10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒     Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2021

☐     Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From              to             .

Commission file number 001-32336 (Digital Realty Trust, Inc.)

000-54023 (Digital Realty Trust, L.P.)

DIGITAL REALTY TRUST, INC.

DIGITAL REALTY TRUST, L.P.

(Exact name of registrant as specified in its charter)

Maryland     (Digital Realty Trust, Inc.)	26-0081711
Maryland     (Digital Realty Trust, L.P.)	20-2402955
(State or other jurisdiction of	(IRS employer
incorporation or organization)	identification number)
5707 Southwest Parkway, Building 1, Suite 275
Austin, Texas       78735
(Address of principal executive offices)

(737) 281-0101

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	DLR	New York Stock Exchange
Series J Cumulative Redeemable Preferred Stock	DLR Pr J	New York Stock Exchange
Series K Cumulative Redeemable Preferred Stock	DLR Pr K	New York Stock Exchange
Series L Cumulative Redeemable Preferred Stock	DLR Pr L	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Digital Realty Trust, Inc.	Yes    ⌧    No    ◻
Digital Realty Trust, L.P.	Yes    ⌧    No    ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Digital Realty Trust, Inc.	Yes    ⌧    No    ◻
Digital Realty Trust, L.P.	Yes    ⌧    No    ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Digital Realty Trust, Inc.:

Large accelerated filer     ⌧	Accelerated filer                      ◻
Non-accelerated filer       ◻	Smaller reporting company     ☐
	Emerging growth company     ☐

Digital Realty Trust, L.P.:

Large accelerated filer     ◻	Accelerated filer                      ◻
Non-accelerated filer       ⌧	Smaller reporting company     ☐
	Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Digital Realty Trust, Inc.	◻
Digital Realty Trust, L.P.	◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Digital Realty Trust, Inc.	Yes    ☐    No    ⌧
Digital Realty Trust, L.P.	Yes    ☐    No    ⌧

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Digital Realty Trust, Inc.:

Class	Outstanding at August 4, 2021
Common Stock, $.01 par value per share	282,593,428

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2021 of Digital Realty Trust, Inc., a Maryland corporation, and Digital Realty Trust, L.P., a Maryland limited partnership, of which Digital Realty Trust, Inc. is the sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our Company”, or “the Company” refer to Digital Realty Trust, Inc. together with its consolidated subsidiaries, including Digital Realty Trust, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to the “Parent” refer to Digital Realty Trust, Inc., and all references to “our Operating Partnership” or “the Operating Partnership” or “the OP” refer to Digital Realty Trust, L.P. together with its consolidated subsidiaries.

The Parent is a real estate investment trust, or REIT, and the sole general partner of the OP. As of June 30, 2021, the Parent owned an approximate 97.6% common general partnership interest in the OP. The remaining approximate 2.4% of the common limited partnership interests of the OP are owned by non-affiliated third parties and certain directors and officers of the Parent. As of June 30, 2021, the Parent owned all of the preferred limited partnership interests of the OP. As the sole general partner of the OP, the Parent has the full, exclusive and complete responsibility for the OP’s day-to-day management and control.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

● enhancing investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;

● eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Parent and the OP; and

● creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32

2

certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of the Company.

As general partner with control of the OP, the Parent consolidates the OP for financial reporting purposes, and it does not have significant assets other than its investment in the OP. Therefore, the assets and liabilities of the Parent and the OP are the same on their respective condensed consolidated financial statements. The separate discussions of the Parent and the OP in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

In this report, “properties” and “buildings” refer to all or any of the buildings in our portfolio, including data centers and non-data centers, and “data centers” refers only to the properties or buildings in our portfolio that contain data center space. In this report, “global revolving credit facility” refers to our Operating Partnership’s $2.35 billion senior unsecured revolving credit facility and global senior credit agreement, as amended; “Yen revolving credit facility” refers to our Operating Partnership’s ¥33,285,000,000 (approximately $300 million based on exchange rates at June 30, 2021) senior unsecured revolving credit facility and Yen credit agreement, as amended; and “revolving credit facilities” or “global revolving credit facilities” refer to our global revolving credit facility and our Yen revolving credit facility, collectively.

3

DIGITAL REALTY TRUST, INC. AND DIGITAL REALTY TRUST, L.P.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2021

TABLE OF CONTENTS

		Page Number
PART I.	FINANCIAL INFORMATION
ITEM 1.	Condensed Consolidated Financial Statements of Digital Realty Trust, Inc.:
	Condensed Consolidated Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020 (unaudited)	5
	Condensed Consolidated Income Statements for the three and six months ended June 30, 2021 and 2020 (unaudited)	6
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2021 and 2020 (unaudited)	7
	Condensed Consolidated Statement of Equity for the three and six months ended June 30, 2021 and 2020 (unaudited)	8
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)	12
	Condensed Consolidated Financial Statements of Digital Realty Trust, L.P.:
	Condensed Consolidated Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020 (unaudited)	13
	Condensed Consolidated Income Statements for the three and six months ended June 30, 2021 and 2020 (unaudited)	14
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2021 and 2020 (unaudited)	15
	Condensed Consolidated Statement of Capital for the three and six months ended June 30, 2021 and 2020 (unaudited)	16
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)	20
	Notes to Condensed Consolidated Financial Statements of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (unaudited)	21
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	55
ITEM 4.	Controls and Procedures (Digital Realty Trust, Inc.)	56
	Controls and Procedures (Digital Realty Trust, L.P.)	56
PART II.	OTHER INFORMATION	58
ITEM 1.	Legal Proceedings	58
ITEM 1A.	Risk Factors	58
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
ITEM 3.	Defaults Upon Senior Securities	59
ITEM 4.	Mine Safety Disclosures	59
ITEM 5.	Other Information	59
ITEM 6.	Exhibits	60
	Signatures	61

4

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share and per share data)

	June 30,		December 31,
	2021		2020
ASSETS
Investments in real estate:
Investments in properties, net	$	20,782,348	$	20,582,954
Investments in unconsolidated entities		1,119,026		1,148,158
Net investments in real estate		21,901,374		21,731,112
Operating lease right-of-use assets, net		1,452,633		1,386,959
Cash and cash equivalents		120,482		108,501
Accounts and other receivables, net		630,086		603,111
Deferred rent		539,379		528,180
Goodwill		8,185,931		8,330,996
Customer relationship value, deferred leasing costs and intangibles, net		2,956,027		3,122,904
Other assets		365,308		264,528
Total assets	$	36,151,220	$	36,076,291
LIABILITIES AND EQUITY
Global revolving credit facilities, net	$	1,026,368	$	531,905
Unsecured term loans, net		—		536,580
Unsecured senior notes, net of discount		12,659,043		11,997,010
Secured and other debt, including premiums		242,410		239,222
Operating lease liabilities		1,545,689		1,468,712
Accounts payable and other accrued liabilities		1,367,240		1,420,162
Deferred tax liabilities, net		742,127		698,308
Accrued dividends and distributions		—		324,386
Security deposits and prepaid rents		362,606		371,659
Total liabilities		17,945,483		17,587,944
Redeemable noncontrolling interests		41,490		42,011
Commitments and contingencies
Equity:
Stockholders’ Equity:
Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized; $755,000 and $956,250 liquidation preference ($25.00 per share), and 30,200,000 and 38,250,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		731,690		950,940
Common Stock: $0.01 par value per share, 392,000,000 shares authorized; 282,603,152 and 280,289,726 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		2,806		2,788
Additional paid-in capital		20,844,834		20,626,897
Accumulated dividends in excess of earnings		(4,153,407)		(3,997,938)
Accumulated other comprehensive income, net		31,733		135,010
Total stockholders’ equity		17,457,656		17,717,697
Noncontrolling interests		706,591		728,639
Total equity		18,164,247		18,446,336
Total liabilities and equity	$	36,151,220	$	36,076,291

See accompanying notes to the condensed consolidated financial statements.

5

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except share and per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Operating Revenues:
Rental and other services	$	1,089,395	$	987,675	$	2,177,301	$	1,807,747
Fee income and other		3,793		5,320		6,278		8,585
Total operating revenues		1,093,188		992,995		2,183,579		1,816,332
Operating Expenses:
Rental property operating and maintenance		383,216		332,647		744,995		598,355
Property taxes and insurance		48,498		48,441		101,001		94,111
Depreciation and amortization		368,981		349,165		738,714		640,622
General and administrative		97,492		94,291		197,486		157,829
Transactions and integration		7,075		15,618		21,195		72,419
Other		2,298		22		2,041		136
Total operating expenses		907,560		840,184		1,805,432		1,563,472
Operating income		185,628		152,811		378,147		252,860
Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities		52,143		(7,632)		29,112		(86,628)
Gain on disposition of properties, net		499		—		334,420		304,801
Other expense, net		10,124		22,163		2,938		18,621
Interest expense		(75,014)		(79,874)		(150,667)		(165,674)
Loss from early extinguishment of debt		—		—		(18,347)		(632)
Income tax expense		(47,582)		(11,490)		(55,129)		(18,672)
Net income		125,798		75,978		520,474		304,676
Net income attributable to noncontrolling interests		(4,544)		(1,147)		(13,300)		(5,831)
Net income attributable to Digital Realty Trust, Inc.		121,254		74,831		507,174		298,845
Preferred stock dividends, including undeclared dividends		(11,885)		(21,155)		(25,399)		(42,310)
Gain on redemption of preferred stock		18,000		—		18,000		—
Net income available to common stockholders	$	127,369	$	53,676	$	499,775	$	256,535
Net income per share available to common stockholders:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04
Weighted average common shares outstanding:
Basic		281,791,855		267,569,823		281,445,252		244,866,574
Diluted		282,433,857		270,744,408		282,075,611		247,576,014

See accompanying notes to the condensed consolidated financial statements.

6

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income	$	125,798	$	75,978	$	520,474	$	304,676
Other comprehensive income (loss):
Foreign currency translation adjustments		111,678		88,659		(107,324)		(268,544)
Increase (decrease) in fair value of interest rate swaps		226		(1,011)		563		(12,849)
Reclassification to interest expense from interest rate swaps		353		784		712		226
Other comprehensive income (loss)		112,257		88,432		(106,049)		(281,167)
Comprehensive income		238,055		164,410		414,425		23,509
Comprehensive (income) loss attributable to noncontrolling interests		(7,285)		(3,706)		(10,528)		4,907
Comprehensive income attributable to Digital Realty Trust, Inc.	$	230,770	$	160,704	$	403,897	$	28,416

See accompanying notes to the condensed consolidated financial statements.

7

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)

										Accumulated		Accumulated
	Redeemable				Number of			Additional		Dividends in		Other
	Noncontrolling		Preferred		Common	Common		Paid-in		Excess of		Comprehensive		Noncontrolling
Three Months Ended June 30, 2021	Interests		Stock		Shares	Stock		Capital		Earnings		Income (Loss), Net		Interests		Total Equity
Balance as of March 31, 2021	$	40,097	$	950,940	281,372,310	$	2,795	$	20,700,282	$	(3,952,497)	$	(77,783)	$	721,587	$	18,345,324
Conversion of common units to common stock		—		—	698,485		7		57,777		—		—		(57,784)		—
Issuance of common stock, net of costs		—		—	477,762		5		75,665		—		—		—		75,670
Amortization of share-based compensation		—		—	—		—		21,063		—		—		—		21,063
Vesting of restricted stock, net		—		—	54,595		—		—		—		—		—		—
Shares repurchased and retired to satisfy tax withholding upon vesting		—		—	—		(1)		(6,130)		—		—		—		(6,131)
Reclassification of vested share-based awards		—		—	—		—		(2,322)		—		—		2,322		—
Redemption of series C preferred stock		—		(219,250)	—		—		—		18,000		—		—		(201,250)
Adjustment to redeemable noncontrolling interests		1,501		—	—		—		(1,501)		—		—		—		(1,501)
Dividends declared on preferred stock		—		—	—		—		—		(11,885)		—		—		(11,885)
Dividends and distributions on common stock and common and incentive units		(181)		—	—		—		—		(328,279)		—		(7,801)		(336,080)
Contributions from noncontrolling interests		—		—	—		—		—		—		—		41,055		41,055
Net income		73		—	—		—		—		121,254		—		4,471		125,725
Other comprehensive income—foreign currency translation adjustments		—		—	—		—		—		—		108,951		2,727		111,678
Other comprehensive income—fair value of interest rate swaps		—		—	—		—		—		—		221		5		226
Other comprehensive income— reclassification of accumulated other comprehensive loss to interest expense		—		—	—		—		—		—		344		9		353
Balance as of June 30, 2021	$	41,490	$	731,690	282,603,152	$	2,806	$	20,844,834	$	(4,153,407)	$	31,733	$	706,591	$	18,164,247

See accompanying notes to the condensed consolidated financial statements.

8

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)

										Accumulated		Accumulated
					Number of			Additional		Dividends in		Other		Total
	Redeemable		Preferred		Common	Common		Paid-in		Excess of		Comprehensive		Noncontrolling
Six Months Ended June 30, 2021	Noncontrolling Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity
Balance as of December 31, 2020	$	42,011	$	950,940	280,289,726	$	2,788	$	20,626,897	$	(3,997,938)	$	135,010	$	728,639	$	18,446,336
Conversion of common units to common stock		—		—	1,340,675		13		111,384		—		—		(111,397)		—
Common stock issued in connection with acquisition		—		—	125,395		1		18,269		—		—		—		18,270
Issuance of common stock, net of costs		—		—	477,762		5		75,433		—		—		—		75,438
Shares issued under employee stock purchase plan		—		—	29,475		—		3,427		—		—		—		3,427
Amortization of share-based compensation		—		—	—		—		49,851		—		—		—		49,851
Vesting of restricted stock, net		—		—	340,119		—		—		—		—		—		—
Shares repurchased and retired to satisfy tax withholding upon vesting		—		—	—		(1)		(15,848)		—		—		—		(15,849)
Reclassification of vested share-based awards		—		—	—		—		(22,870)		—		—		22,870		—
Redemption of series C preferred stock		—		(219,250)	—		—		—		18,000		—		—		(201,250)
Adjustment to redeemable noncontrolling interests		1,709		—	—		—		(1,709)		—		—		—		(1,709)
Dividends declared on preferred stock		—		—	—		—		—		(25,399)		—		—		(25,399)
Dividends and distributions on common stock and common and incentive units		(362)		—	—		—		—		(655,244)		—		(16,502)		(671,746)
Contributions from noncontrolling interests		(2,150)		—	—		—		—		—		—		72,735		72,735
Net income		282		—	—		—		—		507,174		—		13,018		520,192
Other comprehensive loss—foreign currency translation adjustments		—		—	—		—		—		—		(104,520)		(2,804)		(107,324)
Other comprehensive income—fair value of interest rate swaps		—		—	—		—		—		—		549		14		563
Other comprehensive income— reclassification of accumulated other comprehensive loss to interest expense		—		—	—		—		—		—		694		18		712
Balance as of June 30, 2021	$	41,490	$	731,690	282,603,152	$	2,806	$	20,844,834	$	(4,153,407)	$	31,733	$	706,591	$	18,164,247

See accompanying notes to the condensed consolidated financial statements.

9

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)

										Accumulated		Accumulated
	Redeemable				Number of			Additional		Dividends in		Other
	Noncontrolling		Preferred		Common	Common		Paid-in		Excess of		Comprehensive		Noncontrolling
Three Months Ended June 30, 2020	Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity
Balance as of March 31, 2020	$	40,027	$	1,434,420	263,595,562	$	2,622	$	18,606,766	$	(3,139,350)	$	(444,222)	$	716,304	$	17,176,540
Conversion of common units to common stock		—		—	212,859		2		18,043		—		—		(18,045)		—
Common stock and share-based awards issued in connection with Interxion Combination		—		—	—		—		9,800		—		—		—		9,800
Issuance of common stock, net of costs		—		—	4,535,951		46		638,080		—		—		—		638,126
Shares issued under employee stock purchase plan		—		—	—		—		—		—		—		—		—
Amortization of share-based compensation		—		—	—		—		22,050		—		—		—		22,050
Vesting of restricted stock, net		—		—	54,701		—		—		—		—		—		—
Shares repurchased and retired to satisfy tax withholding upon vesting		—		—	—		—		(432)		—		—		—		(432)
Reclassification of vested share-based awards		—		—	—		—		(1,497)		—		—		1,497		—
Adjustment to redeemable noncontrolling interests		499		—	—		—		(499)		—		—		—		(499)
Dividends declared on preferred stock		—		—	—		—		—		(21,155)		—		—		(21,155)
Dividends and distributions on common stock and common and incentive units		(175)		—	—		—		—		(300,851)		—		(10,128)		(310,979)
Contributions from noncontrolling interests		515		—	—		—		—		—		—		4,506		4,506
Net income (loss)		(282)		—	—		—		—		74,831		—		1,429		76,260
Other comprehensive income—foreign currency translation adjustments		—		—	—		—		—		—		86,093		2,566		88,659
Other comprehensive loss—fair value of interest rate swaps		—		—	—		—		—		—		(981)		(30)		(1,011)
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense		—		—	—		—		—		—		761		23		784
Balance as of June 30, 2020	$	40,584	$	1,434,420	268,399,073	$	2,670	$	19,292,311	$	(3,386,525)	$	(358,349)	$	698,122	$	17,682,649

See accompanying notes to the condensed consolidated financial statements.

