncontrolling Interests in Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022			December 31, 2021
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	284,666	97.8	%	284,415	98.0	%
Noncontrolling interests consist of:
Common units held by third parties	4,387	1.5	%	4,389	1.5	%
Incentive units held by employees and directors (see Note 12. "Incentive Plan")	1,904	0.7	%	1,543	0.5	%
	290,957	100.0	%	290,347	100.0	%

Limited partners have the right to require the Operating Partnership to redeem all or a portion of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of its common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. The common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the condensed balance sheet.

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $716.7 million and $1,074.7 million based on the closing market price of Digital Realty Trust, Inc. common stock on March 31, 2022 and December 31, 2021, respectively.

The following table shows activity for the noncontrolling interests in the Operating Partnership for the three months ended March 31, 2022 (in thousands):


	Common Units	Incentive Units	Total
As of December 31, 2021	4,389	1,542	5,931
Redemption of common units for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾	(2)	—	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾	—	(12)	(12)
Incentive units issued upon achievement of market performance condition	—	221	221
Grant of incentive units to employees and directors	—	153	153
As of March 31, 2022	4,387	1,904	6,291

(1)	These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid-in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc.

Dividends and Distributions

Digital Realty Trust, Inc. Dividends

We have declared and paid the following dividends on our common and preferred stock for the three months ended March 31, 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
Annual rate of dividend per share		$	1.31250	$	1.46250	$	1.30000	$	4.88000

Digital Realty Trust, L.P. Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the three months ended March 31, 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
Annual rate of distribution per unit		$	1.31250	$	1.46250	$	1.30000	$	4.88000

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income (Loss), Net

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net.

Accumulated Other Comprehensive Income (Loss), Net

11. Accumulated Other Comprehensive Income (Loss), Net

The accumulated balances for each item within accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P:

Digital Realty Trust, Inc.


	Foreign currency		Cash flow		Foreign currency net		Accumulated other
	translation		hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss), net
Balance as of December 31, 2021	$	(212,653)	$	(107)	$	38,880	$	(173,880)
Net current period change		(13,551)		(1,312)		—		(14,863)
Reclassification to interest expense from interest rate swaps		—		(101)		—		(101)
Balance as of March 31, 2022	$	(226,204)	$	(1,520)	$	38,880	$	(188,844)

Digital Realty Trust, L.P.


	Foreign currency				Foreign currency net		Accumulated other
	translation		Cash flow hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss)
Balance as of December 31, 2021	$	(219,882)	$	(1,240)	$	39,677	$	(181,445)
Net current period change		(13,877)		(1,344)		—		(15,221)
Reclassification to interest expense from interest rate swaps		—		(103)		—		(103)
Balance as of March 31, 2022	$	(233,759)	$	(2,687)	$	39,677	$	(196,769)

Incentive Plans

3 Months Ended

Mar. 31, 2022

Incentive Plans

Incentive Plans

12. Incentive Plans

2014 Incentive Award Plan

The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended (the “Incentive Plan”). The major categories of awards that can be issued under the Incentive Plan include:

Long-Term Incentive Units (“LTIP Units”): LTIP Units, in the form of profits interest units of the Operating Partnership, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP Units (other than Class D units), whether vested or not, receive the same quarterly per-unit distributions as Operating Partnership common units. Initially, LTIP Units do not have full parity with common units with respect to liquidating distributions. However, if such parity is reached, vested LTIP Units may be converted into an equal number of common units of the Operating Partnership at any time. The awards generally vest over periods between two and four years.

Service-Based Restricted Stock Units: Service-based Restricted Stock Units, which vest over periods between two and four years, convert to shares of Digital Realty Trust, Inc.’s common stock upon vesting.

Performance-Based Awards (“the Performance Awards”): Performance Awards in the form of Class D units of the Operating Partnership and Restricted Stock Units covering shares of Digital Realty Trust, Inc.’s common stock may be issued to officers and employees of the Company. Depending on the award, the total number of units that qualify to fully vest is determined based on either a market performance criterion (“Market-Based Performance Awards”) or financial performance criterion (“Financial-Based Performance Awards”).

Market-Based Performance Awards.

The percentage of the total number of units that performance vest for Market-Based Performance Awards is determined by comparing the Company’s total shareholder return (“TSR”) relative to the MSCI US REIT Index (“RMS”) over a three-year period. The awards then have a time-based vesting element that allows for 50% of the performance-vested units to fully vest in the immediately following year and 50% of the performance-vested units to fully vest in the next-subsequent year. The fair value of these awards is determined using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied.

Achievement of the market performance 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
	2021-2022	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.

2019 Awards

Following the completion of the applicable Market Performance Period, in January 2022, the Compensation Committee made the following determinations regarding the vesting of these awards:

●

The RMS Relative Market Performance fell between the target and high levels for the 2019 awards and accordingly, 239,436 Class D units and 70,721 Restricted Stock Units performance vested and qualified for time-based vesting.

●

The number of performance-vested Class D units included 18,966 distribution equivalent units that immediately vested on December 31, 2021.

●

On February 27, 2022, 50% of the 2019 awards vested and the remaining 50% will vest on February 27, 2023, subject to continued employment through the applicable vesting date.

The grant date fair value of the Market-Based Performance Awards was approximately $12.3 million and $25.0 million for the three months ended March 31, 2022 and 2021, respectively. This amount will be recognized as compensation expense on a straight-line basis over the expected service period of approximately four years.

Financial-Based Performance Awards.

On March 4, 2022, the Company granted Financial-Based Performance Awards, based on growth in core funds from operation (“Core FFO”) during the three-year period commencing on January 1, 2022. The awards then 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 is $12.3 million, based on the Company’s closing stock price at the grant date.

Other Items: In addition to the LTIP Units, service-based Restricted Stock Units and Performance Awards described above, one-time grants of time and/or performance-based Class D units and Restricted Stock Units were issued in connection with the Company’s combination with InterXion Holding N.V. These awards vest over a period of two and three years based on the attainment of performance metrics related to the successful integration of the Interxion business and continued service.

As of March 31, 2022, approximately 5.0 million shares of common stock, including awards that can be converted to or exchanged for shares of common stock, remained available for future issuance under the Incentive Plan.

Each LTIP unit and each Class D unit issued under the Incentive Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the Incentive Plan and the individual award limits set forth therein.

Below is a summary of our compensation expense and our unearned compensation (in millions):


													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned

	Three Months Ended March 31,								March 31,		December 31,		compensation
Type of incentive award	2022		2021		2022		2021		2022		2021		(in years)
Long-term incentive units	$	5.2	$	4.2	$	—	$	0.1	$	38.4	$	19.8	2.5
Performance-based awards		5.0		6.2		0.2		0.4		54.4		39.2	2.6
Service-based restricted stock units		5.3		6.0		1.0		0.7		75.6		44.5	3.0
Interxion awards		0.9		10.5		—		—		5.9		8.5	1.3

Activity for LTIP Units and service-based Restricted Stock Units for the three months ended March 31, 2022 is shown below.