10

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)

										Accumulated		Accumulated
					Number of			Additional		Dividends in		Other		Total
	Redeemable		Preferred		Common	Common		Paid-in		Excess of		Comprehensive		Noncontrolling
Six Months Ended June 30, 2020	Noncontrolling Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity
Balance as of December 31, 2019	$	41,465	$	1,434,420	208,900,758	$	2,073	$	11,577,320	$	(3,046,579)	$	(87,922)	$	728,788	$	10,608,100
Conversion of common units to common stock		—		—	805,812		8		70,274		—		—		(70,282)		—
Common stock and share-based awards issued in connection with Interxion Combination		—		—	54,298,595		543		6,984,509		—		—		—		6,985,052
Issuance of common stock, net of costs		—		—	4,585,951		46		644,585		—		—		—		644,631
Shares issued under employee stock purchase plan		—		—	25,234		—		2,638		—		—		—		2,638
Amortization of share-based compensation		—		—	—		—		37,730		—		—		—		37,730
Vesting of restricted stock, net		—		—	(217,277)		—		—		—		—		—		—
Shares repurchased and retired to satisfy tax withholding upon vesting		—		—	—		—		(4,750)		—		—		—		(4,750)
Reclassification of vested share-based awards		—		—	—		—		(16,504)		—		—		16,504		—
Adjustment to redeemable noncontrolling interests		3,491		—	—		—		(3,491)		—		—		—		(3,491)
Dividends declared on preferred stock		—		—	—		—		—		(42,310)		—		—		(42,310)
Dividends and distributions on common stock and common and incentive units		(350)		—	—		—		—		(596,481)		—		(19,150)		(615,631)
Contributions from noncontrolling interests		1,567		—	—		—		—		—		—		43,982		43,982
Net income (loss)		(3,188)		—	—		—		—		298,845		—		9,019		307,864
Other comprehensive loss—foreign currency translation adjustments		(2,401)		—	—		—		—		—		(258,257)		(10,286)		(268,513)
Other comprehensive loss—fair value of interest rate swaps		—		—	—		—		—		—		(12,393)		(456)		(12,849)
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense		—		—	—		—		—		—		223		3		226
Balance as of June 30, 2020	$	40,584	$	1,434,420	268,399,073	$	2,670	$	19,292,311	$	(3,386,525)	$	(358,349)	$	698,122	$	17,682,649

See accompanying notes to the condensed consolidated financial statements.

11

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Six Months Ended June 30,
	2021		2020
Cash flows from operating activities:
Net income	$	520,474	$	304,676
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net		(334,420)		(304,801)
Equity in (earnings) loss of unconsolidated entities		(29,112)		86,628
Distributions from unconsolidated entities		57,037		9,231
Depreciation and amortization		738,714		640,622
Amortization of share-based compensation		47,668		35,580
Loss from early extinguishment of debt		18,347		632
Amortization of acquired above-market leases and acquired below-market leases, net		4,157		7,087
Amortization of deferred financing costs and debt discount / premium		9,571		9,820
Other items, net		(2,066)		(10,944)
Changes in assets and liabilities:
Increase in accounts receivable and other assets		(146,503)		(48,345)
Decrease in accounts payable and other liabilities		(33,945)		(17,816)
Net cash provided by operating activities		849,922		712,370
Cash flows from investing activities:
Improvements to investments in real estate		(1,081,446)		(854,885)
Cash paid for business combinations and asset acquisitions, net of cash and restricted cash acquired		(168,439)		(234,448)
Proceeds from (investment in) unconsolidated entities		6,131		(94,169)
Proceeds from sale of real estate		703,936		526,362
Other investing activities, net		(18,827)		(21,675)
Net cash used in investing activities		(558,645)		(678,815)
Cash flows from financing activities:
Net proceeds (payments on) from credit facilities	$	508,169	$	(287,271)
Borrowings on secured / unsecured debt		1,218,650		2,357,417
Repayments on secured / unsecured debt		(886,963)		(1,436,362)
Premium paid for early extinguishment of debt		(16,482)		—
Capital contributions from noncontrolling interests		70,585		36,876
Proceeds from issuance of common stock, net		75,438		639,881
Redemption of preferred stock		(201,250)		—
Payments of dividends and distributions		(1,021,893)		(892,911)
Other financing activities, net		(21,602)		(12,802)
Net cash (used in) provided by financing activities		(275,348)		404,828
Net increase in cash, cash equivalents and restricted cash		15,929		438,383
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(11,068)		(16,603)
Cash, cash equivalents and restricted cash at beginning of period		123,652		97,253
Cash, cash equivalents and restricted cash at end of period	$	128,513	$	519,033

See accompanying notes to the condensed consolidated financial statements.

12

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except unit data)

	June 30,		December 31,
	2021		2020
ASSETS
Investments in real estate:
Investments in properties, net	$	20,782,348	$	20,582,954
Investments in unconsolidated entities		1,119,026		1,148,158
Net investments in real estate		21,901,374		21,731,112
Operating lease right-of-use assets, net		1,452,633		1,386,959
Cash and cash equivalents		120,482		108,501
Accounts and other receivables, net		630,086		603,111
Deferred rent		539,379		528,180
Goodwill		8,185,931		8,330,996
Customer relationship value, deferred leasing costs and intangibles, net		2,956,027		3,122,904
Other assets		365,308		264,528
Total assets	$	36,151,220	$	36,076,291
LIABILITIES AND CAPITAL
Global revolving credit facilities, net	$	1,026,368	$	531,905
Unsecured term loans, net		—		536,580
Unsecured senior notes, net		12,659,043		11,997,010
Secured and other debt, including premiums		242,410		239,222
Operating lease liabilities		1,545,689		1,468,712
Accounts payable and other accrued liabilities		1,367,240		1,420,162
Deferred tax liabilities, net		742,127		698,308
Accrued dividends and distributions		—		324,386
Security deposits and prepaid rents		362,606		371,659
Total liabilities		17,945,483		17,587,944
Redeemable noncontrolling interests		41,490		42,011
Commitments and contingencies
Capital:
Partners’ capital:
General Partner:
Preferred units, $755,000 and $956,250 liquidation preference ($25.00 per unit), and 30,200,000 and 38,250,000 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		731,690		950,940
Common units, 282,603,152 and 280,289,726 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		16,694,233		16,631,747
Limited Partners, 7,055,409 and 8,046,267 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		516,879		609,190
Accumulated other comprehensive income		28,751		134,800
Total partners’ capital		17,971,553		18,326,677
Noncontrolling interests		192,694		119,659
Total capital		18,164,247		18,446,336
Total liabilities and capital	$	36,151,220	$	36,076,291

See accompanying notes to the condensed consolidated financial statements.

13

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except unit and per unit data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Operating Revenues:
Rental and other services	$	1,089,395	$	987,675	$	2,177,301	$	1,807,747
Fee income and other		3,793		5,320		6,278		8,585
Total operating revenues		1,093,188		992,995		2,183,579		1,816,332
Operating Expenses:
Rental property operating and maintenance		383,216		332,647		744,995		598,355
Property taxes and insurance		48,498		48,441		101,001		94,111
Depreciation and amortization		368,981		349,165		738,714		640,622
General and administrative		97,492		94,291		197,486		157,829
Transactions and integration		7,075		15,618		21,195		72,419
Other		2,298		22		2,041		136
Total operating expenses		907,560		840,184		1,805,432		1,563,472
Operating income		185,628		152,811		378,147		252,860
Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities		52,143		(7,632)		29,112		(86,628)
Gain on disposition of properties, net		499		—		334,420		304,801
Other expense, net		10,124		22,163		2,938		18,621
Interest expense		(75,014)		(79,874)		(150,667)		(165,674)
Loss from early extinguishment of debt		—		—		(18,347)		(632)
Income tax expense		(47,582)		(11,490)		(55,129)		(18,672)
Net income		125,798		75,978		520,474		304,676
Net (income) loss attributable to noncontrolling interests		(1,344)		253		(300)		3,369
Net income attributable to Digital Realty Trust, L.P.		124,454		76,231		520,174		308,045
Preferred units distributions, including undeclared distributions		(11,885)		(21,155)		(25,399)		(42,310)
Gain on redemption of preferred units		18,000		—		18,000		—
Net income available to common unitholders	$	130,569	$	55,076	$	512,775	$	265,735
Net income per unit available to common unitholders:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04
Weighted average common units outstanding:
Basic		288,842,803		275,544,524		288,588,250		252,995,033
Diluted		289,484,805		278,719,109		289,218,609		255,704,473

See accompanying notes to the condensed consolidated financial statements.

14

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income	$	125,798	$	75,978	$	520,474	$	304,676
Other comprehensive income (loss):
Foreign currency translation adjustments		111,678		88,659		(107,324)		(268,544)
Increase (decrease) in fair value of interest rate swaps		226		(1,011)		563		(12,849)
Reclassification to interest expense from interest rate swaps		353		784		712		226
Other comprehensive income (loss)		112,257		88,432		(106,049)		(281,167)
Comprehensive income (loss) attributable to Digital Realty Trust, L.P.	$	238,055	$	164,410	$	414,425	$	23,509
Comprehensive (income) loss attributable to noncontrolling interests		(1,344)		253		(300)		3,369
Comprehensive income attributable to Digital Realty Trust, L.P.	$	236,711	$	164,663	$	414,125	$	26,878

See accompanying notes to the condensed consolidated financial statements.

15

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)

												Accumulated
	Redeemable		General Partner						Limited Partners			Other
	Limited Partner		Preferred Units			Common Units			Common Units			Comprehensive		Noncontrolling
Three Months Ended June 30, 2021	Common Units		Units	Amount		Units	Amount		Units	Amount		Income (Loss)		Interests		Total Capital
Balance as of March 31, 2021	$	40,097	38,250,000	$	950,940	281,372,310	$	16,750,580	7,741,271	$	577,015	$	(83,506)	$	150,295	$	18,345,324
Conversion of limited partner common units to general partner common units		—	—		—	698,485		57,784	(698,485)		(57,784)		—		—		—
Issuance of common units, net of offering costs		—	—		—	477,762		75,670	—		—		—		—		75,670
Issuance of common units, net of forfeitures		—	—		—	—		—	12,623		—		—		—		—
Amortization of share-based compensation		—	—		—	—		21,063	—		—		—		—		21,063
Vesting of restricted common units, net		—	—		—	54,595		—	—		—		—		—		—
Reclassification of vested share-based awards		—	—		—	—		(2,322)	—		2,322		—		—		—
Redemption of series C preferred units		—	(8,050,000)		(219,250)	—		18,000	—		—		—		—		(201,250)
Units repurchased and retired to satisfy tax withholding upon vesting		—	—		—	—		(6,131)	—		—		—		—		(6,131)
Adjustment to redeemable partnership units		1,501	—		—	—		(1,501)	—		—		—		—		(1,501)
Distributions		(181)	—		(11,885)	—		(328,279)	—		(7,801)		—		—		(347,965)
Contributions from noncontrolling interests in consolidated entities		—	—		—	—		—	—		—		—		41,055		41,055
Net income		73	—		11,885	—		109,369	—		3,127		—		1,344		125,725
Other comprehensive income—foreign currency translation adjustments		—	—		—	—		—	—		—		111,678		—		111,678
Other comprehensive income—fair value of interest rate swaps		—	—		—	—		—	—		—		226		—		226
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense		—	—		—	—		—	—		—		353		—		353
Balance as of June 30, 2021	$	41,490	30,200,000	$	731,690	282,603,152	$	16,694,233	7,055,409	$	516,879	$	28,751	$	192,694	$	18,164,247

See accompanying notes to the condensed consolidated financial statements.

16

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)

												Accumulated
	Redeemable		General Partner						Limited Partners			Other
	Limited Partner		Preferred Units			Common Units			Common Units			Comprehensive		Noncontrolling
Six Months Ended June 30, 2021	Common Units		Units	Amount		Units	Amount		Units	Amount		Income		Interests		Total Capital
Balance as of December 31, 2020	$	42,011	38,250,000	$	950,940	280,289,726	$	16,631,747	8,046,267	$	609,190	$	134,800	$	119,659	$	18,446,336
Conversion of limited partner common units to general partner common units		—	—		—	1,340,675		111,397	(1,340,675)		(111,397)		—		—		—
Common units issued in connection with acquisition		—	—		—	125,395		18,270	—		—		—		—		18,270
Issuance of common units, net of offering costs		—	—		—	477,762		75,438	—		—		—		—		75,438
Issuance of common units, net of forfeitures		—	—		—	—		—	349,817		—		—		—		—
Units issued in connection with employee stock purchase plan		—	—		—	29,475		3,427	—		—		—		—		3,427
Units repurchased and retired to satisfy tax withholding upon vesting		—	—		—	—		(15,849)	—		—		—		—		(15,849)
Amortization of share-based compensation		—	—		—	—		49,851	—		—		—		—		49,851
Vesting of restricted common units, net		—	—		—	340,119		—	—		—		—		—		—
Reclassification of vested share-based awards		—	—		—	—		(22,870)	—		22,870		—		—		—
Redemption of series C preferred units		—	(8,050,000)		(219,250)	—		18,000	—		—		—		—		(201,250)
Adjustment to redeemable partnership units		1,709	—		—	—		(1,709)	—		—		—		—		(1,709)
Distributions		(362)	—		(25,399)	—		(655,244)	—		(16,502)		—		—		(697,145)
Contributions from noncontrolling interests in consolidated entities		(2,150)	—		—	—		—	—		—		—		72,735		72,735
Net income		282	—		25,399	—		481,775	—		12,718		—		300		520,192
Other comprehensive loss—foreign currency translation adjustments		—	—		—	—		—	—		—		(107,324)		—		(107,324)
Other comprehensive income—fair value of interest rate swaps		—	—		—	—		—	—		—		563		—		563
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense		—	—		—	—		—	—		—		712		—		712
Balance as of June 30, 2021	$	41,490	30,200,000	$	731,690	282,603,152	$	16,694,233	7,055,409	$	516,879	$	28,751	$	192,694	$	18,164,247

See accompanying notes to the condensed consolidated financial statements.

17

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)

												Accumulated
	Redeemable		General Partner						Limited Partners			Other
	Limited Partner		Preferred Units			Common Units			Common Units			Comprehensive		Noncontrolling
Three Months Ended June 30, 2020	Common Units		Units	Amount		Units	Amount		Units	Amount		Loss		Interests		Total Capital
Balance as of March 31, 2020	$	40,027	58,250,000	$	1,434,420	263,595,562	$	15,470,038	8,473,386	$	673,051	$	(461,007)	$	60,038	$	17,176,540
Conversion of limited partner common units to general partner common units		—	—		—	212,859		18,045	(212,859)		(18,045)		—		—		—
Common units and share-based awards issued in connection with Interxion Combination		—	—		—	—		9,800	—		—		—		—		9,800
Issuance of common units, net of offering costs		—	—		—	4,535,951		638,126	—		—		—		—		638,126
Issuance of common units, net of forfeitures		—	—		—	—		—	27,292		—		—		—		—
Amortization of share-based compensation		—	—		—	—		22,050	—		—		—		—		22,050
Vesting of restricted common units, net		—	—		—	54,701		—	—		—		—		—		—
Units repurchased and retired to satisfy tax withholding upon vesting		—	—		—	—		(432)	—		—		—		—		(432)
Reclassification of vested share-based awards		—	—		—	—		(1,497)	—		1,497		—		—		—
Adjustment to redeemable partnership units		499	—		—	—		(499)	—		—		—		—		(499)
Distributions		(175)	—		(21,155)	—		(300,851)	—		(10,128)		—		—		(332,134)
Contributions from noncontrolling interests in consolidated entities		515	—		—	—		—	—		—		—		4,506		4,506
Net income (loss)		(282)	—		21,155	—		53,676	—		1,682		—		(253)		76,260
Other comprehensive income—foreign currency translation adjustments		—	—		—	—		—	—		—		88,659		—		88,659
Other comprehensive loss—fair value of interest rate swaps		—	—		—	—		—	—		—		(1,011)		—		(1,011)
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense		—	—		—	—		—	—		—		784		—		784
Balance as of June 30, 2020	$	40,584	58,250,000	$	1,434,420	268,399,073	$	15,908,456	8,287,819	$	648,057	$	(372,575)	$	64,291	$	17,682,649

See accompanying notes to the condensed consolidated financial statements.