		Weighted-Average
		Grant Date Fair
Unvested LTIP Units	Units	Value
Unvested, beginning of period	250,468	$	132.66
Granted	153,085		155.90
Vested	(112,666)		126.98
Cancelled or expired	—		—
Unvested, end of period	290,887	$	147.09


		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock Units	Shares	Value
Unvested, beginning of period	509,369	$	129.52
Granted	283,852		139.68
Vested	(104,647)		123.80
Cancelled or expired	(25,344)		131.82
Unvested, end of period	663,230	$	134.69

Derivative Instruments

3 Months Ended

Mar. 31, 2022

Derivative Instruments

Derivative Instruments

13. Derivative Instruments

We had no material outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2022.

Amounts reported in accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of March 31, 2022, we had no material interest rate swap agreements outstanding.

Upon entering into derivatives, we would 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. As of March 31, 2022, we did not have any material derivatives outstanding.

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value of Financial Instruments

Fair Value of Financial Instruments

14. Fair Value of Financial Instruments

There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2021 Form 10-K.

As of March 31, 2022 and December 31, 2021, 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 approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on March 31, 2022 and December 31, 2021 as compared to those in effect when the debt was issued or assumed.

We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt.

The aggregate estimated fair value and carrying value of our global revolving credit facilities, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands):


	Categorization	As of March 31, 2022				As of December 31, 2021
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	959,713	$	959,713	$	415,116	$	415,116
Unsecured senior notes ⁽¹⁾	Level 2		12,880,195		13,388,665		13,580,262		13,000,042
Secured and other debt ⁽¹⁾	Level 2		158,566		160,593		152,511		147,082
		$	13,998,474	$	14,508,971	$	14,147,889	$	13,562,240

(1)	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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies.

Commitments and Contingencies

15. Commitments and Contingencies

Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements including ground up construction. From time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At March 31, 2022, we had open commitments, including amounts reimbursable by customers of approximately $49.1 million, related to construction contracts of approximately $1.4 billion.

In the ordinary course of our business, we may become subject to various legal proceedings. As of March 31, 2022, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2022

Supplemental Cash Flow Information

Supplemental Cash Flow Information

16. Supplemental Cash Flow Information

Cash, cash equivalents, and restricted cash balances as of March 31, 2022, and December 31, 2021:


	Balance as of
(Amounts in thousands)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	157,964	$	142,698
Restricted cash (included in other assets)		10,375		8,787
Total	$	168,339	$	151,485

We paid $119.0 million and $120.3 million for interest, net of amounts capitalized, for the three months ended March 31, 2022 and 2021, respectively.

We paid $7.6 million and $4.6 million for income taxes, net of refunds, for the three months ended March 31, 2022 and 2021, respectively.

Accrued construction related costs totaled $417.3 million and $322.5 million as of March 31, 2022 and 2021, respectively.

Segment and Geographic Information

3 Months Ended

Mar. 31, 2022

Segment and Geographic Information

Segment and Geographic Information

17. Segment and Geographic Information

Most of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. The Company manages critical decisions around development, operations, and leasing globally based on

customer demand considerations to best address the needs of its global customers. In this regard, the Company manages customer relationships on a global basis in order to achieve consistent sales and delivery experience of our products for our customers. In order to best accommodate the needs of our current and potential global customers, the Company manages its operations as a single global business – with one operating segment and, therefore, one reporting segment.


	Operating Revenues						Investments in Real Estate
	Three Months Ended March 31,						As of March 31,		As of December 31,
(Amounts in billions)	2022			2021			2022		2021
Inside the United States	$	0.7		$	0.7		$	11.2	$	11.2
Outside the United States		0.5			0.4			9.8		9.6
Revenue Outside of US %		41.0	%		36.6	%

Net Assets in Foreign Operations							$	3.2	$	3.9

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events

Subsequent Events

18. Subsequent Events

On April 5, 2022, the Operating Partnership entered into an amendment to the Second Amended and Restated Global Senior Credit Agreement. The Amendment provides for, among other things: (1) an increase in the size of the global revolving credit facility from $3.0 billion to $3.75 billion and (2) the transition from U.S. dollar London Interbank Offered Rate (LIBOR) to Term Secured Overnight Financing Rate (SOFR) for floating rate borrowings denominated in U.S. dollars for all purposes under the Credit Agreement.

General (Policies)	3 Months Ended
General (Policies)	Mar. 31, 2022
General
Organization and Description of Business	Organization and Description of Business. Digital Realty Trust, Inc. (the Parent), through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership or the OP) and the subsidiaries of the OP (collectively, we, our, us or the Company), is a leading global provider of data center (including colocation and interconnection) solutions for customers across a variety of industry verticals ranging from cloud and information technology services, social networking and communications to financial services, manufacturing, energy, healthcare, and consumer products. The OP, a Maryland limited partnership, is the entity through which the Parent, a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. The Parent operates as a REIT for federal income tax purposes. 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. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), and other filings with the SEC.
Management Estimates and Assumptions	Management Estimates and Assumptions. U.S. GAAP requires that we 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.
New Accounting Pronouncements	New Accounting Pronouncements. Recently issued accounting pronouncements that have yet to be adopted by the Company are not expected to have a material impact to the condensed consolidated financial statements.

Investments in Properties (Tables)

3 Months Ended

Mar. 31, 2022

Investments in Properties

Schedule of Investments in Properties

A summary of our investments in properties is below (in thousands):


Property Type	As of March 31, 2022		As of December 31, 2021
Land	$	1,013,832	$	1,019,723
Acquired ground lease		6,526		6,721
Buildings and improvements		22,050,895		21,914,091
Tenant improvements		698,458		684,915
		23,769,711		23,625,450
Accumulated depreciation and amortization		(6,467,233)		(6,210,281)
Investments in operating properties, net		17,302,478		17,415,169
Construction in progress and space held for development		3,523,485		3,213,389
Land held for future development		107,002		133,683
Investments in properties, net	$	20,932,965	$	20,762,241

Receivables (Tables)

3 Months Ended

Mar. 31, 2022

Receivables

Schedule of accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations


	Balance as of		Balance as of
(Amounts in thousands):	March 31, 2022		December 31, 2021
Accounts receivable – trade, net	$	466,656	$	399,029
Allowance for doubtful accounts		(35,387)		(28,574)
Accounts receivable, net		431,269		370,455

Accounts receivable – customer recoveries		145,136		131,538
Value-added tax receivables		113,415		104,036
Accounts receivable – installation fees		45,915		43,626
Other receivables		38,842		22,066
Accounts and other receivables, net	$	774,577	$	671,721

Schedule of deferred rent


	Balance as of		Balance as of
(Amounts in thousands):	March 31, 2022		December 31, 2021
Deferred rent receivables	$	566,071	$	556,251
Allowance for deferred rent receivables		(20,405)		(8,866)
Deferred rent receivables, net	$	545,666	$	547,385

Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2022

Investments in Unconsolidated Entities.