18

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)

												Accumulated
	Redeemable		General Partner						Limited Partners			Other
	Limited Partner		Preferred Units			Common Units			Common Units			Comprehensive		Noncontrolling
Six Months Ended June 30, 2020	Common Units		Units	Amount		Units	Amount		Units	Amount		Loss		Interests		Total Capital
Balance as of December 31, 2019	$	41,465	58,250,000	$	1,434,420	208,900,758	$	8,532,814	8,843,155	$	711,650	$	(91,409)	$	20,625	$	10,608,100
Conversion of limited partner common units to general partner common units		—	—		—	805,812		70,282	(805,812)		(70,282)		—		—		—
Common units and share-based awards issued in connection with Interxion Combination		—	—		—	54,298,595		6,985,052	—		—		—		—		6,985,052
Issuance of common units, net of offering costs		—	—		—	4,585,951		644,631	—		—		—		—		644,631
Issuance of common units, net of forfeitures		—	—		—	—		—	250,476		—		—		—		—
Units issued in connection with employee stock purchase plan		—	—		—	25,234		2,638	—		—		—		—		2,638
Amortization of share-based compensation		—	—		—	—		36,480	—		—		—		—		36,480
Vesting of restricted common units, net		—	—		—	(217,277)		—	—		—		—		—		—
Units repurchased and retired to satisfy tax withholding upon vesting		—	—		—	—		(3,500)	—		—		—		—		(3,500)
Reclassification of vested share-based awards		—	—		—	—		(16,504)	—		16,504		—		—		—
Adjustment to redeemable partnership units		3,491	—		—	—		(3,491)	—		—		—		—		(3,491)
Distributions		(350)	—		(42,310)	—		(596,481)	—		(19,150)		—		—		(657,941)
Contributions from noncontrolling interests in consolidated entities		1,567	—		—	—		—	—		—		—		43,982		43,982
Net income (loss)		(3,188)	—		42,310	—		256,535	—		9,335		—		(316)		307,864
Other comprehensive loss—foreign currency translation adjustments		(2,401)	—		—	—		—	—		—		(268,543)		—		(268,543)
Other comprehensive loss—fair value of interest rate swaps		—	—		—	—		—	—		—		(12,849)		—		(12,849)
Other comprehensive income—reclassification of accumulated other comprehensive loss to interest expense		—	—		—	—		—	—		—		226		—		226
Balance as of June 30, 2020	$	40,584	58,250,000	$	1,434,420	268,399,073	$	15,908,456	8,287,819	$	648,057	$	(372,575)	$	64,291	$	17,682,649

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Six Months Ended June 30,
	2021		2020
Cash flows from operating activities:
Net income	$	520,474	$	304,676
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net		(334,420)		(304,801)
Equity in (earnings) loss of unconsolidated entities		(29,112)		86,628
Distributions from unconsolidated entities		57,037		9,231
Depreciation and amortization		738,714		640,622
Amortization of share-based compensation		47,668		35,580
Loss from early extinguishment of debt		18,347		632
Amortization of acquired above-market leases and acquired below-market leases, net		4,157		7,087
Amortization of deferred financing costs and debt discount / premium		9,571		9,820
Other items		(2,066)		(10,944)
Changes in assets and liabilities:
Increase in accounts receivable and other assets		(146,503)		(48,345)
Decrease in accounts payable and other liabilities		(33,945)		(17,816)
Net cash provided by operating activities		849,922		712,370
Cash flows from investing activities:
Improvements to investments in real estate		(1,081,446)		(854,885)
Cash paid for business combinations and asset acquisitions, net of cash and restricted cash acquired		(168,439)		(234,448)
Proceeds from (investment in) unconsolidated entities		6,131		(94,169)
Proceeds from sale of real estate		703,936		526,362
Other investing activities, net		(18,827)		(21,675)
Net cash used in investing activities		(558,645)		(678,815)
Cash flows from financing activities:
Net proceeds (payments on) from credit facilities	$	508,169	$	(287,271)
Borrowings on secured / unsecured debt		1,218,650		2,357,417
Repayments on secured / unsecured debt		(886,963)		(1,436,362)
Premium paid for early extinguishment of debt		(16,482)		—
Capital contributions from noncontrolling interests		70,585		36,876
General partner contributions		75,438		639,881
Redemption of preferred units		(201,250)		—
Payment of distributions		(1,021,893)		(892,911)
Other financing activities, net		(21,602)		(12,802)
Net cash (used in) provided by financing activities		(275,348)		404,828
Net increase in cash, cash equivalents and restricted cash		15,929		438,383
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(11,068)		(16,603)
Cash, cash equivalents and restricted cash at beginning of period		123,652		97,253
Cash, cash equivalents and restricted cash at end of period	$	128,513	$	519,033

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. General

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.

Accounting Principles

Our unaudited interim condensed consolidated financial statements and accompanying notes are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). 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, 2020 (“2020 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as filed with the SEC, and other filings with the SEC.

Basis of Presentation

The accompanying interim condensed consolidated financial statements include all accounts of the Parent, the OP and the subsidiaries of the OP. The notes to the condensed consolidated financial statements have been combined.

The Parent’s only material asset is its ownership of partnership interests of the OP. As a result, the Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates.

The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units.

Management Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience, current market conditions, and various other assumptions that we believe to be reasonable under the circumstances. Examples of estimates and assumptions include: the probability of collection of lease payments from customers, the recoverability of the carrying values of investments in real estate, the fair value of share-based compensation awards, loss contingencies, the fair value of and/or potential impairment of goodwill and intangible assets, useful lives of tangible and intangible assets, and the fair value of customer relationships, buildings & improvements, and other tangible and intangible assets acquired in business

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

combinations and asset acquisitions. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties.

The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how the pandemic is impacting the Company’s customers and business partners. While the Company has not incurred significant disruptions during the six months ended June 30, 2021 from the COVID-19 pandemic, we are unable to predict the impact the COVID-19 pandemic will have on the Company’s financial condition, results of operations and cash flows due to numerous uncertainties.

New Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (FASB) issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The Company adopted the updated guidance for the quarter ended March 31, 2021. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our consolidated financial statements or do not apply to our operations.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2. Business Combinations

We obtained control of InterXion Holding N.V. (“Interxion”) on March 9, 2020 and completed the Company’s combination with Interxion (“Interxion Combination”) on March 12, 2020 for total equity consideration of approximately $7.0 billion, including approximately $108.5 million of assumed cash and cash equivalents. Revenues attributable to Interxion amounted to $244.6 million and $194.5 million for the three months ended June 30, 2021 and 2020, respectively, and $480.8 million and $241.9 million for the six months ended June 30, 2021 and 2020, respectively. Net income attributable to Interxion amounted to $23.2 million and $9.4 million for the three months ended June 30, 2021 and 2020, respectively, and $41.2 million and $12.1 million for the six months ended June 30, 2021 and 2020, respectively.

3. Investments in Properties

A summary of our investments in properties as of June 30, 2021 and December 31, 2020 is below (in thousands):

Property Type	As of June 30, 2021		As of December 31, 2020
Land	$	1,115,383	$	1,106,392
Acquired ground lease		6,872		10,308
Buildings and improvements		21,476,874		21,335,396
Tenant improvements		688,724		690,892
		23,287,853		23,142,988
Accumulated depreciation and amortization		(5,919,650)		(5,555,221)
Investments in operating properties, net		17,368,203		17,587,767
Construction in progress and space held for development		3,270,570		2,768,325
Land held for future development		143,575		226,862
Investments in properties, net	$	20,782,348	$	20,582,954

Disposition

On March 16, 2021 we sold a portfolio of 11 data centers in Europe (four in the United Kingdom, three in the Netherlands, three in France and one in Switzerland) to Ascendas Reit, a CapitaLand sponsored REIT, for total purchase consideration of approximately $680.0 million (subject to customary final adjustments for working capital and other items). The total gain recorded during the three months ended March 31, 2021 as a result of this sale was approximately $333.3 million. We will provide transitional property management services for one year from the closing date at a customary market rate. The assets and liabilities sold were not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

4. Leases

Lessor Accounting

We lease our operating properties to customers under agreements that are classified as operating leases. The majority of our revenue is derived from lease arrangements. 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, the majority 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 that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. The 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 June 30, 2021, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of June 30, 2021, the termination dates of these ground leases generally range from 2041 to 2125. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2021 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 $37.2 million and $33.3 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $72.4 million and $57.9 million for the six months ended June 30, 2021 and 2020, respectively.

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	% Ownership		June 30, 2021		December 31, 2020
Ascenty (1)	2019	Brazil / Chile / Mexico	51	% (2)	$	613,086	$	567,192
Mapletree	2019	Northern Virginia	20	%		178,429		184,890
Mitsubishi	Various	Osaka / Tokyo	50	%		181,056		278,947
Lumen	2012	Hong Kong	50	%		78,923		86,600
Other	Various	U.S.	Various			67,532		30,529
Total					$	1,119,026	$	1,148,158

(1) Our maximum exposure to loss related to this unconsolidated variable interest entity (VIE) is limited to our equity investment in this VIE.

(2) Includes an approximate 2% ownership interest held by a non-controlling interest in our entity that holds the investment in the Ascenty entity, which has a carrying value as of June 30, 2021 and December 31, 2020 of

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

approximately $19.7 million and $21.9 million, respectively, and is classified within redeemable noncontrolling interests in our condensed consolidated balance sheet.

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

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 June 30, 2021 as compared to December 31, 2020 were immaterial and driven primarily by changes in exchange rates associated with goodwill balances denominated in foreign currencies.

7. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities.

(Amounts in thousands)
	Balance as of
	June 30, 2021						December 31, 2020
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,960,866	$	(657,293)	$	2,303,573	$	2,993,093	$	(570,886)	$	2,422,207
Acquired in-place lease value		1,341,381		(1,008,732)		332,649		1,382,563		(1,004,421)		378,142
Other		56,321		(11,109)		45,212		57,370		(7,107)		50,263
Acquired above-market leases		275,251		(243,700)		31,551		280,216		(236,923)		43,293
Acquired below-market leases		(383,127)		265,746		(117,381)		(401,539)		270,648		(130,891)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $66.4 million and $79.5 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $134.1 million and $135.8 million for the six months ended June 30, 2021 and 2020, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in a decrease in rental and other services revenue of $(1.1) million and $(3.1) million for the three months ended June 30, 2021 and 2020, respectively, and $(2.6) million and $(6.4) million for the six months ended June 30, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2021 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 2021	$	88,088	$	37,471	$	4,210	$	9,962	$	(9,055)
2022		175,004		58,817		8,419		11,209		(15,974)
2023		174,335		47,776		1,520		4,759		(14,289)
2024		173,755		41,010		—		2,584		(12,676)
2025		173,253		35,767		—		1,452		(10,779)
Thereafter		1,519,138		111,808		—		1,585		(54,608)
Total	$	2,303,573	$	332,649	$	14,149	$	31,551	$	(117,381)

(1) Excludes power grid rights in the amount of approximately $31.1 million that are currently not being amortized.  Amortization will begin once a data center associated with the power grid right is placed into service

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

8. Debt

On a standalone basis (e.g., excluding its subsidiaries), Digital Realty Trust, Inc. does not have any indebtedness. The Parent is the guarantor or co-guarantor on all debt held by the OP or its subsidiaries. All debt is currently held directly or indirectly by the OP. A summary of outstanding indebtedness of the OP, together with its subsidiaries, as of June 30, 2021 and December 31, 2020 is as follows (in thousands):

	June 30, 2021				December 31, 2020
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	0.98	%	$	1,032,946	0.91	%	$	540,184
Unsecured term loans	—	%		—	1.20	%		537,470
Unsecured senior notes	2.33	%		12,762,570	2.49	%		12,096,029
Secured and other debt	3.06	%		242,870	2.92	%		239,330
Total	2.24	%	$	14,038,386	2.38	%	$	13,413,013

The interest rates presented in the table above represent the 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 rate on certain variable rate debt.

We 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):

	June 30, 2021				December 31, 2020
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,822,870	27.2	%	$	3,629,000	27.1	%
British pound sterling (£)		2,143,805	15.3	%		2,166,695	16.2	%
Euro (€)		7,757,504	55.3	%		6,912,142	51.5	%
Other		314,207	2.2	%		705,176	5.2	%
Total	$	14,038,386			$	13,413,013

26

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

	Aggregate Principal at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date		June 30, 2021		December 31, 2020
Floating rate notes due 2022	€	300,000	$	349,800	Sep 23, 2022	$	355,740	$	366,480
0.125% notes due 2022	€	300,000	$	332,760	Oct 15, 2022		355,740		366,480
2.750% notes due 2023	$	350,000	$	350,000	Feb 1, 2023		-		350,000
2.625% notes due 2024	€	600,000	$	677,040	Apr 15, 2024		711,480		732,960
2.750% notes due 2024	£	250,000	$	324,925	Jul 19, 2024		345,775		341,750
4.250% notes due 2025	£	400,000	$	634,480	Jan 17, 2025		553,240		546,800
0.625% notes due 2025	€	650,000	$	720,980	Jul 15, 2025		770,770		794,040
4.750% notes due 2025	$	450,000	$	450,000	Oct 1, 2025		450,000		450,000
2.500% notes due 2026	€	1,075,000	$	1,224,640	Jan 16, 2026		1,274,735		1,313,219
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		592,900		610,800
4.450% notes due 2028	$	650,000	$	650,000	Jul 15, 2028		650,000		650,000
3.300% notes due 2029	£	350,000	$	454,895	Jul 19, 2029		484,085		478,450
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		889,350		916,200
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		760,705		751,850
1.250% notes due 2031	€	500,000	$	560,950	Feb 1, 2031		592,900		610,800
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,185,800		-
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		889,350		916,200
						$	12,762,570	$	12,096,029
Unamortized discounts, net of premiums							(37,743)		(34,988)
Deferred financing costs, net							(65,784)		(64,031)
Total unsecured senior notes, net of discount and deferred financing costs						$	12,659,043	$	11,997,010

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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At June 30, 2021, we were in compliance with each of these financial covenants.

The table below summarizes our debt maturities and principal payments as of June 30, 2021 (in thousands):

	Global Revolving		Unsecured			Secured and
	Credit Facilities(1)		Senior Notes		Other Debt		Total Debt
Remainder of 2021	$	—	$	—	$	—	$	—
2022		—		711,480		—		711,480
2023		996,766		—		104,000		1,100,766
2024		36,180		1,057,255		—		1,093,435
2025		—		1,774,010		—		1,774,010
Thereafter		—		9,219,825		138,870		9,358,695
Subtotal	$	1,032,946	$	12,762,570	$	242,870	$	14,038,386
Unamortized net discounts		—		(37,743)		—		(37,743)
Unamortized deferred financing costs		(6,578)		(65,784)		(460)		(72,822)
Total	$	1,026,368	$	12,659,043	$	242,410	$	13,927,821

(1) The global revolving credit facility is subject to two six-month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility.

During the six months ended June 30, 2021, we recognized a loss on early extinguishment of debt of approximately $18.3 million, mostly due to the redemption of the 2.750% Notes due 2023 in February. During the six months ended June 30, 2020, losses on early extinguishment of debt were not significant.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

9. Earnings per Common Share or Unit

The computation of basic and diluted earnings per share and unit is shown below (in thousands, except share/unit and per share / unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income available to common stockholders	$	127,369	$	53,676	$	499,775	$	256,535
Weighted average shares outstanding—basic		281,791,855		267,569,823		281,445,252		244,866,574
Potentially dilutive common shares:
Unvested incentive units		176,777		110,178		167,352		81,319
Unvested restricted stock		164,787		312,634		142,677		261,758
Forward equity offering		—		2,246,171		—		1,845,832
Market performance-based awards		300,438		505,602		320,330		520,531
Weighted average shares outstanding—diluted		282,433,857		270,744,408		282,075,611		247,576,014
Income per share:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income available to common unitholders	$	130,569	$	55,076	$	512,775	$	265,735
Weighted average units outstanding—basic		288,842,803		275,544,524		288,588,250		252,995,033
Potentially dilutive common units:
Unvested incentive units		176,777		110,178		167,352		81,319
Unvested restricted units		164,787		312,634		142,677		261,758
Forward equity offering		—		2,246,171		—		1,845,832
Market performance-based awards		300,438		505,602		320,330		520,531
Weighted average units outstanding—diluted		289,484,805		278,719,109		289,218,609		255,704,473
Income per unit:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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.