Summary of Financial Information for Unconsolidated Entities

See below for a summary of our investments in unconsolidated entities accounted for under the equity method of accounting as presented in our condensed consolidated balance sheets (in thousands):


	Year	Metropolitan			Balance as of		Balance as of
Entity	Entity Formed	Area of Properties	% Ownership			March 31, 2022		December 31, 2021
Digital Core REIT (DCRU)	2021	U.S. / Canada	35	%	$	342,460	$	343,317
Ownership interest in DCRU operating properties	2021	U.S. / Canada	10	%		144,050		144,050
Ascenty	2019	Brazil / Chile / Mexico	51	%		734,106		553,031
Mapletree	2019	Northern Virginia	20	%		169,895		172,465
Mitsubishi	Various	Osaka / Tokyo	50	%		417,497		401,509
Lumen	2012	Hong Kong	50	%		69,303		68,854
Other	Various	U.S. / India / Nigeria	Various			166,763		124,463
Total					$	2,044,074	$	1,807,689

Acquired Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Acquired Intangible Assets and Liabilities

Summary of Acquired Intangible Assets and Liabilities



	Balance as of
	March 31, 2022						December 31, 2021
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,804,837	$	(759,084)	$	2,045,753	$	2,838,842	$	(721,983)	$	2,116,859
Acquired in-place lease value		1,275,069		(1,008,479)		266,590		1,278,012		(995,883)		282,129
Other		99,325		(18,769)		80,556		101,869		(14,688)		87,181
Acquired above-market leases		267,747		(249,742)		18,005		268,724		(247,135)		21,589
Acquired below-market leases		(350,129)		250,946		(99,183)		(351,052)		247,877		(103,175)

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
Remainder of 2022	$	125,119	$	38,651	$	7,221	$	7,627	$	(10,349)
2023		166,157		43,641		3,189		4,758		(12,613)
2024		165,577		37,876		1,770		2,584		(11,320)
2025		165,075		34,798		1,729		1,452		(10,328)
2026		164,640		30,686		1,522		684		(8,709)
Thereafter		1,259,185		80,938		1,522		900		(45,864)
Total	$	2,045,753	$	266,590	$	16,953	$	18,005	$	(99,183)

(1)	Excludes power grid rights in the amount of approximately $63.6 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 Partnership (Tables)

3 Months Ended

Mar. 31, 2022

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership


	March 31, 2022				December 31, 2021
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	1.18	%	$	959,713	0.96	%	$	415,116
Unsecured senior notes	2.11	%		13,388,665	2.26	%		13,000,042
Secured and other debt	3.70	%		160,593	3.47	%		147,082
Total	2.06	%	$	14,508,971	2.23	%	$	13,562,240

Schedule of Debt In Functional Currencies


	March 31, 2022				December 31, 2021
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,340,903	23.0	%	$	3,141,951	23.2	%
British pound sterling (£)		2,056,097	14.2	%		2,117,758	15.6	%
Euro (€)		7,942,786	54.7	%		7,532,057	55.5	%
Other		1,169,185	8.1	%		770,474	5.7	%
Total	$	14,508,971			$	13,562,240

Schedule of Debt Maturities and Principal Maturities

The table below summarizes our debt maturities and principal payments as of March 31, 2022 (in thousands):


	Global Revolving		Unsecured		Secured and
	Credit Facilities ⁽¹⁾		Senior Notes		Other Debt		Total Debt
2022	$	—	$	664,020	$	782	$	664,802
2023		—		108,390		3,081		111,471
2024		—		992,470		—		992,470
2025		—		1,244,875		—		1,244,875
2026		—		1,487,776		7,822		1,495,598
Thereafter		959,713		8,891,134		148,908		9,999,755
Subtotal	$	959,713	$	13,388,665	$	160,593	$	14,508,971
Unamortized net discounts		—		(39,268)		—		(39,268)
Unamortized deferred financing costs		(16,388)		(64,747)		(353)		(81,488)
Total	$	943,325	$	13,284,650	$	160,240	$	14,388,215

(1)	Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”), which are discussed separately in these footnotes.

Schedule of Unsecured Senior Notes


	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date		March 31, 2022		December 31, 2021
Floating rate notes due 2022	€	300,000	$	349,800	Sep 23, 2022	$	332,010	$	341,100
0.125% notes due 2022	€	300,000		332,760	Oct 15, 2022		332,010		341,100
0.600% notes due 2023	CHF	100,000		108,310	Oct 02, 2023		108,390		-
2.625% notes due 2024	€	600,000		677,040	Apr 15, 2024		664,020		682,200
2.750% notes due 2024	£	250,000		324,925	Jul 19, 2024		328,450		338,300
4.250% notes due 2025	£	400,000		634,480	Jan 17, 2025		525,520		541,280
0.625% notes due 2025	€	650,000		720,980	Jul 15, 2025		719,355		739,050
4.750% notes due 2025	$	450,000		450,000	Oct 01, 2025		-		450,000
2.500% notes due 2026	€	1,075,000		1,224,640	Jan 16, 2026		1,189,703		1,222,275
0.200% notes due 2026	CHF	275,000		298,404	Dec 15, 2026		298,073		301,419
1.700% notes due 2027	CHF	150,000		162,465	Mar 30, 2027		162,585		-
3.700% notes due 2027	$	1,000,000		1,000,000	Aug 15, 2027		1,000,000		1,000,000
1.125% notes due 2028	€	500,000		548,550	Apr 09, 2028		553,350		568,500
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		292,654		295,938
3.300% notes due 2029	£	350,000		454,895	Jul 19, 2029		459,830		473,620
3.600% notes due 2029	$	900,000		900,000	Jul 01, 2029		900,000		900,000
1.500% notes due 2030	€	750,000		831,900	Mar 15, 2030		830,025		852,750
3.750% notes due 2030	£	550,000		719,825	Oct 17, 2030		722,590		744,260
1.250% notes due 2031	€	500,000		560,950	Feb 01, 2031		553,350		568,500
0.625% notes due 2031	€	1,000,000		1,220,700	Jul 15, 2031		1,106,700		1,137,000
1.000% notes due 2032	€	750,000		874,500	Jan 15, 2032		830,025		852,750
1.375% notes due 2032	€	750,000		849,375	Jul 18, 2032		830,025		-
						$	13,388,665	$	13,000,042
Unamortized discounts, net of premiums							(39,268)		(33,612)
Deferred financing costs, net							(64,747)		(63,060)
Total unsecured senior notes, net of discount and deferred financing costs						$	13,284,650	$	12,903,370

Earnings per Common Share or Unit (Tables)