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. (excluded only from calculation of earnings per share)	7,050,948	7,974,701	7,142,998	8,128,459
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	688,978	1,441,895	1,082,497	1,518,997
Potentially dilutive Series G Cumulative Redeemable Preferred Stock	—	1,787,870	—	1,883,473
Potentially dilutive Series I Cumulative Redeemable Preferred Stock	—	1,789,962	1,269,035	1,885,677
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,317,184	1,428,093	1,389,536	1,504,458
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,385,091	1,501,718	1,461,173	1,582,019
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,271,862	2,463,157	2,396,654	2,593,120
Total	12,714,063	18,387,396	14,741,893	19,096,203

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

10. Equity and Capital

Equity Distribution Agreement

Digital Realty Trust, Inc. and Digital Realty Trust, L.P., are 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. can 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 six months ended June 30, 2021, Digital Realty Trust, Inc. issued approximately 0.5 million common shares under the Sales Agreement at an average price of $161.57 per share. For the six months ended June 30, 2020, Digital Realty Trust, Inc. issued approximately 4.6 million common shares under the Sales Agreement at an average price of $142.39 per share. As of June 30, 2021, approximately $672.2 million remains available for future sales under the program.

Preferred Stock Redemption

On May 17, 2021, Digital Realty Trust, Inc. redeemed all outstanding shares of its Series C cumulative redeemable perpetual preferred stock for $25.211632 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date (the “Series C Preferred Share Redemption”). The transaction resulted in a gain on redemption of $18.0 million, measured as the difference between the cash consideration paid upon redemption, which was $201.3 million and the carrying value of the preferred stock at the time of the redemption, which was $219.3 million. This amount is reflected as gain on redemption of preferred stock which increased net income available to common stockholders.

Noncontrolling Interests

The following table details the components of noncontrolling interests as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021		December 31, 2020
Noncontrolling interests in Operating Partnership	$	513,897	$	608,980
Noncontrolling interests in consolidated entities		192,694		119,659
Total noncontrolling interests	$	706,591	$	728,639

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Noncontrolling interests are interests in consolidated subsidiaries that are not owned by Digital Realty Trust, Inc. The following table shows the ownership interest in the Operating Partnership as of June 30, 2021 and December 31, 2020:

	June 30, 2021			December 31, 2020
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	282,603,152	97.6	%	280,289,726	97.2	%
Noncontrolling interests consist of:
Common units held by third parties	5,352,766	1.8	%	6,212,369	2.2	%
Incentive units held by employees and directors (see Note 15 below)	1,702,643	0.6	%	1,833,898	0.6	%
	289,658,561	100.0	%	288,335,993	100.0	%

Limited partners have the right to require the Operating Partnership to redeem part or all of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of Digital Realty Trust, Inc. common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. 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 consolidated balance sheet.

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $1,009.8 million and $1,078.9 million based on the closing market price of Digital Realty Trust, Inc. common stock on June 30, 2021 and December 31, 2020, respectively.

The following table shows activity for the noncontrolling interests in the Operating Partnership for the six months ended June 30, 2021:

	Common Units	Incentive Units	Total
As of December 31, 2020	6,212,369	1,833,898	8,046,267
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(859,603)	—	(859,603)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(481,072)	(481,072)
Incentive units issued upon achievement of market performance condition	—	219,652	219,652
Grant of incentive units to employees and directors	—	132,041	132,041
Cancellation / forfeitures of incentive units held by employees and directors	—	(1,876)	(1,876)
As of June 30, 2021	5,352,766	1,702,643	7,055,409

(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.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Dividends and Distributions

Digital Realty Trust, Inc. Dividends

Digital Realty Trust, Inc. declared and paid the following dividends on its common and preferred stock for the six months ended June 30, 2021 (in thousands, except per share data):

		Series C			Series J		Series K		Series L
		Preferred			Preferred		Preferred		Preferred		Common
Date dividend declared	Dividend payment date	Stock			Stock		Stock		Stock		Stock
February 25, 2021	March 31, 2021	$	3,333		$	2,625	$	3,071	$	4,485	$	326,965
May 10, 2021	June 30, 2021		—	(1)		2,625		3,071		4,485		328,279
		$	3,333		$	5,250	$	6,142	$	8,970	$	655,244
Annual rate of dividend per share		$	1.65625		$	1.31250	$	1.46250	$	1.30000	$	4.64000

(1) These shares were redeemed in the Series C Preferred Share Redemption on May 17, 2021 as discussed above.

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 Operating Partnership has declared and paid the following distributions on its common and preferred units for the six months ended June 30, 2021 (in thousands, except for per unit data):

		Series C			Series J		Series K		Series L
		Preferred			Preferred		Preferred		Preferred		Common
Date distribution declared	Distribution payment date	Units			Units		Units		Units		Units
February 25, 2021	March 31, 2021	$	3,333		$	2,625	$	3,071	$	4,485	$	336,041
May 10, 2021	June 30, 2021		—	(1)		2,625		3,071		4,485		336,543
		$	3,333		$	5,250	$	6,142	$	8,970	$	672,584
Annual rate of distribution per unit		$	1.65625		$	1.31250	$	1.46250	$	1.30000	$	4.64000

(1) These units were redeemed in connection with the Series C Preferred Share Redemption on May 17, 2021 as discussed above.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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, 2020	$	98,760	$	(2,630)	$	38,880	$	135,010
Net current period change		(104,520)		549		—		(103,971)
Reclassification to interest expense from interest rate swaps		—		694		—		694
Balance as of June 30, 2021	$	(5,760)	$	(1,387)	$	38,880	$	31,733

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, 2020	$	98,946	$	(3,823)	$	39,677	$	134,800
Net current period change		(107,324)		563		—		(106,761)
Reclassification to interest expense from interest rate swaps		—		712		—		712
Balance as of June 30, 2021	$	(8,378)	$	(2,548)	$	39,677	$	28,751

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 Incentive Plan allows for the issuance of a variety of awards. 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.

Market Performance-Based Awards (“the Awards”): Market performance-based Class D units of the Operating Partnership and market performance-based Restricted Stock Units covering shares of Digital Realty Trust, Inc’s common stock can be issued to officers and employees of the Company. The Awards, utilize total shareholder return

33

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(“TSR”) over a 3-year measurement period as the market performance metric. Awards vest based on the Company’s TSR relative to the MSCI US REIT Index over a 3-year period, subject to continued services.

In January 2021, following the completion of the applicable Market Performance Period, the Compensation Committee determined that the high level had been achieved for the 2018 awards and, accordingly, 240,377 Class D units (including 20,725 distribution equivalent units that immediately vested on December 31, 2020) and 63,498 market performance-based Restricted Stock Units performance vested, subject to service-based vesting. On February 27, 2021, 50% of the 2018 awards vested and the remaining 50% will vest on February 27, 2022, subject to continued employment through the applicable vesting date. The targets and vesting thresholds for these awards remain unchanged from the targets and thresholds disclosed in the 2020 Form 10-K as filed with the SEC.

The fair values of the awards granted were measured using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. The Company’s achievement of the market vesting condition is contingent on its TSR over a three-year market performance period, relative to the TSR of the MSCI US REIT Index. The Monte Carlo simulation is a probabilistic technique based on the underlying theory of the Black-Scholes formula, which was run for 100,000 trials to determine the fair value of the awards. For each trial, the payoff to an award is calculated at the settlement date and is then discounted to the grant date at a risk-free interest rate. The total expected value of the awards on the grant date was determined by multiplying the average value per award over all trials by the number of awards granted. Assumptions used in the valuations are summarized as follows:

	Expected Stock Price		Risk-Free Interest
Award Date	Volatility		Rate
February 19, 2020	22	%	1.39	%
February 20, 2020	22	%	1.35	%
January 1, 2021	27	%	0.17	%
February 25, 2021	26	%	0.31	%

The grant date fair value of the Class D unit and market performance-based Restricted Stock Unit awards was approximately $25.0 million and $17.2 million for the six months ended June 30, 2021 and 2020, respectively. We will recognize compensation expense on a straight-line basis over the expected service period of approximately four years.

Other Items: In addition to the LTIP Units, service-based Restricted Stock Units and Awards described above, one-time grants with time and/or performance-based vesting were issued associated with the Interxion Combination. The vesting of these awards is between two and three years.

As of June 30, 2021, approximately 5.5 million shares of common stock, including awards convertible into or exchangeable 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.

34

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned
	Three Months Ended June 30,								June 30,		December 31,		compensation
Type of incentive award	2021		2020		2021		2020		2021		2020		(in years)
Long-term incentive units	$	2.8	$	3.1	$	—	$	—	$	24.9	$	15.1	2.3
Performance-based awards		6.4		6.6		0.1		0.2		47.2		34.4	2.8
Service-based restricted stock units		5.3		3.6		0.9		0.8		57.6		41.5	2.8
Interxion awards		4.1		7.1		—		—		12.8		27.2	1.9

	Six Months Ended June 30,
	2021		2020		2021		2020
Long-term incentive units	$	6.0	$	6.2	$	0.1	$	0.1
Performance-based awards		14.9		11.2		0.5		0.4
Service-based restricted stock units		9.2		6.8		1.6		1.6
Interxion awards		14.6		10.1		—		—

The subsequent tables provide a summary of activity for LTIP Units and service-based Restricted Stock Units for the six months ended June 30, 2021.

		Weighted-Average
		Grant Date Fair
Unvested Long-term Incentive Units	Units	Value
Unvested, beginning of period	235,535	$	122.22
Granted	132,041		138.05
Vested	(124,984)		122.22
Cancelled or expired	(1,876)		128.38
Unvested, end of period	240,716	$	130.86

		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock	Shares	Value
Unvested, beginning of period	783,219	$	123.04
Granted	243,107		135.44
Vested	(327,773)		120.04
Cancelled or expired	(30,366)		129.01
Unvested, end of period	668,187	$	128.75

Interxion Equity Plans

On March 9, 2020, in connection with the Interxion Combination, certain outstanding awards granted under various Interxion equity plans were assumed by Digital Realty Trust, Inc. and converted into adjusted equity-based awards of Digital Realty Trust, Inc. common stock in accordance with the terms of the Purchase Agreement for the Interxion Combination. All such awards will continue to be governed by the terms of the applicable Interxion equity plan and underlying award agreement evidencing the award. Approximately 0.6 million shares of Digital Realty Trust, Inc. common stock are registered and issuable pursuant to such awards. The impact of these plans is included in the tables above.

35

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

13. Derivative Instruments

As of June 30, 2021, there was no impact from netting arrangements as the Company did not have any derivatives in asset positions. There have been no significant changes to our policy or strategy from what was disclosed in our 2020 Form 10-K. A summary of our outstanding interest rate derivative instruments is shown in the subsequent table (in thousands).

Summary of Outstanding Interest Rate Derivatives

								Fair Value at Significant Other
Notional Amount								Observable Inputs (Level 2)
As of		As of						As of		As of
June 30,		December 31,		Type of	Strike	Effective	Expiration	June 30,		December 31,
2021		2020		Derivative	Rate	Date	Date	2021		2020
Currently-paying contracts
	104,000		104,000	Swap	1.435	Jan 15, 2016	Jan 15, 2023		(2,031)		(2,773)
	—		77,352	Swap	0.779	Jan 15, 2016	Jan 15, 2021		—		(9)
$	104,000	$	181,352					$	(2,031)	$	(2,782)

As of June 30, 2021, we estimate that an additional $1.4 million will be reclassified as an increase to interest expense during the twelve months ended June 30, 2022, when the hedged forecasted transactions impact earnings.

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 2020 Form 10-K.

As of June 30, 2021 and December 31, 2020, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values. The carrying value of our global revolving credit facilities and unsecured term loans 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 debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2021 and December 31, 2020 as compared to those in effect when the debt was issued or assumed.

A comparison of estimated fair value and carrying value of our debt is shown in the subsequent table (in thousands).

	Categorization	As of June 30, 2021				As of December 31, 2020
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	1,032,946	$	1,032,946	$	540,184	$	540,184
Unsecured term loans	Level 2		—		—		537,470		537,470
Unsecured senior notes (1)	Level 2		13,630,380		12,762,570		13,359,960		12,096,029
Secured and other debt (1)	Level 2		250,836		242,870		242,051		239,326
		$	14,914,162	$	14,038,386	$	14,679,665	$	13,413,009

(1) Valuations for our unsecured senior notes and secured debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.

36

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 June 30, 2021, we had open commitments, including amounts reimbursable of approximately $35.2 million, related to construction contracts of approximately $1.5 billion.

In the ordinary course of our business, we may become subject to various legal proceedings. As of June 30, 2021, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

16. Supplemental Cash Flow Information

Cash, cash equivalents, and restricted cash balances as of June 30, 2021, and December 31, 2020:

	Balance as of
(Amounts in thousands)	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	120,482	$	108,501
Restricted cash (included in other assets)		8,031		15,151
Total	$	128,513	$	123,652

We paid $151.7 million and $151.5 million for interest, net of amounts capitalized, for the six months ended June 30, 2021 and 2020, respectively.

We paid $12.7 million and $8.6 million for income taxes, net of refunds, for the six months ended June 30, 2021 and 2020, respectively.

17. Subsequent Events

On July 15, 2021, Digital Intrepid Holding B.V., an indirect wholly owned subsidiary of the Operating Partnership, issued and sold CHF 275 million aggregate principal amount of 0.20% Guaranteed Notes due 2026 (the “2026 Notes”) and CHF 270 million aggregate principal amount of 0.55% Guaranteed Notes due 2029 (the “2029 Notes” and together with the 2026 Notes, the “Swiss Franc Notes”). The Swiss Franc Notes 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. Net proceeds from the offering of the Swiss Franc Notes were approximately CHF 542.3 million after deducting the managers’ commissions and certain offering expenses.

37

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this report and our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, each as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”). This report contains forward-looking statements within the meaning of the federal securities laws. In particular, statements pertaining to our capital resources, expected use of borrowings under our credit facilities, litigation matters, portfolio performance, leverage policy, acquisition and capital expenditure plans, capital recycling program, returns on invested capital, supply and demand for data center space, capitalization rates, rents to be received in future periods and expected rental rates on new or renewed data center space, as well as our discussion of “Factors Which May Influence Future Results of Operations,” contain forward-looking statements. Likewise, all of our statements regarding anticipated market conditions, demographics and results of operations are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and that we may not be able to realize. We do not guarantee that the transactions and events described will happen as described or that they will happen at all. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: reduced demand for data centers or decreases in information technology spending; increased competition or available supply of data center space; decreased rental rates, increased operating costs or increased vacancy rates; the impact of the COVID-19 pandemic on our, our customers’ and our suppliers’ operations; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions; global supply chain or procurement disruptions, or increased supply chain costs; our inability to retain data center space that we lease or sublease from third parties; information security and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; our inability to achieve expected revenue synergies or cost savings as a result of our combination with Interxion; our failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing acquisitions; risks related to joint venture investments, including as a result of our lack of control of such investments; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; financial market fluctuations and changes in foreign currency exchange rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; our inability to comply with rules and regulations applicable to our Company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates.

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While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in our annual report on Form 10-K for the year ended December 31, 2020. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to identify all such risk factors, nor can we assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.

Occupancy percentages included in the following discussion, for some of our properties, are calculated based on factors in addition to contractually leased square feet, including available power, required support space and common area.

As used in this report: “Ascenty Acquisition” refers to the acquisition of Ascenty by the Operating Partnership and Stellar Participações S.A. (formerly Stellar Participações Ltda.), a Brazilian subsidiary of the Operating Partnership; “Ascenty entity” refers to the entity, which owns and operates Ascenty, formed with Brookfield Infrastructure; “Brookfield” refers to Brookfield Infrastructure, an affiliate of Brookfield Asset Management; “Interxion” refers to InterXion Holding N.V.; and “Interxion Combination” refers to the Company’s combination with InterXion Holding N.V.

Business Overview and Strategy

Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and its subsidiaries, delivers comprehensive space, power, and interconnection solutions that enable its customers and partners to connect with each other and service their own customers on a global technology and real estate platform. We are a leading global provider of data center, 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. Digital Realty Trust, Inc. operates as a REIT for federal income tax purposes, and our Operating Partnership is the entity through which we conduct our business and own our assets.