3 Months Ended

Mar. 31, 2022

Earnings per Common Share or Unit

Summary of Basic and Diluted Earnings Per Share and Unit

The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share


	Three Months Ended March 31,
	2022		2021
Net income available to common stockholders	$	63,100	$	372,406
Weighted average shares outstanding—basic		284,526		281,095
Potentially dilutive common shares:
Unvested incentive units		348		324
Unvested restricted stock		91		158
Market performance-based awards		60		340
Weighted average shares outstanding—diluted		285,025		281,917
Income per share:
Basic	$	0.22	$	1.32
Diluted	$	0.22	$	1.32

Digital Realty Trust, L.P. Earnings per Unit


	Three Months Ended March 31,
	2022		2021
Net income available to common unitholders	$	64,700	$	382,206
Weighted average units outstanding—basic		290,163		288,377
Potentially dilutive common units:
Unvested incentive units		348		324
Unvested restricted units		91		158
Market performance-based awards		60		340
Weighted average units outstanding—diluted		290,662		289,199
Income per unit:
Basic	$	0.22	$	1.32
Diluted	$	0.22	$	1.32

Schedule of Antidilutive Securities Excluded from Calculations


	Three Months Ended March 31,
	2022	2021
Shares subject to Forward Equity Offering	6,250	—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	7,552	7,283
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	—	1,476
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,452	1,462
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,527	1,537
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,505	2,521
Total	19,286	14,279

Equity and Capital (Tables)

3 Months Ended

Mar. 31, 2022

Class of Stock

Ownership Interest In The Operating Partnership


	March 31, 2022			December 31, 2021
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	284,666	97.8	%	284,415	98.0	%
Noncontrolling interests consist of:
Common units held by third parties	4,387	1.5	%	4,389	1.5	%
Incentive units held by employees and directors (see Note 12. "Incentive Plan")	1,904	0.7	%	1,543	0.5	%
	290,957	100.0	%	290,347	100.0	%

Summary of Activity for Noncontrolling Interests in the Operating Partnership

The following table shows activity for the noncontrolling interests in the Operating Partnership for the three months ended March 31, 2022 (in thousands):


	Common Units	Incentive Units	Total
As of December 31, 2021	4,389	1,542	5,931
Redemption of common units for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾	(2)	—	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾	—	(12)	(12)
Incentive units issued upon achievement of market performance condition	—	221	221
Grant of incentive units to employees and directors	—	153	153
As of March 31, 2022	4,387	1,904	6,291

(1)	These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid-in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc.

Schedule of Dividends and Distributions

We have declared and paid the following dividends on our common and preferred stock for the three months ended March 31, 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
Annual rate of dividend per share		$	1.31250	$	1.46250	$	1.30000	$	4.88000

Digital Realty Trust, L.P.

Class of Stock

Schedule of Dividends and Distributions


		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
Annual rate of distribution per unit		$	1.31250	$	1.46250	$	1.30000	$	4.88000

Accumulated Other Comprehensive Income (Loss), Net (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net.

Schedule of Accumulated Other Comprehensive Income (Loss), Net

Digital Realty Trust, Inc.


	Foreign currency		Cash flow		Foreign currency net		Accumulated other
	translation		hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss), net
Balance as of December 31, 2021	$	(212,653)	$	(107)	$	38,880	$	(173,880)
Net current period change		(13,551)		(1,312)		—		(14,863)
Reclassification to interest expense from interest rate swaps		—		(101)		—		(101)
Balance as of March 31, 2022	$	(226,204)	$	(1,520)	$	38,880	$	(188,844)

Digital Realty Trust, L.P.


	Foreign currency				Foreign currency net		Accumulated other
	translation		Cash flow hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss)
Balance as of December 31, 2021	$	(219,882)	$	(1,240)	$	39,677	$	(181,445)
Net current period change		(13,877)		(1,344)		—		(15,221)
Reclassification to interest expense from interest rate swaps		—		(103)		—		(103)
Balance as of March 31, 2022	$	(233,759)	$	(2,687)	$	39,677	$	(196,769)

Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2022

Incentive Plans

Market Performance Based Awards


		Market
	2021-2022	Performance
	RMS Relative	Vesting
Level	Market Performance	Percentage
Below Threshold Level	≤ -500 basis points	0	%
Threshold Level	-500 basis points	25	%
Target Level	0 basis points	50	%
High Level	≥ 500 basis points	100	%

Schedule of compensation expense and unearned compensation

Below is a summary of our compensation expense and our unearned compensation (in millions):


													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned

	Three Months Ended March 31,								March 31,		December 31,		compensation
Type of incentive award	2022		2021		2022		2021		2022		2021		(in years)
Long-term incentive units	$	5.2	$	4.2	$	—	$	0.1	$	38.4	$	19.8	2.5
Performance-based awards		5.0		6.2		0.2		0.4		54.4		39.2	2.6
Service-based restricted stock units		5.3		6.0		1.0		0.7		75.6		44.5	3.0
Interxion awards		0.9		10.5		—		—		5.9		8.5	1.3

Summary of Long-Term Incentive Unit Activity


		Weighted-Average
		Grant Date Fair
Unvested LTIP Units	Units	Value
Unvested, beginning of period	250,468	$	132.66
Granted	153,085		155.90
Vested	(112,666)		126.98
Cancelled or expired	—		—
Unvested, end of period	290,887	$	147.09

Summary of Restricted Stock Activity


		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock Units	Shares	Value
Unvested, beginning of period	509,369	$	129.52
Granted	283,852		139.68
Vested	(104,647)		123.80
Cancelled or expired	(25,344)		131.82
Unvested, end of period	663,230	$	134.69

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value of Financial Instruments

Estimated Fair Value And Carrying Amounts


	Categorization	As of March 31, 2022				As of December 31, 2021
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	959,713	$	959,713	$	415,116	$	415,116
Unsecured senior notes ⁽¹⁾	Level 2		12,880,195		13,388,665		13,580,262		13,000,042
Secured and other debt ⁽¹⁾	Level 2		158,566		160,593		152,511		147,082
		$	13,998,474	$	14,508,971	$	14,147,889	$	13,562,240

(1)	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 Information (Tables)

3 Months Ended

Mar. 31, 2022

Supplemental Cash Flow Information

Schedule of cash, cash equivalents, and restricted cash


	Balance as of
(Amounts in thousands)	March 31, 2022		December 31, 2021
Cash and cash equivalents	$	157,964	$	142,698
Restricted cash (included in other assets)		10,375		8,787
Total	$	168,339	$	151,485

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment and Geographic Information

Schedule of Investment and operating revenues of geographical areas


	Operating Revenues						Investments in Real Estate
	Three Months Ended March 31,						As of March 31,		As of December 31,
(Amounts in billions)	2022			2021			2022		2021
Inside the United States	$	0.7		$	0.7		$	11.2	$	11.2
Outside the United States		0.5			0.4			9.8		9.6
Revenue Outside of US %		41.0	%		36.6	%