Our primary business objectives are to maximize:

(i) sustainable long-term growth in earnings and funds from operations per share and unit;

(ii) cash flow and returns to our stockholders and our Operating Partnership’s unitholders through the payment of distributions; and

(iii) return on invested capital.

We expect to accomplish our objectives by achieving superior risk-adjusted returns, prudently allocating capital, diversifying our product offerings, accelerating our global reach and scale, and driving revenue growth and operating efficiencies. A significant component of our current and future internal growth is anticipated through the development of our existing space held for development, acquisition of land for future development, and acquisition of new properties.

We target high-quality, strategically located properties containing the physical and connectivity infrastructure that supports the applications and operations of data center and technology industry customers and properties that may be developed for such use. Most of our data center properties contain fully redundant electrical supply systems, multiple power feeds, above-standard cooling systems, raised floor areas, extensive in-building communications cabling and high-level security systems. We focus exclusively on owning, acquiring, developing and operating data centers because we believe that the growth in data center demand and the technology-related real estate industry generally will continue to outpace the overall economy.

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We have developed detailed, standardized procedures for evaluating new real estate investments to ensure that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We may continue to build out our development portfolio when justified by anticipated demand and returns.

We may acquire properties subject to existing mortgage financing and other indebtedness or we may incur new indebtedness in connection with acquiring or refinancing these properties. Debt service on such indebtedness will have a priority over any cash dividends with respect to Digital Realty Trust, Inc.’s common stock and preferred stock. We are committed to maintaining a conservative capital structure. We target a debt-to-Adjusted EBITDA ratio at or less than 5.5x, fixed charge coverage of greater than three times, and floating rate debt at less than 20% of total outstanding debt. In addition, we strive to maintain a well-laddered debt maturity schedule, and we seek to maximize the menu of our available sources of capital, while minimizing the cost.

Revenue Base

The majority of revenue consists of rental income generated by the data centers in our portfolio. Our ability to generate and grow revenue depends on several factors, including our ability to maintain or improve occupancy rates. As of June 30, 2021 and December 31, 2020, our portfolio (excluding space under development or held for development) was 84.7% and 86.3% leased, respectively. A summary of our data center portfolio and related square feet occupied as of June 30, 2021 is shown below. Unconsolidated portfolios shown below consist of assets owned by unconsolidated entities in which we have invested. We often provide management services for these entities under management agreements and receive management fees. These are shown as Managed Unconsolidated Portfolio. Entities for which we do not provide such services are shown as Non-Managed Unconsolidated Portfolio.

	As of June 30, 2021
Region	Data Center Buildings	Net Rentable Square Feet (1)	Space Under Active Development	(2)​	Space Held for Development	(3)​	Occupancy
North America	124	23,031,002	2,243,332		731,285		86.1	%
Europe	106	7,065,271	3,036,745		263,141		76.5	%
Asia Pacific	14	1,125,077	1,459,823		176,794		84.0	%
Africa	3	25,791	37,025		—		47.9	%
Consolidated Portfolio	247	31,247,142	6,776,925		1,171,220		83.9	%
Managed Unconsolidated Portfolio	16	2,191,236	—		—		92.2	%
Non-Managed Unconsolidated Portfolio	28	2,374,531	521,126		970,909		87.4	%
Total Portfolio	291	35,812,908	7,298,051		2,142,129		84.7	%

(1) Net rentable square feet represents the current square feet under lease as specified in the applicable lease agreement plus management’s estimate of space available for lease based on engineering drawings. The amount includes customers’ proportional share of common areas but excludes space held for the intent of or under active development.

(2) Space under active development includes current base building and data center projects in progress, and excludes space held for development. For additional information on the current and future investment for space under active development, see “—Liquidity and Capital Resources of the Operating Partnership—Construction”.

(3) Space held for development includes space held for future data center development, and excludes space under active development. For additional information on the current investment for space held for development, see “—Liquidity and Capital Resources of the Operating Partnership—Construction”.

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Leasing Activities

Due to the capital-intensive and long-term nature of the operations we support, our lease terms with customers are generally longer than standard commercial leases. As of June 30, 2021, our average remaining lease term was approximately five years.

Our ability to re-lease expiring space at rental rates equal to or in excess of current rental rates will impact our results of operations. The following table summarizes our leasing activity in the six months ended June 30, 2021:

								TI’s/Lease		Weighted
								Commissions		Average Lease
	Rentable	Expiring		New		Rental Rate		Per Square		Terms
	Square Feet (1)	Rates (2)		Rates (2)		Changes		Foot		(years)
Leasing Activity (3)(4)
Renewals Signed
0 — 1 MW	998,606	$	254.08	$	259.63	2.2	%	$	0.85	1.8
> 1 MW	648,590	$	144.44	$	147.80	2.3	%	$	0.74	3.2
Other (6)	733,091	$	19.74	$	22.44	13.7	%	$	0.35	3.6
New Leases Signed (5)
0 — 1 MW	242,428		—	$	304.36	—		$	43.00	3.9
> 1 MW	885,417		—	$	145.07	—		$	17.77	8.6
Other (6)	68,447		—	$	32.98	—		$	7.60	8.1
Leasing Activity Summary
0 — 1 MW	1,241,034			$	268.37
> 1 MW	1,534,008			$	146.22
Other (6)	801,538			$	23.34

(1) For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.

(2) Rental rates represent average annual estimated base cash rent per rentable square foot – calculated for each contract based on total cash base rent divided by the total number of years in the contract (including any tenant concessions). All rates were calculated in the local currency of each contract and then converted to USD based on average exchange rates for the six months ended June 30, 2021.

(3) Excludes short-term leases.

(4) Commencement dates for the leases signed range from 2021 to 2022.

(5) Includes leases signed for new and re-leased space.

(6) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

We continue to see strong demand in most of our key metropolitan areas for data center space and, subject to the supply of available data center space in these metropolitan areas, we expect average aggregate rental rates on re-leased or renewed data center leases for 2021 expirations to generally be consistent with the rates currently being paid for the same space on a GAAP basis and on a cash basis. Our past performance may not be indicative of future results, and we cannot assure you that leases will be renewed or that our data centers will be re-leased at all or at rental rates equal to or above the current average rental rates. Further, re-leased/renewed rental rates in a particular metropolitan area may not be consistent with rental rates across our portfolio as a whole and may fluctuate from one period to another due to a number of factors, including local economic conditions, local supply and demand for data center space, competition from other data center developers or operators, the condition of the property and whether the property, or space within the property, has been developed.

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Geographic concentration

We depend on the market for data centers in specific geographic regions and significant changes in these regional or metropolitan areas can impact our future results. The following table shows the geographic concentration of annualized rent from our portfolio, including data centers held as investments in unconsolidated entities.

	Percentage of
	June 30, 2021
	total annualized
Metropolitan Area	rent (1)
Northern Virginia	19.1	%
Chicago	8.9	%
London, England	7.4	%
Silicon Valley	6.7	%
New York	6.4	%
Frankfurt, Germany	5.9	%
Dallas	5.8	%
Amsterdam, Netherlands	4.1	%
Sao Paulo, Brazil	3.8	%
Singapore	3.5	%
Phoenix	2.0	%
Paris, France	1.9	%
San Francisco	1.8	%
Atlanta	1.5	%
Osaka, Japan	1.5	%
Other	19.7	%
Total	100.0	%

(1) Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of June 30, 2021 multiplied by 12. Includes consolidated portfolio and unconsolidated entities at the entities’ 100% ownership level. The aggregate amount of abatements for the six months ended June 30, 2021 was approximately $55.7 million.  

Operating expenses

Our operating expenses primarily consist of utilities, property and ad valorem taxes, property management fees, insurance and site maintenance costs, and rental expenses on our ground and building leases. Our buildings require significant power to support data center operations and the cost of electric power and other utilities is a significant component of operating expenses.

Many of our leases contain provisions under which tenants reimburse us for all or a portion of property operating expenses and real estate taxes incurred by us. However, in some cases we are not entitled to reimbursement of property operating expenses, other than utility expense, and real estate taxes under our leases for Turn-Key Flex® facilities. We expect to incur additional operating expenses as we continue to expand.

Costs pertaining to our asset management function, legal, accounting, corporate governance, reporting and compliance are categorized as general and administrative costs within operating expenses.

Other key components of operating expenses include: depreciation of our fixed assets, amortization of intangible assets, and transaction and integration costs.

Other Income / (Expenses)

Equity in earnings of unconsolidated entities, interest expense, and income tax expense make up the majority of other income/(expense). Equity in earnings of unconsolidated entities represents our share of the income/(loss) of entities

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in which we invest, but do not consolidate under U.S. GAAP. The largest of these investments is currently Ascenty which is located primarily in Brazil. We also hold investments in multiple other unconsolidated entities across the globe. Given that many of these entities transact in currencies other than the U.S. Dollar, results of these entities can be significantly impacted by changes in foreign currency exchange rates.

Interest expense pertains primarily to unsecured senior notes, the majority of which are issued at fixed rates. The Company is subject to foreign, state and local taxes in the jurisdictions in which it operates and income tax expense can be impacted by changes in tax rates in these various jurisdictions.

Factors Which May Influence Future Results of Operations

COVID-19. We continue to closely monitor the impact of the COVID-19 pandemic on our global business and operations, including the impact on our customers, suppliers and business partners. As of the date of this report, all of our facilities have been and continue to be fully operational and operating in accordance with our business continuity and pandemic response plans. Across our portfolio, our facilities have been deemed essential operations, allowing us to remain staffed with critical personnel in place to continue to provide services and support for our customers. While we did not experience significant disruptions from the COVID-19 pandemic during the six months ended June 30, 2021 nor as of the date of this report, we cannot predict the impact that the COVID-19 pandemic will have on our future financial condition, results of operations and cash flows due to numerous uncertainties.

Rental Income. As of June 30, 2021, most of our leases (on a rentable square footage basis) contained base rent escalations that were either fixed (generally ranging from 2% to 4%) or indexed based on a consumer price index or other similar inflation-related index. We cannot assure you that these escalations will cover all the increases in our costs or will otherwise keep rental rates at or above market rates.

Our ability to increase revenue depends in part on our ability to develop and lease capacity at favorable rates, which we may not be able to obtain. Significant capital investment is required in order to develop data center facilities that are ready for use and, in addition, we may require additional time or encounter delays in securing customers for development projects. We may purchase additional vacant properties and properties with vacant development capacity in the future. We will require additional capital to finance our development activities, which may not be available or may not be available on terms acceptable to us.

In addition to approximately 5.0 million square feet of available space in our portfolio, which excludes approximately 7.1 million square feet of space under active development and approximately 1.0 million square feet of space held for development as of June 30, 2021 and the 28 data centers held as investments in our non-managed unconsolidated entities, leases representing approximately 6.5% and 13.0% of the net rentable square footage of our portfolio are scheduled to expire during the six months ending December 31, 2021 and the year ending December 31, 2022, respectively.

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Results of Operations

As a result of the consistent and significant growth in our business since the first property acquisition in 2002, we evaluate period-to-period results for revenue and property level operating expenses on a stabilized, rather than non-stabilized portfolio basis.

Stabilized: The stabilized portfolio includes properties owned as of the beginning of all periods presented with less than 5% of total rentable square feet under development.

Non-stabilized: The non-stabilized portfolio includes: 1) properties that were undergoing, or were expected to undergo, development activities during any of the periods presented, 2) any properties contributed to joint ventures, sold, or held for sale during the periods presented, and 3) any properties that were acquired or delivered at any point during the periods presented.

Comparison of the Three and Six Months Ended June 30, 2021 to the Three and Six Months Ended June 30, 2020

Revenues

Total operating revenues increased by approximately $100.2 million and $367.2 million in the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020, driven primarily by growth in non-stabilized rental and other services revenue. Non-stabilized rental and other services revenue increased primarily due to the Interxion Combination which contributed $50.1 million and $238.9 million to the increases for the three-month and six-month periods, respectively, along with new leasing activity related to our development assets. This increase was partially offset by properties sold in 2020 and 2021. Stabilized rental and other services revenue increased $7.6 million and $23.8 million in the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020 due to new leasing and renewals, net of expirations as well as increased tenant reimbursements associated with higher utility costs in Texas due to winter storm Uri.

	Three Months Ended June 30,								Six Months Ended June 30,
	2021		2020		$ Change		% Change		2021		2020		$ Change		% Change
Stabilized	$	609,703	$	602,107	$	7,596	1.3	%	$	1,221,144	$	1,197,359	$	23,785	2.0	%
Non-Stabilized		479,692		385,568		94,124	24.4	%		956,157		610,388		345,769	56.6	%
Rental and other services		1,089,395		987,675		101,720	10.3	%		2,177,301		1,807,747		369,554	20.4	%
Fee income and other		3,793		5,320		(1,527)	(28.7)	%		6,278		8,585		(2,307)	(26.9)	%
Total operating revenues	$	1,093,188	$	992,995	$	100,193	10.1	%	$	2,183,579	$	1,816,332	$	367,247	20.2	%

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Operating Expenses — Property Level

Property level operating expenses include costs to operate and maintain the locations as well as taxes and insurance. Stabilized property operating and maintenance expenses increased by approximately $15.1 million and $42.1 million in the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020, primarily related to higher utility consumption at certain properties in the stabilized portfolio. Non-stabilized property operating and maintenance expenses increased largely due to the Interxion Combination, which contributed $22.4 million and $92.7 million to the increases for the three-month and six-month periods, respectively, primarily due to increased utility costs associated with higher business volume at Interxion properties. Leasing activity at non-stabilized properties during the twelve months ended June 30, 2021 offset by properties sold in 2020 and 2021 also contributed to the increase.

	Three Months Ended June 30,								Six Months Ended June 30,
	2021		2020		$ Change		% Change		2021		2020		$ Change		% Change
Stabilized	$	201,446	$	186,366	$	15,080	8.1	%	$	413,266	$	371,128	$	42,138	11.4	%
Non-Stabilized		181,770		146,281		35,489	24.3	%		331,729		227,227		104,502	46.0	%
Rental property operating and maintenance		383,216		332,647		50,569	15.2	%		744,995		598,355		146,640	24.5	%
Stabilized		32,108		33,340		(1,232)	(3.7)	%		65,762		65,788		(26)	(0.0)	%
Non-Stabilized		16,390		15,101		1,289	8.5	%		35,239		28,323		6,916	24.4	%
Property taxes and insurance		48,498		48,441		57	0.1	%		101,001		94,111		6,890	7.3	%
Total Property Level Expenses	$	431,714	$	381,088	$	50,626	13.3	%	$	845,996	$	692,466	$	153,530	22.2	%

Other Operating Expenses

Other operating expenses include costs which are either non-cash in nature (such as depreciation and amortization), or which do not directly pertain to operation of data center properties. A comparison of other operating expenses for the three and six months ended June 30, 2021 and 2020 is shown below. The increase in all categories of other operating expenses for the 2021 periods shown is primarily driven by the Interxion Combination, which closed in March 2020. The primary driver of increased other operating expenses for the three-month period ended June 30, 2021, as compared to the same period in 2020, was a $19.8 million increase in depreciation and amortization expense associated with additional investments in properties as part of normal growth of the business.

	Three Months Ended June 30,								Six Months Ended June 30,
	2021		2020		$ Change		% Change		2021		2020		$ Change		% Change
Depreciation and amortization	$	368,981	$	349,165	$	19,816	5.7	%	$	738,714	$	640,622	$	98,092	15.3	%
General and administrative		97,492		94,291		3,201	3.4	%		197,486		157,829		39,657	25.1	%
Transaction, integration and other expense		9,373		15,640		(6,267)	(40.1)	%		23,236		72,555		(49,319)	(68.0)	%
Total Other Operating Expenses		475,846		459,096		16,750	3.6	%		959,436		871,006		88,430	10.2	%
Property level operating expenses		431,714		381,088		50,626	13.3	%		845,996		692,466		153,530	22.2	%
Total Operating Expenses	$	907,560	$	840,184		67,376	8.0	%	$	1,805,432	$	1,563,472		241,960	15.5	%

Gain on Disposition of Properties, Net

During the three months ended March 31, 2021, we sold a portfolio of 11 data centers in Europe (four in the United Kingdom, three in the Netherlands, three in France and one in Switzerland) to Ascendas Reit, a CapitaLand sponsored REIT, for total purchase consideration of approximately $680.0 million resulting in a gain of approximately $333.3 million in March 2021. During the three months ended March 31, 2020, we sold 10 Powered Base Building® properties, which comprise 12 data centers, in North America to Mapletree at a purchase consideration of approximately $557.0 million, resulting in a gain of approximately $304.8 million in January 2020.

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Loss from Early Extinguishment of Debt

Loss from early extinguishment of debt increased approximately $17.7 million in the six months ended June 30, 2021 compared to the same period in 2020, primarily due to the redemption of the 2.750% 2023 Notes in February 2021.

Income Tax Expense

Income tax expense increased by $36.1 million and $36.5 million during the three and six-month periods ended June 30, 2021, respectively. This increase was driven primarily by an increase in the corporate tax rate in the United Kingdom from 19% to 25%.

Liquidity and Capital Resources

The sections “Analysis of Liquidity and Capital Resources - Parent” and “Analysis of Liquidity and Capital Resources - Operating Partnership” should be read in conjunction with one another to understand our liquidity and capital resources on a consolidated basis. The term “Parent” refers to Digital Realty Trust, Inc. on an unconsolidated basis, excluding our Operating Partnership. The term “Operating Partnership” refers to Digital Realty Trust, L.P. on a consolidated basis.

Analysis of Liquidity and Capital Resources — Parent

Our Parent does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time, and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates. If our Operating Partnership or such subsidiaries fail to fulfill their debt requirements, which trigger Parent guarantee obligations, then our Parent will be required to fulfill its cash payment commitments under such guarantees. Our Parent’s only material asset is its investment in our Operating Partnership.

Our Parent’s principal funding requirement is the payment of dividends on its common and preferred stock. Our Parent’s principal source of funding is the distributions it receives from our Operating Partnership.

As the sole general partner of our Operating Partnership, our Parent has the full, exclusive and complete responsibility for our Operating Partnership’s day-to-day management and control. Our Parent causes our Operating Partnership to distribute such portion of its available cash as our Parent may in its discretion determine, in the manner provided in our Operating Partnership’s partnership agreement.

As circumstances warrant, our Parent may issue equity from time to time on an opportunistic basis, dependent upon market conditions and available pricing. Any proceeds from such equity issuances would generally be contributed to our Operating Partnership in exchange for additional equity interests in our Operating Partnership. Our Operating Partnership may use the proceeds to acquire additional properties, to fund development opportunities and for general working capital purposes, including potentially for the repurchase, redemption or retirement of outstanding debt or equity securities.

Our Parent and our Operating Partnership are parties to an at-the-market (ATM) equity offering sales agreement dated January 4, 2019, as amended in 2020 (the “Sales Agreement”). In accordance with the Sales Agreement, following the date of the 2020 amendment, Digital Realty Trust, Inc. may offer and sell shares of its common stock having an aggregate offering price of up to $1.0 billion. Prior to the 2020 amendment, Digital Realty Trust, Inc. had offered and sold shares of its common stock having an aggregate gross sales price of approximately $652.2 million. The sales of common stock made under the Sales Agreement will be made in “at the market” offerings as defined in Rule 415 of the Securities Act. For the six months ended June 30, 2021, Digital Realty Trust, Inc. issued approximately 0.5 million common shares under the Sales Agreement at an average price of $161.57 per share. For the six months ended June 30, 2020, Digital Realty Trust, Inc. issued approximately 4.6 million common shares under the Sales Agreement at an average price of $142.39 per share. As of June 30, 2021, approximately $672.2 million remains

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available for future sales under the program. Our Parent has used and intends to use the net proceeds from the program to temporarily repay borrowings under our Operating Partnership’s global revolving credit facilities, to acquire additional properties or businesses, to fund development opportunities and for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption or retirement of outstanding debt securities. For additional information regarding the Sales Agreement, see our Annual Report on Form 10-K for the year ended December 31, 2020.

We believe our Operating Partnership’s sources of working capital, specifically its cash flow from operations, and funds available under its global revolving credit facility are adequate for it to make its distribution payments to our Parent and, in turn, for our Parent to make its dividend payments to its stockholders. However, we cannot assure you that our Operating Partnership’s sources of capital will continue to be available at all or in amounts sufficient to meet its needs, including making distribution payments to our Parent. The lack of availability of capital could adversely affect our Operating Partnership’s ability to pay its distributions to our Parent, which would in turn, adversely affect our Parent’s ability to pay cash dividends to its stockholders.

Future Uses of Cash — Parent

Our Parent may from time to time seek to retire, redeem or repurchase its equity or the debt securities of our Operating Partnership or its subsidiaries through cash purchases and/or exchanges for equity securities in open market purchases, privately negotiated transactions or otherwise. Such repurchases, redemptions or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions or other factors. The amounts involved may be material.

Dividends and Distributions — Parent

Our Parent is required to distribute 90% of its taxable income (excluding capital gains) on an annual basis to continue to qualify as a REIT for federal income tax purposes. Our Parent intends to make, but is not contractually bound to make, regular quarterly distributions to its common stockholders from cash flow from our Operating Partnership’s operating activities. While historically our Parent has satisfied this distribution requirement by making cash distributions to its stockholders, it may choose to satisfy this requirement by making distributions of cash or other property. All such distributions are at the discretion of our Parent’s Board of Directors. Our Parent considers market factors and our Operating Partnership’s performance in addition to REIT requirements in determining distribution levels. Our Parent has distributed at least 100% of its taxable income annually since inception to minimize corporate level federal income taxes. Amounts accumulated for distribution to stockholders are invested primarily in interest-bearing accounts and short-term interest-bearing securities, which are consistent with our intention to maintain our Parent’s status as a REIT.

As a result of this distribution requirement, our Operating Partnership cannot rely on retained earnings to fund its ongoing operations to the same extent that other companies whose parent companies are not REITs can. Our Parent may need to continue to raise capital in the debt and equity markets to fund our Operating Partnership’s working capital needs, as well as potential developments at new or existing properties, acquisitions or investments in existing or newly created joint ventures. In addition, our Parent may be required to use borrowings under the Operating Partnership’s global revolving credit facility (which is guaranteed by our Parent), if necessary, to meet REIT distribution requirements and maintain our Parent’s REIT status.

Distributions out of our Parent’s current or accumulated earnings and profits are generally classified as ordinary income whereas distributions in excess of our Parent’s current and accumulated earnings and profits, to the extent of a stockholder’s U.S. federal income tax basis in our Parent’s stock, are generally classified as a return of capital. Distributions in excess of a stockholder’s U.S. federal income tax basis in our Parent’s stock are generally characterized as capital gain. Cash provided by operating activities has been generally sufficient to fund distributions on an annual basis. However, we may also need to utilize borrowings under the global revolving credit facility to fund distributions.

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For additional information regarding dividends declared and paid by our Parent on its common and preferred stock for the six months ended June 30, 2021, see Note 10 to our condensed consolidated financial statements contained herein.

Analysis of Liquidity and Capital Resources — Operating Partnership

As of June 30, 2021, we had $120.5 million of cash and cash equivalents, excluding $8.0 million of restricted cash. Restricted cash primarily consists of contractual capital expenditures plus other deposits. Our liquidity requirements primarily consist of:

● operating expenses,

● development costs and other expenditures associated with our properties,

● distributions to our Parent to enable it to make dividend payments,

● distributions to unitholders of common limited partnership interests in Digital Realty Trust, L.P.,

● capital expenditures,

● debt service, and,

● potentially, acquisitions.

Future Uses of Cash

Our properties require periodic investments of capital for customer-related capital expenditures and for general capital improvements. Depending upon customer demand, we expect to incur significant improvement costs to build out and develop additional capacity. At June 30, 2021, we had open commitments, related to construction contracts of approximately $1.5 billion, including amounts reimbursable of approximately $35.2 million.

We currently expect to incur approximately $1.1 billion to $1.4 billion of capital expenditures for our development programs during the six months ending December 31, 2021. This amount could go up or down, potentially materially, based on numerous factors, including changes in demand, leasing results and availability of debt or equity capital.

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Development Projects

The costs we incur to develop our properties is a key component of our liquidity requirements. The subsequent table summarizes our cumulative investments in current development projects as well as expected future investments in these projects as of the periods presented, excluding costs incurred or to be incurred by unconsolidated entities.

Development Lifecycle	As of June 30, 2021							As of December 31, 2020
	Net Rentable	Current						Net Rentable	Current		Future
	Square Feet	Investment		Future Investment				Square Feet	Investment		Investment
(dollars in thousands)	(1)​	(2)​		(3)​		Total Cost		(1)​	(4)​		(3)​		Total Cost
Land held for future development (5)	N/A	$	143,575	$	—	$	143,575	N/A	$	226,862	$	—	$	226,862
Construction in Progress and Space Held for Development
Land - Current Development (5)	N/A	$	897,881	$	—	$	897,881	N/A	$	785,182	$	—	$	785,182
Space Held for Development (6)	987,397		217,548		—		217,548	1,501,310		236,545		—		236,545
Base Building Construction	3,814,437		609,191		621,211		1,230,402	2,331,472		458,357		485,613		943,970
Data Center Construction	3,282,275		1,496,319		2,305,557		3,801,876	2,573,759		1,232,762		1,596,821		2,829,583
Equipment Pool & Other Inventory	N/A		9,401		—		9,401	N/A		9,761		—		9,761
Campus, Tenant Improvements & Other	N/A		40,230		40,029		80,259	N/A		45,719		42,848		88,567
Total Construction in Progress and Land Held for Future Development	8,084,109	$	3,414,145	$	2,966,797	$	6,380,942	6,406,541	$	2,995,188	$	2,125,282	$	5,120,470

(1) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. Excludes square footage of properties held in unconsolidated entities. Square footage is based on current estimates and project plans, and may change upon completion of the project due to remeasurement.

(2) Represents balances incurred through June 30, 2021.

(3) Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

(4) Represents balances incurred through December 31, 2020.

(5) Represents approximately 894 acres as of  June 30, 2021 and approximately 927 acres as of December 31, 2020.

(6) Excludes space held for development through unconsolidated entities.

Land inventory and space held for development reflect cumulative cost spent pending future development. Base building construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out. Data center construction includes 7.1 million square feet of Turn Key Flex^® and Powered Base Building^® product. Generally, we expect to deliver the space within 12 months; however, lease commencement dates may significantly impact final delivery schedules. Equipment pool and other inventory represent the value of long-lead equipment and materials required for timely deployment and delivery of data center construction fit-out. Campus, tenant improvements and other costs include the value of development work which benefits space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.

Capital Expenditures (Cash Basis)

The table below summarizes our capital expenditure activity for the six months ended June 30, 2021 and 2020 (in thousands):

	Six Months Ended June 30,
	2021		2020
Development projects	$	945,735	$	733,536
Enhancement and improvements		160		122
Recurring capital expenditures		78,753		73,473
Total capital expenditures (excluding indirect costs)	$	1,024,648	$	807,131

For the six months ended June 30, 2021, total capital expenditures increased $217.5 million to approximately $1,024.6 million from $807.1 million for the same period in 2020. Capital expenditures on our development projects

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plus our enhancement and improvements projects for the six months ended June 30, 2021 were approximately $945.9 million, which reflects an increase of approximately 29% from the same period in 2020. This increase was primarily due to development activity at properties acquired in the Interxion Combination. Our development capital expenditures are generally funded by our available cash and equity and debt capital.

Indirect costs, including capitalized interest, capitalized in the six months ended June 30, 2021 and 2020 were $56.8 million and $47.8 million, respectively. Capitalized interest comprised approximately $23.0 million and $23.1 million of the total indirect costs capitalized for the six months ended June 30, 2021 and 2020, respectively. Capitalized interest in the six months ended June 30, 2021 decreased, compared to the same period in 2020, due to lower interest rates in 2021. Excluding capitalized interest, indirect costs in the six months ended June 30, 2021 increased compared to the same period in 2020 due primarily to capitalized amounts relating to compensation expense of employees directly engaged in construction activities. See “—Future Uses of Cash” below for a discussion of the amount of capital expenditures we expect to incur during the year ending December 31, 2021.

Consistent with our growth strategy, we actively pursue potential acquisition opportunities, with due diligence and negotiations often at different stages at different times. The dollar value of acquisitions for the year ending December 31, 2021 will depend upon numerous factors, including customer demand, leasing results, availability of debt or equity capital and acquisition opportunities. Further, the growing acceptance by private institutional investors of the data center asset class has generally pushed capitalization rates lower, as such private investors may often have lower return expectations than us. As a result, we anticipate near-term single asset acquisitions activity to comprise a smaller percentage of our growth while this market dynamic persists.

We may from time to time seek to retire or repurchase our outstanding debt or the equity of our Parent through cash purchases and/or exchanges for equity securities of our Parent in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend upon prevailing market conditions, our liquidity requirements, contractual restrictions or other factors. The amounts involved may be material.

Sources of Cash

We expect to meet our short-term and long-term liquidity requirements, including payment of scheduled debt maturities and funding of acquisitions and non-recurring capital improvements, with net cash from operations, future long-term secured and unsecured indebtedness and the issuance of equity and debt securities and the proceeds of equity issuances by our Parent. We also may fund future short-term and long-term liquidity requirements, including acquisitions and non-recurring capital improvements, using our global revolving credit facilities pending permanent financing. As of August 4, 2021, we had approximately $2.1 billion of borrowings available under our global revolving credit facilities.

Our global revolving credit facility provides for borrowings up to $2.35 billion. We have the ability from time to time to increase the size of the global revolving credit facility by up to $1.25 billion, subject to the receipt of lender commitments and other conditions precedent. The global revolving credit facility matures on January 24, 2023, with two six-month extension options available. We have used and intend to use available borrowings under the global revolving credit facility to fund our liquidity requirements from time to time. For additional information regarding our global revolving credit facility, see Note 8 to our condensed consolidated financial statements contained herein.

Subsequent to June 30, 2021, Digital Intrepid Holding B.V., an indirect wholly owned subsidiary of the Operating Partnership, issued and sold the following notes:

● On July 15, 2021, CHF 275 million aggregate principal amount of 0.20% Guaranteed Notes due 2026 (the “2026 Notes”) and CHF 270 million aggregate principal amount of 0.55% Guaranteed Notes due 2029 (the “2029 Notes” and together with the 2026 Notes, the “Swiss Franc Notes”). The Swiss Franc Notes 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. Net proceeds from the offering of the Swiss Franc Notes were approximately CHF 542.3 million (approximately $590.9 million based on the exchange rate on July 15, 2021) after deducting the managers’ commissions and certain offering expenses.

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We intend to allocate an amount equal to the net proceeds from the offering of the Swiss Franc Notes to finance or refinance, in whole or in part, Eligible Green Projects, including the development and redevelopment of such projects. Pending the allocation of an amount equal to the net proceeds of the Swiss Franc Notes to Eligible Green Projects, all or a portion of an amount equal to the net proceeds from the Swiss Franc Notes were used to temporarily repay borrowings outstanding under the Operating Partnership’s global credit facility and for other general corporate purposes.

Distributions

All distributions on our units are at the discretion of our Parent’s Board of Directors. For additional information regarding distributions paid on our common and preferred units for the six months ended June 30, 2021, see Note 10 to our condensed consolidated financial statements contained herein.

Outstanding Consolidated Indebtedness

The table below summarizes our debt, as of June 30, 2021 (in millions):

Debt Summary:
Fixed rate	$	12,545.7
Variable rate debt subject to interest rate swaps		104.0
Total fixed rate debt (including interest rate swaps)		12,649.7
Variable rate—unhedged		1,388.7
Total	$	14,038.4
Percent of Total Debt:
Fixed rate (including swapped debt)		90.1	%
Variable rate		9.9	%
Total		100.0	%
Effective Interest Rate as of June 30, 2021
Fixed rate (including hedged variable rate debt)		2.40	%
Variable rate		0.73	%
Effective interest rate		2.24	%

As of June 30, 2021, we had approximately $14.0 billion of outstanding consolidated long-term debt as set forth in the table above, which excludes deferred financing costs. Our ratio of debt to total enterprise value was approximately 24% (based on the closing price of Digital Realty Trust, Inc.’s common stock on June 30, 2021 of $150.46). For this purpose, our total enterprise value is defined as the sum of the market value of Digital Realty Trust, Inc.’s outstanding common stock (which may decrease, thereby increasing our debt to total enterprise value ratio), plus the liquidation value of Digital Realty Trust, Inc.’s preferred stock, plus the aggregate value of our Operating Partnership’s units not held by Digital Realty Trust, Inc. (with the per unit value equal to the market value of one share of Digital Realty Trust, Inc.’s common stock and excluding long-term incentive units, Class C units and Class D units), plus the book value of our total consolidated indebtedness.