Net Assets in Foreign Operations							$	3.2	$	3.9

Investments in Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments in Properties
Land	$ 1,013,832	$ 1,019,723
Acquired ground lease	6,526	6,721
Buildings and improvements	22,050,895	21,914,091
Tenant improvements	698,458	684,915
Total investments in operating properties	23,769,711	23,625,450
Accumulated depreciation and amortization	(6,467,233)	(6,210,281)
Investments in operating properties, net	17,302,478	17,415,169
Construction in progress and space held for development	3,523,485	3,213,389
Land held for future development	107,002	133,683
Investments in properties, net	$ 20,932,965	$ 20,762,241

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Leases
Rent expense	$ 37.4	$ 35.6

Receivables - Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables
Accounts receivable -- trade	$ 466,656	$ 399,029
Allowance for doubtful accounts	(35,387)	(28,574)
Accounts receivable, net	431,269	370,455
Accounts receivable -- customer recoveries	145,136	131,538
Value-added tax receivables	113,415	104,036
Accounts receivable -- installation fees	45,915	43,626
Other receivables	38,842	22,066
Accounts and other receivables, net	$ 774,577	$ 671,721

Receivables - Deferred rent (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables
Deferred rent receivables	$ 566,071	$ 556,251
Allowance for deferred rent receivables	(20,405)	(8,866)
Deferred rent receivables, net	$ 545,666	$ 547,385

Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 2,044,074	$ 1,807,689
Digital Core REIT (DCRU) \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	35.00%
Investments in unconsolidated joint ventures	$ 342,460	343,317
Ownership interest in DCRU operating properties \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	10.00%
Investments in unconsolidated joint ventures	$ 144,050	144,050
Ascenty \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	51.00%
Investments in unconsolidated joint ventures	$ 734,106	553,031
Ascenty \| Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest	2.00%
Noncontrolling interests in consolidated entities	$ 22,200	20,900
Mapletree \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Investments in unconsolidated joint ventures	$ 169,895	172,465
Mitsubishi \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Investments in unconsolidated joint ventures	$ 417,497	401,509
Lumen \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Investments in unconsolidated joint ventures	$ 69,303	68,854
Other \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 166,763	$ 124,463

Investments in Unconsolidated Entities - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) item property $ / shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Operating Revenues	$ 1,127,322	$ 1,090,391
Fee income and other
Schedule of Equity Method Investments [Line Items]
Operating Revenues	$ 5,772	$ 2,485
Digital Core REIT (DCRU)
Schedule of Equity Method Investments [Line Items]
Number Of Data Centers \| property	10
Fees earned pursuant to these contractual agreements	$ 2,300
Percentage of interest in partnership	35.00%
Number of assets in portfolio \| item	390
Closing price per unit \| $ / shares	$ 1.11
Fair value of shares	$ 433,000
Digital Core REIT (DCRU) \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	35.00%
Ascenty \| Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest	2.00%
Noncontrolling interests in consolidated entities	$ 22,200		$ 20,900
Ascenty \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	51.00%
Ownership interest in DCRU operating properties
Schedule of Equity Method Investments [Line Items]
Ownership interest in operating properties	10.00%
Ownership interest in DCRU operating properties \| Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	10.00%

Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Customer Relationship Value
Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 2,804,837	$ 2,838,842
Accumulated amortization	(759,084)	(721,983)
Total	2,045,753	2,116,859
Acquired in-place lease value
Finite-Lived Intangible Assets [Line Items]
Gross amount	1,275,069	1,278,012
Accumulated amortization	(1,008,479)	(995,883)
Total	266,590	282,129
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross amount	99,325	101,869
Accumulated amortization	(18,769)	(14,688)
Total	80,556	87,181
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross amount	267,747	268,724
Accumulated amortization	(249,742)	(247,135)
Total	18,005	21,589
Below-Market Leases
Finite-Lived Intangible Assets [Line Items]
Below-market lease, gross amount	(350,129)	(351,052)
Below-market lease, accumulated amortization	250,946	247,877
Total	$ (99,183)	$ (103,175)

Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Customer Relationship Value, Acquired In-Place Lease Value and Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of customer relationship value, acquired in-place lease value and deferred leasing costs	$ 61.6	$ 67.7
Rental and other services \| Below-Market Leases, Net of Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in revenue	$ 0.2	$ (1.4)

Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Customer Relationship Value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 125,119
2023	166,157
2024	165,577
2025	165,075
2026	164,640
Thereafter	1,259,185
Total	2,045,753	$ 2,116,859
Acquired in-place lease value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	38,651
2023	43,641
2024	37,876
2025	34,798
2026	30,686
Thereafter	80,938
Total	266,590	282,129
Other (excludes power grid rights)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	7,221
2023	3,189
2024	1,770
2025	1,729
2026	1,522
Thereafter	1,522
Total	16,953
Power grid rights
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Total	63,600
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	7,627
2023	4,758
2024	2,584
2025	1,452
2026	684
Thereafter	900
Total	18,005	$ 21,589
Below-Market Leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	(10,349)
2022	(12,613)
2023	(11,320)
2024	(10,328)
2025	(8,709)
Thereafter	(45,864)
Total	$ (99,183)

Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted-average interest rate	2.06%	2.23%
Amount Outstanding	$ 14,508,971	$ 13,562,240
Global revolving credit facilities
Debt Instrument [Line Items]
Weighted-average interest rate	1.18%	0.96%
Amount Outstanding	$ 959,713	$ 415,116
Unsecured term loans
Debt Instrument [Line Items]
Amount Outstanding	$ 13,388,665
Unsecured senior notes
Debt Instrument [Line Items]
Weighted-average interest rate	2.11%	2.26%
Amount Outstanding	$ 13,388,665	$ 13,000,042
Secured and other debt
Debt Instrument [Line Items]
Weighted-average interest rate	3.70%	3.47%
Amount Outstanding	$ 160,593	$ 147,082
Digital Realty Trust, L.P. \| Unsecured senior notes
Debt Instrument [Line Items]
Amount Outstanding	$ 13,388,665	$ 13,000,042

Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amount Outstanding	$ 14,508,971	$ 13,562,240
% of Total	2.06%	2.23%
U.S. dollar
Debt Instrument [Line Items]
Amount Outstanding	$ 3,340,903	$ 3,141,951
% of Total	23.00%	23.20%
British pound sterling
Debt Instrument [Line Items]
Amount Outstanding	$ 2,056,097	$ 2,117,758
% of Total	14.20%	15.60%
Euro
Debt Instrument [Line Items]
Amount Outstanding	$ 7,942,786	$ 7,532,057
% of Total	54.70%	55.50%
Other currency
Debt Instrument [Line Items]
Amount Outstanding	$ 1,169,185	$ 770,474
% of Total	8.10%	5.70%