The variable rate debt shown above bears interest at interest rates based on various one-month LIBOR, EURIBOR, SOR, JPY LIBOR, HIBOR, BBR and CDOR rates, depending on the respective agreement governing the debt, including our global revolving credit facilities. As of June 30, 2021, our debt had a weighted average term to initial maturity of approximately 6.2 years (or approximately 6.3 years assuming exercise of extension options).

Off-Balance Sheet Arrangements

As of June 30, 2021, we were party to interest rate swap agreements related to $104.0 million of outstanding principal on our variable rate debt. See Item 3. “Quantitative and Qualitative Disclosures about Market Risk.”

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As of June 30, 2021, our pro-rata share of secured debt of unconsolidated entities was approximately $723.2 million.

Cash Flows

The following summary discussion of our cash flows is based on the condensed consolidated statements of cash flows and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

Comparison of Six Months Ended June 30, 2021 to Six Months Ended June 30, 2020

The following table shows cash flows and ending cash and cash equivalent balances for the six months ended June 30, 2021 and 2020 (in thousands).

	Six Months Ended June 30,
	2021		2020		Change
Net cash provided by operating activities	$	849,922	$	712,370	$	137,552
Net cash used in investing activities		(558,645)		(678,815)		120,170
Net cash (used in) provided by financing activities		(275,348)		404,828		(680,176)
Net increase in cash, cash equivalents and restricted cash	$	15,929	$	438,383	$	(422,454)

The increase in net cash provided by operating activities was primarily due to the Interxion Combination offset by the operating activities of properties sold during the twelve months ended June 30, 2021.

The changes in the activities that comprise the decrease in net cash used in investing activities for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020 consisted of the following amounts (in thousands).

	Change
Increase in cash used for improvements to investments in real estate	$	(226,561)
Decrease in cash paid for business combinations and assets acquisition, net of cash and restricted cash acquired		66,009
Increase in cash from investment in joint ventures		100,300
Increase in cash provided by proceeds from sale of real estate		177,574
Other changes		2,848
Decrease in net cash used in investing activities	$	120,170

The decrease in net cash used in investing activities was primarily due to an increase in cash provided by proceeds from sale of investments related to the sale of 11 data centers in Europe in March 2021 partially offset by the sale of 10 Powered Base Building® properties, which comprise 12 data centers, in North America to Mapletree in January 2020, an increase in cash used for improvements to investments in real estate and a decrease in cash paid for acquisitions related to the acquisition of an additional 49% ownership interest in the Westin Building Exchange in February 2020, partially offset by an increase in cash used for improvements to investments in real estate.

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The changes in the activities that comprise the increase in net cash used in financing activities for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020 for the Company consisted of the following amounts (in thousands).

	Change
Increase in proceeds from short-term borrowings, net of repayments	$	795,440
Decrease in cash provided by proceeds from secured / unsecured debt		(1,138,767)
Decrease in cash used for repayment on secured / unsecured debt		549,399
Decrease in cash provided by proceeds from issuance of common stock, net		(564,443)
Increase in cash used for redemption of preferred stock		(201,250)
Increase in cash used for dividend and distribution payments		(128,982)
Other changes		8,427
Increase in net cash used in financing activities	$	(680,176)

The increase in cash used in financing activities was primarily due to a decrease in cash provided by proceeds from secured / unsecured debt, a decrease in cash provided by proceeds from issuance of common stock and an increase in cash used to redeem preferred stock and an increase in dividend and distribution payments for the six months ended June 30, 2021 as compared to the same period in 2020 as a result of an increase in the number of shares outstanding due to the Interxion Combination and increased dividend amount per share of common stock in the six months ended June 30, 2021 as compared to the same period in 2020 partially offset by an increase in cash proceeds from short-term borrowings and a decrease in repayments of secured / unsecured debt.

Noncontrolling Interests in Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the common units in our Operating Partnership that are not owned by Digital Realty Trust, Inc., which, as of June 30, 2021, amounted to 2.4% of our Operating Partnership common units. Historically, our Operating Partnership has issued common units to third party sellers in connection with our acquisition of real estate interests from such third parties.

Limited partners have the right to require our Operating Partnership to redeem part or all of their common units for cash based upon the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of the redemption. Alternatively, we may elect to acquire those common units in exchange for shares of Digital Realty Trust, Inc. common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. As of June 30, 2021, approximately 0.2 million common units of the Operating Partnership that were issued to certain former unitholders of DuPont Fabros Technology, L.P. in connection with the Company’s acquisition of DuPont Fabros Technology, Inc. were outstanding, which are subject to certain restrictions and, accordingly, are not presented as permanent capital in the condensed consolidated balance sheet.

Inflation

Many of our leases provide for separate real estate tax and operating expense escalations. In addition, many of the leases provide for fixed base rent increases. We believe that inflationary increases may be at least partially offset by the contractual rent increases and expense escalations described above.

Funds from Operations

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property, a gain from a pre-existing relationship, impairment charges and real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate

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related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)

(unaudited, in thousands, except per share and unit data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net Income Available to Common Stockholders	$	127,369	$	53,676	$	499,775	$	256,535
Adjustments:
Non-controlling interests in operating partnership		3,200		1,400		13,000		9,200
Real estate related depreciation & amortization (1)		363,640		342,334		728,337		628,851
Unconsolidated entities real estate related depreciation & amortization		20,983		17,123		40,361		37,046
Gain on disposition of properties		(499)		—		(334,420)		(304,801)
FFO available to common stockholders and unitholders (2)	$	514,693	$	414,533	$	947,053	$	626,831
Basic FFO per share and unit	$	1.78	$	1.50	$	3.28	$	2.48
Diluted FFO per share and unit (2)	$	1.78	$	1.49	$	3.27	$	2.45
Weighted average common stock and units outstanding
Basic		288,843		275,545		288,588		252,995
Diluted (2)		289,485		278,719		289,219		255,704
(1) Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement	$	368,981	$	349,165		738,714		640,622
Non-real estate depreciation		(5,341)		(6,831)		(10,377)		(11,771)
	$	363,640	$	342,334	$	728,337	$	628,851

(2) For all periods presented, we have excluded the effect of the series C, series G, series I, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series G, series I, series J, series K and series L preferred stock, as applicable, as they would be anti-dilutive.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Weighted average common stock and units outstanding		288,843		275,545		288,588		252,995
Add: Effect of dilutive securities		642		3,174		631		2,709
Weighted average common stock and units outstanding—diluted		289,485		278,719		289,219		255,704

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our future income, cash flows and fair values relevant to financial instruments depend upon prevalent market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. We do not use derivatives for trading or speculative purposes and only enter into contracts with major financial institutions based on their credit rating and other factors.

Analysis of Debt between Fixed and Variable Rate

We use interest rate swap agreements and fixed rate debt to reduce our exposure to interest rate movements. As of June 30, 2021, our consolidated debt was as follows (in millions):

			Estimated Fair
	Carrying Value		Value
Fixed rate debt	$	12,545.7	$	13,421.5
Variable rate debt subject to interest rate swaps		104.0		104.0
Total fixed rate debt (including interest rate swaps)		12,649.7		13,525.5
Variable rate debt		1,388.7		1,388.7
Total outstanding debt	$	14,038.4	$	14,914.2

Sensitivity to Changes in Interest Rates

The following table shows the effect if assumed changes in interest rates occurred, based on fair values and interest expense as of June 30, 2021:

	Change
Assumed event	($ millions)
Increase in fair value of interest rate swaps following an assumed 10% increase in interest rates	$	0.0
Decrease in fair value of interest rate swaps following an assumed 10% decrease in interest rates		(0.0)
Increase in annual interest expense on our debt that is variable rate and not subject to swapped interest following a 10% increase in interest rates		0.3
Decrease in annual interest expense on our debt that is variable rate and not subject to swapped interest following a 10% decrease in interest rates		(0.3)
Increase in fair value of fixed rate debt following a 10% decrease in interest rates		14.7
Decrease in fair value of fixed rate debt following a 10% increase in interest rates		(16.1)

Interest risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur in that environment. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure.

Foreign Currency Exchange Risk

We are subject to risk from the effects of exchange rate movements of a variety of foreign currencies, which may affect future costs and cash flows. Our primary currency exposures are to the British pound sterling, Euro and the Singapore dollar. As a result of the Ascenty entity and deconsolidation of Ascenty, our exposure to foreign exchange risk related to the Brazilian real is limited to the impact that currency has on our share of the Ascenty entity’s operations and financial position. We attempt to mitigate a portion of the risk of currency fluctuation by financing our investments in the local currency denominations and we may also hedge well-defined transactional exposures with foreign currency forwards or options, although there can be no assurances that these will be effective. As a result, changes in the relation of any such foreign currency to U.S. dollars may affect our revenues, operating margins and distributions and may also affect the book value of our assets and the amount of stockholders’ equity. For the three months ended June 30, 2021 and

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2020, operating revenues from properties outside the United States contributed $406.8 million and $342.0 million, respectively, which represented 37.2% and 34.4% of our total operating revenues, respectively. For the six months ended June 30, 2021 and 2020, operating revenues from properties outside the United States contributed $806.3 million and $537.5 million, respectively, which represented 36.9% and 29.6% of our total operating revenues, respectively. Net investment in properties outside the United States was $9.4 billion and $9.3 billion as of June 30, 2021 and December 31, 2020, respectively. Net assets in foreign operations were approximately $4.1 billion and $5.7 billion as of June 30, 2021 and December 31, 2020, respectively.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures (Digital Realty Trust, Inc.)

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to its management, including its chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and its management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Also, the Company has investments in certain unconsolidated entities, which are accounted for using the equity method of accounting. As the Company does not control or manage these entities, its disclosure controls and procedures with respect to such entities may be substantially more limited than those it maintains with respect to its consolidated subsidiaries.

As required by Rule 13a-15(b) or Rule 15d-15(b) of the Securities Exchange Act of 1934, as amended, management of the Company carried out an evaluation, under the supervision and with participation of its chief executive officer and chief financial officer, of the effectiveness of the design and operation of its disclosure controls and procedures that were in effect as of the end of the quarter covered by this report. Based on the foregoing, the Company’s chief executive officer and chief financial officer concluded that its disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during its most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

As a result of COVID-19, our global workforce shifted to a primarily work from home environment beginning in March 2020. This change to remote working was rapid and included employees that are not considered critical to our daily data center operations. While pre-existing controls were not specifically designed to operate in our current work from home operating environment, we believe that our internal controls over financial reporting continue to be effective. We took precautionary actions to re-evaluate and refine our financial reporting process to provide reasonable assurance that we could report our financial results accurately and timely.

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Evaluation of Disclosure Controls and Procedures (Digital Realty Trust, L.P.)

The Operating Partnership maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to its management, including the chief executive officer and chief financial officer of its general partner, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, the Operating Partnership’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and its management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Also, the Operating Partnership has investments in certain unconsolidated entities, which are accounted for using the equity method of accounting. As the Operating Partnership does not control or manage these entities, its disclosure controls and procedures with respect to such entities may be substantially more limited than those it maintains with respect to its consolidated subsidiaries.

As required by Rule 13a-15(b) or Rule 15d-15(b) of the Securities Exchange Act of 1934, as amended, management of the Operating Partnership carried out an evaluation, under the supervision and with participation of the chief executive officer and chief financial officer of its general partner, of the effectiveness of the design and operation of its disclosure controls and procedures that were in effect as of the end of the quarter covered by this report. Based on the foregoing, the chief executive officer and chief financial officer of the Operating Partnership’s general partner concluded that its disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There have been no changes in the Operating Partnership’s internal control over financial reporting during its most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

As a result of COVID-19, our global workforce shifted to a primarily work from home environment beginning in March 2020. This change to remote working was rapid and included employees that are not considered critical to our daily data center operations. While pre-existing controls were not specifically designed to operate in our current work from home operating environment, we believe that our internal controls over financial reporting continue to be effective. We took precautionary actions to re-evaluate and refine our financial reporting process to provide reasonable assurance that we could report our financial results accurately and timely.

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PART II—OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of our business, we may become subject to various legal proceedings. As of June 30, 2021, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

ITEM 1A. RISK FACTORS.

The risk factors discussed under the heading “Risk Factors” and elsewhere in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020 continue to apply to our business.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Digital Realty Trust, Inc.

Period	(a) Total Number of Shares (or Units) Purchased	(b) Average Price Paid per Share (or Unit)		(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (1)	(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (2)
April 1-30, 2021	—	$	—	—	—
May 1-31, 2021	8,050,000 shares of Series C Preferred Stock		25.00	8,050,000 shares of Series C Preferred Stock	—
June 1-30, 2021	—		—	—	—
Total	8,050,000	$	25.00	8,050,000	—

(1) On April 15, 2021, the Company distributed a Notice of Redemption to all holders of record of its outstanding 6.625% series C cumulative redeemable perpetual preferred stock, or the series C preferred stock, announcing its redemption of all 8,050,000 outstanding shares of the series C preferred stock at a redemption price of $25.211632 per share. The redemption price was equal to the original issuance price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date. The redemption was made at the Company's option pursuant to Section 5(b) of the Articles Supplementary establishing and fixing the rights and preferences of the series C preferred stock. The redemption date was May 17, 2021.

(2) The Company redeemed all outstanding shares of its series C preferred stock on May 17, 2021. The Operating Partnership also redeemed the corresponding 8,050,000 series C preferred units.

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Digital Realty Trust, L.P.

During the three months ended June 30, 2021, our Operating Partnership issued partnership units in private placements in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, in the amounts and for the consideration set forth below:

During the three months ended June 30, 2021, Digital Realty Trust, Inc. issued an aggregate of 15,118 shares of its common stock in connection with restricted stock awards for no cash consideration. For each share of common stock issued by Digital Realty Trust, Inc. in connection with such an award, our Operating Partnership issued a restricted common unit to Digital Realty Trust, Inc. During the three months ended June 30, 2021, our Operating Partnership issued an aggregate of 15,118 common units to Digital Realty Trust, Inc., as required by our Operating Partnership’s partnership agreement. During the three months ended June 30, 2021, an aggregate of 21,037 shares of its common stock were forfeited to Digital Realty Trust, Inc. in connection with restricted stock awards for a net forfeiture of 5,919 shares of common stock.

For these issuances of common units to Digital Realty Trust, Inc., our Operating Partnership relied on Digital Realty Trust, Inc.’s status as a publicly traded NYSE-listed company with approximately $36.2 billion in total consolidated assets and as our Operating Partnership’s majority owner and general partner as the basis for the exemption under Section 4(a)(2) of the Securities Act.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

None.  

59

ITEM 6. EXHIBITS.

Exhibit Number	Description
2.1	Amendment No. 1 to Purchase Agreement dated as of January 23, 2020, by and among Digital Realty Trust, Inc., Digital Intrepid Holding B.V. and InterXion Holding N.V. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Digital Realty Trust, Inc. (File No. 001-32336) filed on January 27, 2020).
3.1	Articles of Amendment and Restatement of Digital Realty Trust, Inc., as amended (incorporated by reference to Exhibit 3.1 to the Combined Quarterly Report on Form 10-Q of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on May 11, 2020.
3.2	Eighth Amended and Restated Bylaws of Digital Realty Trust, Inc. (incorporated by reference to exhibit 3.02 to the Combined Annual Report on Form 10-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on February 25, 2019).
3.3	Certificate of Limited Partnership of Digital Realty Trust, L.P. (incorporated by reference to Exhibit 3.1 to Digital Realty Trust, L.P.’s General Form for Registration of Securities on Form 10 (File No. 000-54023) filed on June 25, 2010).
3.4	Nineteenth Amended and Restated Agreement of Limited Partnership of Digital Realty Trust, L.P. (incorporated by reference to Exhibit 3.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on October 10, 2019).
31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer for Digital Realty Trust, Inc.
31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer for Digital Realty Trust, Inc.
31.3	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer for Digital Realty Trust, L.P.
31.4	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer for Digital Realty Trust, L.P.
32.1	18 U.S.C. § 1350 Certification of Chief Executive Officer for Digital Realty Trust, Inc.
32.2	18 U.S.C. § 1350 Certification of Chief Financial Officer for Digital Realty Trust, Inc.
32.3	18 U.S.C. § 1350 Certification of Chief Executive Officer for Digital Realty Trust, L.P.
32.4	18 U.S.C. § 1350 Certification of Chief Financial Officer for Digital Realty Trust, L.P.
101	The following financial statements from Digital Realty Trust, Inc.’s and Digital Realty Trust, L.P.’s Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL interactive data files: (i) Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020; (ii) Condensed Consolidated Income Statements for the three and six months ended June 30, 2021 and 2020; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020; (iv) Condensed Consolidated Statements of Equity/Capital for the three and six months ended June 30, 2021 and 2020; (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020; and (vi) Notes to Condensed Consolidated Financial Statements.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

†  Management contract or compensatory plan or arrangement.