Debt of the Operating Partnership - Schedule of Debt Maturities And Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument
2022	$ 664,802
2023	111,471
2024	992,470
2025	1,244,875
2026	1,495,598
Thereafter	9,999,755
Subtotal	14,508,971	$ 13,562,240
Unamortized net discounts	(39,268)
Unamortized deferred financing costs	(81,488)
Total	14,388,215
Global revolving credit facilities
Debt Instrument
Thereafter	959,713
Subtotal	959,713	$ 415,116
Unamortized deferred financing costs	(16,388)
Total	943,325
Unsecured term loans
Debt Instrument
2022	664,020
2023	108,390
2024	992,470
2025	1,244,875
2026	1,487,776
Thereafter	8,891,134
Subtotal	13,388,665
Unamortized net discounts	(39,268)
Unamortized deferred financing costs	(64,747)
Total	13,284,650
Senior Notes.
Debt Instrument
2022	782
2023	3,081
2026	7,822
Thereafter	148,908
Subtotal	160,593
Unamortized deferred financing costs	(353)
Total	$ 160,240

Debt of the Operating Partnership - Unsecured Senior Notes (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Mar. 31, 2022 CHF (SFr)	Mar. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Mar. 31, 2021
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	$ 14,508,971				$ 13,562,240
Deferred financing costs	(81,488)
Senior Notes.
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	160,593
Deferred financing costs	(353)
Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	13,388,665				13,000,042
Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	13,388,665				13,000,042
Unamortized discounts, net of premiums	(39,268)				(33,612)
Deferred financing costs	(64,747)				(63,060)
Total unsecured senior notes, net of discount and deferred financing costs	13,284,650				12,903,370
Floating Rate Notes due 2022 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Aggregate principal amount	349,800	€ 300,000
Long-term Debt, Gross	$ 332,010				341,100
0.125% notes due 2022 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.125%	0.125%	0.125%	0.125%
Aggregate principal amount	$ 332,760	€ 300,000
Long-term Debt, Gross	$ 332,010				341,100
0.600% notes due 2023 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.60%	0.60%	0.60%	0.60%
Aggregate principal amount	$ 108,310		SFr 100,000
Long-term Debt, Gross	$ 108,390
2.750% notes due 2023 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate						2.75%
2.625% notes due 2024 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.625%	2.625%	2.625%	2.625%
Aggregate principal amount	$ 677,040	€ 600,000
Long-term Debt, Gross	$ 664,020				682,200
2.750% notes due 2024 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.75%	2.75%	2.75%	2.75%
Aggregate principal amount	$ 324,925			£ 250,000
Long-term Debt, Gross	$ 328,450				338,300
4.250% notes due 2025 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.25%	4.25%	4.25%	4.25%
Aggregate principal amount	$ 634,480			£ 400,000
Long-term Debt, Gross	$ 525,520				541,280
0.625% notes due 2025 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%	0.625%
Aggregate principal amount	$ 720,980	€ 650,000
Long-term Debt, Gross	$ 719,355				739,050
4.750% Notes due 2025 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.75%	4.75%	4.75%	4.75%
Aggregate principal amount	$ 450,000
Long-term Debt, Gross					450,000
2.500% notes due 2026 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.50%	2.50%	2.50%	2.50%
Aggregate principal amount	$ 1,224,640	€ 1,075,000
Long-term Debt, Gross	$ 1,189,703				1,222,275
0.200% notes due 2026 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.20%	0.20%	0.20%	0.20%
Aggregate principal amount	$ 298,404		SFr 275,000
Long-term Debt, Gross	$ 298,073				301,419
1.700% notes due 2027 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.70%	1.70%	1.70%	1.70%
Aggregate principal amount	$ 162,465		SFr 150,000
Long-term Debt, Gross	$ 162,585
3.700% notes due 2027 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.70%	3.70%	3.70%	3.70%
Aggregate principal amount	$ 1,000,000
Long-term Debt, Gross	$ 1,000,000				1,000,000
1.125% notes due 2028 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.125%	1.125%	1.125%	1.125%
Aggregate principal amount	$ 548,550	€ 500,000
Long-term Debt, Gross	$ 553,350				568,500
4.450% notes due 2028 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.45%	4.45%	4.45%	4.45%
Aggregate principal amount	$ 650,000
Long-term Debt, Gross	$ 650,000				650,000
0.550% notes due 2029 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.55%	0.55%	0.55%	0.55%
Aggregate principal amount	$ 292,478		SFr 270,000
Long-term Debt, Gross	$ 292,654				295,938
3.300% notes due 2029 \| Digital Realty Trust, L.P.
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.30%	3.30%	3.30%	3.30%
3.300% notes due 2029 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Aggregate principal amount	$ 454,895			£ 350,000
Long-term Debt, Gross	$ 459,830				473,620
3.600% notes due 2029 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.60%	3.60%	3.60%	3.60%
Aggregate principal amount	$ 900,000
Long-term Debt, Gross	$ 900,000				900,000
1.500% Notes due 2030 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.50%	1.50%	1.50%	1.50%
Aggregate principal amount	$ 831,900	€ 750,000
Long-term Debt, Gross	$ 830,025				852,750
3.750% notes due 2030 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.75%	3.75%	3.75%	3.75%
Aggregate principal amount	$ 719,825			£ 550,000
Long-term Debt, Gross	$ 722,590				744,260
1.250% Notes due 2031 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.25%	1.25%	1.25%	1.25%
Aggregate principal amount	$ 560,950	€ 500,000
Long-term Debt, Gross	$ 553,350				568,500
0.625% notes due 2031 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%	0.625%
Aggregate principal amount	$ 1,220,700	€ 1,000,000
Long-term Debt, Gross	$ 1,106,700				1,137,000
1.000% Notes due 2032 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.00%	1.00%	1.00%	1.00%
Aggregate principal amount	$ 874,500	€ 750,000
Long-term Debt, Gross	$ 830,025				$ 852,750
1.375% notes due 2032 \| Digital Realty Trust, L.P. \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.375%	1.375%	1.375%	1.375%
Aggregate principal amount	$ 849,375	€ 750,000
Long-term Debt, Gross	$ 830,025

Debt of the Operating Partnership - Narrative (Details) - Unsecured senior notes SFr in Thousands, $ in Thousands, € in Millions			1 Months Ended		3 Months Ended
	Jan. 18, 2022 USD ($)	Jan. 18, 2022 EUR (€)	Mar. 30, 2022 USD ($)	Mar. 30, 2022 CHF (SFr)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 CHF (SFr)
Digital Realty Trust, L.P. \| Maximum
Debt Instrument
Leverage ratio					60.00%
Secured debt leverage ratio, maximum					40.00%
Digital Realty Trust, L.P. \| Minimum
Debt Instrument
Interest coverage ratio					1.50
Total unencumbered assets					150.00%
1.375% Guaranteed Notes due 2032 \| Digital Intrepid Holding B.V
Debt Instrument
Aggregate principal amount \| €		€ 750.0
Stated interest rate		1.375%
Net proceeds from offering	$ 835,300	€ 737.5
2.750% notes due 2023 \| Digital Realty Trust, L.P.
Debt Instrument
Stated interest rate						2.75%
Early extinguishment charge \| $						$ 18,300
4.750% notes due 2023 \| Digital Realty Trust, L.P.
Debt Instrument
Stated interest rate					4.75%		4.75%
Early extinguishment charge \| $					$ 51,100
Swiss Franc Notes \| Digital Intrepid Holding B.V
Debt Instrument
Net proceeds from offering			$ 269,200	SFr 248,600
0.600% notes due 2023 \| Digital Realty Trust, L.P.
Debt Instrument
Aggregate principal amount					$ 108,310		SFr 100,000
Stated interest rate					0.60%		0.60%
0.600% notes due 2023 \| Digital Intrepid Holding B.V
Debt Instrument
Aggregate principal amount \| SFr				SFr 100,000
Stated interest rate				0.60%
1.700% notes due 2027 \| Digital Realty Trust, L.P.
Debt Instrument
Aggregate principal amount					$ 162,465		SFr 150,000
Stated interest rate					1.70%		1.70%
1.700% notes due 2027 \| Digital Intrepid Holding B.V
Debt Instrument
Aggregate principal amount \| SFr				SFr 150,000
Stated interest rate				1.70%

Earnings per Common Share or Unit - Summary of Basic and Diluted Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock
Net income available to common stockholders	$ 63,100	$ 372,406
Weighted average units outstanding-basic (shares/units)	284,526	281,095
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	348	324
Unvested restricted stock (shares/units)	91	158
Market performance-based awards (shares/units)	60	340
Weighted average shares/units outstanding-diluted (shares/units)	285,025	281,917
Income per share/unit:
Basic (in dollars per share/unit)	$ 0.22	$ 1.32
Diluted (in dollars per share/unit)	$ 0.22	$ 1.32
Digital Realty Trust, L.P.
Class of Stock
Net income available to common stockholders	$ 64,700	$ 382,206
Weighted average units outstanding-basic (shares/units)	290,163	288,377
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	348	324
Unvested restricted stock (shares/units)	91	158
Market performance-based awards (shares/units)	60	340
Weighted average shares/units outstanding-diluted (shares/units)	290,662	289,199
Income per share/unit:
Basic (in dollars per share/unit)	$ 0.22	$ 1.32
Diluted (in dollars per share/unit)	$ 0.22	$ 1.32

Earnings per Common Share or Unit - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	19,286	14,279
Shares subject to Forward Equity Offering
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	6,250
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	7,552	7,283
Series C Cumulative Redeemable Perpetual Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)		1,476
Series J Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,452	1,462
Series K Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,527	1,537
Series L Cumulative Redeemable Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	2,505	2,521

Equity and Capital - Equity Distribution Agreement (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Sales Agreement
Class of Stock [Line Items]
Aggregate maximum offering price		$ 1,000.0
2022 Sales Agreement \| Subsequent Event
Class of Stock [Line Items]
Aggregate maximum offering price	$ 1,500.0
Aggregate gross sales price unsold	$ 577.6

Equity and Capital - Forward Equity Sale (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 13, 2021	Mar. 31, 2022
Class of Stock [Line Items]
Forward equity sales agreement deemed to be liabilities		$ 0
Underwritten Public Offering
Class of Stock [Line Items]
Issuance of common stock, net of costs (shares)	6,250,000
Gross proceeds	$ 1,000,000
Offering price	$ 155.69

Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Class of Stock
Number of units (units)	284,666	284,415
Percentage of total	97.80%	98.00%
Common stock conversion ratio	1
Digital Realty Trust, L.P.
Class of Stock
Redeemable noncontrolling interests - operating partnership	$ 716.7	$ 1,074.7
Common units held by third parties
Class of Stock
Common units held by third parties (units)	4,387	4,389
Percentage of total	1.50%	1.50%
Incentive units held by employees and directors (see Note 14)
Class of Stock
Incentive units held by employees and directors (units)	1,904	1,543
Percentage of total	0.70%	0.50%
Noncontrolling Interests in Operating Partnership
Class of Stock
Number of units (units)	290,957	290,347
Percentage of total	100.00%	100.00%

Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details)	3 Months Ended
	Mar. 31, 2022 shares
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	5,931
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units)	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(12)
Incentive units issued upon achievement of market performance condition (units)	221
Grant of incentive units to employees and directors (units)	153
Ending balance (units)	6,291
Common Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	4,389
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units)	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	0
Incentive units issued upon achievement of market performance condition (units)	0
Grant of incentive units to employees and directors (units)	0
Ending balance (units)	4,387
Incentive Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	1,542
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units)	0
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(12)
Incentive units issued upon achievement of market performance condition (units)	221
Grant of incentive units to employees and directors (units)	153
Ending balance (units)	1,904

Equity and Capital - Schedule of Dividends and Distributions (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares
Series J Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit) \| $ / shares	$ 1.31250
Series K Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit) \| $ / shares	1.46250
Series L Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit) \| $ / shares	1.30000
Common Units
Dividends Payable [Line Items]
Common stock dividend per share amount (in dollars per share/unit) \| $ / shares	$ 4.88000
March 3, 2022 \| Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units \| $	$ 2,625
March 3, 2022 \| Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units \| $	3,071
March 3, 2022 \| Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units \| $	4,485
March 3, 2022 \| Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common stock/units \| $	$ 348,025
Digital Realty Trust, L.P. \| Series J Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit) \| $ / shares	$ 1.31250
Digital Realty Trust, L.P. \| Series K Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit) \| $ / shares	1.46250
Digital Realty Trust, L.P. \| Series L Preferred Units
Dividends Payable [Line Items]
Preferred stock dividend per share amount (in dollars per share/unit) \| $ / shares	1.30000
Digital Realty Trust, L.P. \| Common Units
Dividends Payable [Line Items]
Common stock dividend per share amount (in dollars per share/unit) \| $ / shares	$ 4.88000
Digital Realty Trust, L.P. \| March 3, 2022 \| Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units \| $	$ 2,625
Digital Realty Trust, L.P. \| March 3, 2022 \| Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units \| $	3,071
Digital Realty Trust, L.P. \| March 3, 2022 \| Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units \| $	4,485
Digital Realty Trust, L.P. \| March 3, 2022 \| Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common stock/units \| $	$ 355,812

Accumulated Other Comprehensive Income (Loss), Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	$ (212,653)
Net current period change	(13,551)
Ending balance	(226,204)
Cash flow hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(107)
Net current period change	(1,312)
Reclassification to interest expense from interest rate swaps	(101)
Ending balance	(1,520)
Foreign currency net investment hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	38,880
Ending balance	38,880
Accumulated other comprehensive income (loss), net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(173,880)
Net current period change	(14,863)
Reclassification to interest expense from interest rate swaps	(101)
Ending balance	(188,844)
Digital Realty Trust, L.P.
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	18,476,787
Ending balance	18,208,706
Digital Realty Trust, L.P. \| Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(219,882)
Net current period change	(13,877)
Ending balance	(233,759)
Digital Realty Trust, L.P. \| Cash flow hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(1,240)
Net current period change	(1,344)
Reclassification to interest expense from interest rate swaps	(103)
Ending balance	(2,687)
Digital Realty Trust, L.P. \| Foreign currency net investment hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	39,677
Ending balance	39,677
Digital Realty Trust, L.P. \| Accumulated other comprehensive income (loss), net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(181,445)
Net current period change	(15,221)
Reclassification to interest expense from interest rate swaps	(103)
Ending balance	$ (196,769)

Incentive Plan - Market-Based Performance Awards (Details) - USD ($) $ in Millions				1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 27, 2023	Mar. 04, 2022	Feb. 22, 2022	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Market-based performance awards \| 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period					3 years
Market-based performance awards \| 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period					4 years	4 years
Market-based performance awards \| Below Threshold Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					0.00%
Performance Threshold					(500.00%)		(500.00%)
Market-based performance awards \| Threshold Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Performance Threshold					(500.00%)		(500.00%)
Market-based performance awards \| Target Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%
Performance Threshold					0.00%		0.00%
Market-based performance awards \| High Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					100.00%
Performance Threshold					500.00%		500.00%
Market-based performance awards \| First Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%
Market-based performance awards \| First Vesting Period \| 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
Market-based performance awards \| Second Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%
Market-based performance awards \| Second Vesting Period \| 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Class D Units \| 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)				239,436			18,966
Share-based compensation arrangement by share-based payment award, grant date fair value					$ 12.3
Restricted Stock Units \| 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)				70,721
Share-based compensation arrangement by share-based payment award, grant date fair value						$ 25.0
Financial-based performance awards \| 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period					3 years
Share-based compensation arrangement by share-based payment award, grant date fair value		$ 12.3
Financial-based performance awards \| 2019 Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period					2 years
Financial-based performance awards \| 2019 Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period					3 years

Incentive Plan - Schedule of Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Long-term incentive units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 5.2	$ 4.2
Deferred compensation, capitalized		0.1
Unearned Compensation	$ 38.4		$ 19.8
Expected period to recognize unearned compensation (in years)	2 years 6 months
Market-based performance awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 5.0	6.2
Deferred compensation, capitalized	0.2	0.4
Unearned Compensation	$ 54.4		39.2
Expected period to recognize unearned compensation (in years)	2 years 7 months 6 days
Interxion awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 0.9	10.5
Unearned Compensation	$ 5.9		8.5
Expected period to recognize unearned compensation (in years)	1 year 3 months 18 days
Restricted Stock Units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 5.3	6.0
Deferred compensation, capitalized	1.0	$ 0.7
Unearned Compensation	$ 75.6		$ 44.5
Expected period to recognize unearned compensation (in years)	3 years

Incentive Plan - Summary of Long-Term Incentive Units (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Units
Granted (shares)	153
Long-term incentive units
Units
Unvested beginning of period (shares)	250,468
Granted (shares)	153,085
Vested (shares)	(112,666)
Unvested end of period (shares)	290,887
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) \| $ / shares	$ 132.66
Granted (in dollars per share) \| $ / shares	155.90
Vested (in dollars per share) \| $ / shares	126.98
Unvested, end of period (in dollars per share) \| $ / shares	$ 147.09
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
Restricted stock
Units
Unvested beginning of period (shares)	509,369
Granted (shares)	283,852
Vested (shares)	(104,647)
Cancelled or expired (shares)	(25,344)
Unvested end of period (shares)	663,230
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) \| $ / shares	$ 129.52
Granted (in dollars per share) \| $ / shares	139.68
Vested (in dollars per share) \| $ / shares	123.80
Cancelled or expired (in dollars per share) \| $ / shares	131.82
Unvested, end of period (in dollars per share) \| $ / shares	$ 134.69

Incentive Plan - Summary of activity for Service-Based Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Units
Granted (shares)	153
Restricted stock
Units
Unvested beginning of period (shares)	509,369
Granted (shares)	283,852
Vested (shares)	(104,647)
Cancelled or expired (shares)	(25,344)
Unvested end of period (shares)	663,230
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) \| $ / shares	$ 129.52
Granted (in dollars per share) \| $ / shares	139.68
Vested (in dollars per share) \| $ / shares	123.80
Cancelled or expired (in dollars per share) \| $ / shares	131.82
Unvested, end of period (in dollars per share) \| $ / shares	$ 134.69

Incentive Plan - Narrative (Details) shares in Millions	3 Months Ended
Incentive Plan - Narrative (Details) shares in Millions	Mar. 31, 2022 shares
2014 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining for issuance under Incentive Plan (shares)	5.0
Long-term incentive units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Long-term incentive units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Service Based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Service Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years

Derivative Instruments - Outstanding Interest Rate Derivatives (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Level 2
Currently-paying contracts
Fair value of derivatives	$ 0

Fair Value of Financial Instruments - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 13,998,474	$ 14,147,889
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	14,508,971	13,562,240
Level 2 \| Global revolving credit facilities \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	959,713	415,116
Level 2 \| Global revolving credit facilities \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	959,713	415,116
Level 2 \| Unsecured senior notes \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	12,880,195	13,580,262
Level 2 \| Unsecured senior notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	13,388,665	13,000,042
Level 2 \| Secured and Other Debt \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	158,566	152,511
Level 2 \| Secured and Other Debt \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	$ 160,593	$ 147,082

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($)
Commitments and Contingencies.
Reimbursable amount of commitments related to construction contracts	$ 49.1
Commitments related to construction contracts	$ 1,400.0

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Information
Cash and cash equivalents	$ 157,964		$ 142,698
Restricted cash (included in other assets)	10,375		8,787
Total	168,339	$ 230,712	$ 151,485	$ 123,652
Interest, net of amounts capitalized	119,000	120,300
Income taxes, net of refunds	7,600	4,600
Accrued construction related costs	$ 417,300	$ 322,500

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended
Segment and Geographic Information (Details) $ in Thousands	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| segment	1
Number of Reportable Segments \| segment	1
Operating Revenues	$ 1,127,322	$ 1,090,391
Investments in Real Estate	22,977,039		$ 22,569,930
Net Assets in Foreign Operations	3,200,000	3,900,000
Outside the United States
Segment Reporting Information [Line Items]
Operating Revenues	500,000	400,000
Investments in Real Estate	$ 9,800,000	$ 9,600,000
Outside the United States \| Revenue \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk	41.00%	36.60%
United States
Segment Reporting Information [Line Items]
Operating Revenues	$ 700,000	$ 700,000
Investments in Real Estate	$ 11,200,000	$ 11,200,000

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 01, 2022	Apr. 05, 2022	Mar. 31, 2022
Global revolving credit facilities
Subsequent Events
Line of credit facility maximum borrowing capacity			$ 3,000.0
Subsequent Event \| 2022 Sales Agreement
Subsequent Events
Aggregate maximum offering price	$ 1,500.0
Aggregate gross sales price unsold	$ 577.6
Subsequent Event \| Global revolving credit facilities
Subsequent Events
Line of credit facility maximum borrowing capacity		$ 3,750.0