60

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DIGITAL REALTY TRUST, INC.
August 6, 2021	/S/  A. WILLIAM STEIN
	A. William Stein Chief Executive Officer (principal executive officer)
August 6, 2021	/S/  ANDREW P. POWER
	Andrew P. Power Chief Financial Officer (principal financial officer)
August 6, 2021	/S/  CAMILLA A. HARRIS
	Camilla A. Harris Chief Accounting Officer (principal accounting officer)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DIGITAL REALTY TRUST, L.P.
	By:	Digital Realty Trust, Inc.
		Its general partner
	By:
August 6, 2021	/S/  A. WILLIAM STEIN
	A. William Stein Chief Executive Officer (principal executive officer)
August 6, 2021	/S/  ANDREW P. POWER
	Andrew P. Power Chief Financial Officer (principal financial officer)
August 6, 2021	/s/  CAMILLA A. HARRIS
	Camilla A. Harris Chief Accounting Officer (principal accounting officer)

61

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, A. William Stein, certify that:

1.             I have reviewed this quarterly report on Form 10-Q of Digital Realty Trust, Inc.;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2021

By:	/s/ A. WILLIAM STEIN
	A. William Stein Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Andrew P. Power, certify that:

1.             I have reviewed this quarterly report on Form 10-Q of Digital Realty Trust, Inc.;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2021

By:	/s/ANDREW P. POWER
	Andrew P. Power Chief Financial Officer (Principal Financial Officer)

EX-31.3

Exhibit 31.3

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, A. William Stein, certify that:

1.             I have reviewed this quarterly report on Form 10-Q of Digital Realty Trust, L.P.;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2021

By:	/s/ A. WILLIAM STEIN
	A. William Stein Chief Executive Officer (Principal Executive Officer) Digital Realty Trust, Inc., sole general partner of Digital Realty Trust, L.P.

EX-31.4

Exhibit 31.4

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Andrew P. Power, certify that:

1.            I have reviewed this quarterly report on Form 10-Q of Digital Realty Trust, L.P.;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2021

By:	/s/ ANDREW P. POWER
	Andrew P. Power Chief Financial Officer (Principal Financial Officer) Digital Realty Trust, Inc., sole general partner of Digital Realty Trust, L.P.

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as

Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Digital Realty Trust, Inc. (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i)    the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii)   the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Date: August 6, 2021
	/s/ A. WILLIAM STEIN
	A. William Stein
	Chief Executive Officer

Pursuant to Securities and Exchange Commission Release 33-8238, dated June 5, 2003, this certification is being furnished and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any registration statement of the Company filed under the Securities Act of 1933, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as

Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Digital Realty Trust, Inc. (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i)    the accompanying Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii)   the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Date: August 6, 2021
	/s/ ANDREW P. POWER
	Andrew P. Power
	Chief Financial Officer

Pursuant to Securities and Exchange Commission Release 33-8238, dated June 5, 2003, this certification is being furnished and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any registration statement of the Company filed under the Securities Act of 1933, as amended.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.3

Exhibit 32.3

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as

Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Digital Realty Trust, Inc., in its capacity as the sole general partner of Digital Realty Trust, L.P. (the “Operating Partnership”), hereby certifies, to such officer’s knowledge, that:

(i)     the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the quarterly period ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership at the dates and for the periods indicated.

Date: August 6, 2021
	/s/ A. WILLIAM STEIN
	A. William Stein
	Chief Executive Officer Digital Realty Trust, Inc., sole general partner of Digital Realty Trust, L.P.

Pursuant to Securities and Exchange Commission Release 33-8238, dated June 5, 2003, this certification is being furnished and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any registration statement of the Operating Partnership filed under the Securities Act of 1933, as amended.

A signed original of this written statement required by Section 906 has been provided to the Operating Partnership and will be retained by the Operating Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.4

Exhibit 32.4

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as

Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Digital Realty Trust, Inc., in its capacity as the sole general partner of Digital Realty Trust, L.P. (the “Operating Partnership”), hereby certifies, to such officer’s knowledge, that:

(i)    the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the quarterly period ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii)   the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership at the dates and for the periods indicated.

Date: August 6, 2021
	/s/ ANDREW P. POWER
	Andrew P. Power
	Chief Financial Officer Digital Realty Trust, Inc., sole general partner of Digital Realty Trust, L.P.

Pursuant to Securities and Exchange Commission Release 33-8238, dated June 5, 2003, this certification is being furnished and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any registration statement of the Operating Partnership filed under the Securities Act of 1933, as amended.

A signed original of this written statement required by Section 906 has been provided to the Operating Partnership and will be retained by the Operating Partnership and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		282,593,428
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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	Jun. 30, 2021
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	2021
Document Fiscal Period Focus	Q2
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

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investments in real estate:
Investments in properties, net	$ 20,782,348	$ 20,582,954
Investments in unconsolidated entities	1,119,026	1,148,158
Net investments in real estate	21,901,374	21,731,112
Operating lease right-of-use assets, net	1,452,633	1,386,959
Cash and cash equivalents	120,482	108,501
Accounts and other receivables, net	630,086	603,111
Deferred rent	539,379	528,180
Goodwill	8,185,931	8,330,996
Customer relationship value, deferred leasing costs and intangibles, net	2,956,027	3,122,904
Other assets	365,308	264,528
Total assets	36,151,220	36,076,291
LIABILITIES AND EQUITY/CAPITAL
Global revolving credit facilities, net	1,026,368	531,905
Unsecured term loans, net		536,580
Unsecured senior notes, net of discount	12,659,043	11,997,010
Secured and other debt, including premiums	242,410	239,222
Operating lease liabilities	1,545,689	1,468,712
Accounts payable and other accrued liabilities	1,367,240	1,420,162
Deferred tax liabilities, net	742,127	698,308
Accrued dividends and distributions		324,386
Security deposits and prepaid rents	362,606	371,659
Total liabilities	17,945,483	17,587,944
Redeemable noncontrolling interests	41,490	42,011
Commitments and contingencies
Stockholders' Equity:
Preferred stock/ units	731,690	950,940
Common Stock: $0.01 par value per share, 392,000,000 shares authorized and 282,603,152 and 280,289,726 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	2,806	2,788
Partners' capital:
Additional paid-in capital	20,844,834	20,626,897
Accumulated dividends in excess of earnings	(4,153,407)	(3,997,938)
Accumulated other comprehensive income, net	31,733	135,010
Total stockholders' equity	17,457,656	17,717,697
Noncontrolling interests in consolidated joint ventures	192,694	119,659
Noncontrolling interests	706,591	728,639
Total equity	18,164,247	18,446,336
Total liabilities and equity/capital	36,151,220	36,076,291
Digital Realty Trust, L.P.
Investments in real estate:
Investments in properties, net	20,782,348	20,582,954
Investments in unconsolidated entities	1,119,026	1,148,158
Net investments in real estate	21,901,374	21,731,112
Operating lease right-of-use assets, net	1,452,633	1,386,959
Cash and cash equivalents	120,482	108,501
Accounts and other receivables, net	630,086	603,111
Deferred rent	539,379	528,180
Goodwill	8,185,931	8,330,996
Customer relationship value, deferred leasing costs and intangibles, net	2,956,027	3,122,904
Other assets	365,308	264,528
Total assets	36,151,220	36,076,291
LIABILITIES AND EQUITY/CAPITAL
Global revolving credit facilities, net	1,026,368	531,905
Unsecured term loans, net		536,580
Unsecured senior notes, net of discount	12,659,043	11,997,010
Secured and other debt, including premiums	242,410	239,222
Operating lease liabilities	1,545,689	1,468,712
Accounts payable and other accrued liabilities	1,367,240	1,420,162
Deferred tax liabilities, net	742,127	698,308
Accrued dividends and distributions		324,386
Security deposits and prepaid rents	362,606	371,659
Total liabilities	17,945,483	17,587,944
Redeemable noncontrolling interests	41,490	42,011
Commitments and contingencies
Stockholders' Equity:
Preferred stock/ units	731,690	950,940
Partners' capital:
Common units, 282,603,152 and 280,289,726 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	16,694,233	16,631,747
Limited Partners, 7,055,409 and 8,046,267 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	516,879	609,190
Accumulated other comprehensive income, net	28,751	134,800
Total partners' capital	17,971,553	18,326,677
Noncontrolling interests in consolidated joint ventures	192,694	119,659
Total capital	18,164,247	18,446,336
Total liabilities and equity/capital	$ 36,151,220	$ 36,076,291

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	110,000,000	110,000,000
Preferred stock, issued (shares)	30,200,000	38,250,000
Preferred stock, outstanding (shares)	30,200,000	38,250,000
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)	282,603,152	280,289,726
Common stock, shares, outstanding (shares)	282,603,152	280,289,726
Liquidation preference	$ 755,000	$ 956,250
Preferred stock, liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Digital Realty Trust, L.P.
Preferred units, issued (units)	30,200,000	38,250,000
Preferred units, outstanding (units)	30,200,000	38,250,000
Common units, issued (units)	282,603,152	280,289,726
Common units, outstanding (units)	282,603,152	280,289,726
Liquidation preference	$ 755,000	$ 956,250
Preferred stock, liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Limited Partners' units, issued (units)	7,055,409	8,046,267
Limited Partners' units outstanding (units)	7,055,409	8,046,267

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CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Revenues:
Total operating revenues	$ 1,093,188	$ 992,995	$ 2,183,579	$ 1,816,332
Operating Expenses:
Rental property operating and maintenance	383,216	332,647	744,995	598,355
Property taxes and insurance	48,498	48,441	101,001	94,111
Depreciation and amortization	368,981	349,165	738,714	640,622
General and administrative	97,492	94,291	197,486	157,829
Transactions and integration	7,075	15,618	21,195	72,419
Other	2,298	22	2,041	136
Total operating expenses	907,560	840,184	1,805,432	1,563,472
Operating income	185,628	152,811	378,147	252,860
Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities	52,143	(7,632)	29,112	(86,628)
Gain on disposition of properties, net	499	0	334,420	304,801
Other expense, net	10,124	22,163	2,938	18,621
Interest expense	(75,014)	(79,874)	(150,667)	(165,674)
Loss from early extinguishment of debt	0	0	(18,347)	(632)
Income tax expense	(47,582)	(11,490)	(55,129)	(18,672)
Net income	125,798	75,978	520,474	304,676
Net (income) loss attributable to noncontrolling interests	(4,544)	(1,147)	(13,300)	(5,831)
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P.	121,254	74,831	507,174	298,845
Preferred stock dividends, including undeclared dividends	(11,885)	(21,155)	(25,399)	(42,310)
Gain on redemption of preferred stock	18,000	0	18,000
Net income available to common stockholders	$ 127,369	$ 53,676	$ 499,775	$ 256,535
Net income per share available to common stockholders:
Basic (in dollars per share/unit)	$ 0.45	$ 0.20	$ 1.78	$ 1.05
Diluted (in dollars per share/unit)	$ 0.45	$ 0.20	$ 1.77	$ 1.04
Weighted average common shares/ units outstanding:
Basic (shares/units)	281,791,855	267,569,823	281,445,252	244,866,574
Diluted (shares/units)	282,433,857	270,744,408	282,075,611	247,576,014
Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	$ 1,093,188	$ 992,995	$ 2,183,579	$ 1,816,332
Operating Expenses:
Rental property operating and maintenance	383,216	332,647	744,995	598,355
Property taxes and insurance	48,498	48,441	101,001	94,111
Depreciation and amortization	368,981	349,165	738,714	640,622
General and administrative	97,492	94,291	197,486	157,829
Transactions and integration	7,075	15,618	21,195	72,419
Other	2,298	22	2,041	136
Total operating expenses	907,560	840,184	1,805,432	1,563,472
Operating income	185,628	152,811	378,147	252,860
Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities	52,143	(7,632)	29,112	(86,628)
Gain on disposition of properties, net	499		334,420	304,801
Other expense, net	10,124	22,163	2,938	18,621
Interest expense	(75,014)	(79,874)	(150,667)	(165,674)
Loss from early extinguishment of debt			(18,347)	(632)
Income tax expense	(47,582)	(11,490)	(55,129)	(18,672)
Net income	125,798	75,978	520,474	304,676
Net (income) loss attributable to noncontrolling interests	(1,344)	253	(300)	3,369
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P.	124,454	76,231	520,174	308,045
Preferred stock dividends, including undeclared dividends	(11,885)	(21,155)	(25,399)	(42,310)
Gain on redemption of preferred stock	18,000		18,000
Net income available to common stockholders	$ 130,569	$ 55,076	$ 512,775	$ 265,735
Net income per share available to common stockholders:
Basic (in dollars per share/unit)	$ 0.45	$ 0.20	$ 1.78	$ 1.05
Diluted (in dollars per share/unit)	$ 0.45	$ 0.20	$ 1.77	$ 1.04
Weighted average common shares/ units outstanding:
Basic (shares/units)	288,842,803	275,544,524	288,588,250	252,995,033
Diluted (shares/units)	289,484,805	278,719,109	289,218,609	255,704,473
Rental and other services
Operating Revenues:
Total operating revenues	$ 1,089,395	$ 987,675	$ 2,177,301	$ 1,807,747
Rental and other services | Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	1,089,395	987,675	2,177,301	1,807,747
Fee income and other
Operating Revenues:
Total operating revenues	3,793	5,320	6,278	8,585
Fee income and other | Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	$ 3,793	$ 5,320	$ 6,278	$ 8,585

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income	$ 125,798	$ 75,978	$ 520,474	$ 304,676
Other comprehensive income (loss):
Foreign currency translation adjustments	111,678	88,659	(107,324)	(268,544)
Increase (decrease) in fair value of interest rate swaps	226	(1,011)	563	(12,849)
Reclassification to interest expense from interest rate swaps	353	784	712	226
Other comprehensive income (loss)	112,257	88,432	(106,049)	(281,167)
Comprehensive income (loss)	238,055	164,410	414,425	23,509
Comprehensive (income) loss attributable to noncontrolling interests	(7,285)	(3,706)	(10,528)	4,907
Comprehensive income attributable to Digital Realty Trust, Inc./ Digital Realty Trust, L.P.	230,770	160,704	403,897	28,416
Digital Realty Trust, L.P.
Net income	125,798	75,978	520,474	304,676
Other comprehensive income (loss):
Foreign currency translation adjustments	111,678	88,659	(107,324)	(268,544)
Increase (decrease) in fair value of interest rate swaps	226	(1,011)	563	(12,849)
Reclassification to interest expense from interest rate swaps	353	784	712	226
Other comprehensive income (loss)	112,257	88,432	(106,049)	(281,167)
Comprehensive income (loss)	238,055	164,410	414,425	23,509
Comprehensive (income) loss attributable to noncontrolling interests	(1,344)	253	(300)	3,369
Comprehensive income attributable to Digital Realty Trust, Inc./ Digital Realty Trust, L.P.	$ 236,711	$ 164,663	$ 414,125	$ 26,878

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CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Thousands	General Partner Preferred Units Digital Realty Trust, L.P. Series C Cumulative Redeemable Perpetual Preferred Stock	General Partner Preferred Units Digital Realty Trust, L.P.	General Partner Common Units Digital Realty Trust, L.P. Series C Cumulative Redeemable Perpetual Preferred Stock	General Partner Common Units Digital Realty Trust, L.P.	Limited Partners Common Units Digital Realty Trust, L.P.	Redeemable Interests Digital Realty Trust, L.P.	Accumulated other comprehensive income (loss), net Digital Realty Trust, L.P. Interest Rate Swap	Accumulated other comprehensive income (loss), net Digital Realty Trust, L.P.	Noncontrolling Interests in Consolidated Joint Ventures Digital Realty Trust, L.P.	Digital Realty Trust, L.P. Series C Cumulative Redeemable Perpetual Preferred Stock	Digital Realty Trust, L.P. Interest Rate Swap	Digital Realty Trust, L.P.	Redeemable Noncontrolling Interests -- Operating Partnership	Preferred Stock Series C Cumulative Redeemable Perpetual Preferred Stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Dividends in Excess of Earnings Series C Cumulative Redeemable Perpetual Preferred Stock	Accumulated Dividends in Excess of Earnings	Accumulated other comprehensive income (loss), net Interest Rate Swap	Accumulated other comprehensive income (loss), net	Noncontrolling Interests in Operating Partnership Interest Rate Swap	Noncontrolling Interests in Operating Partnership	Noncontrolling Interests Interest Rate Swap	Noncontrolling Interests	Series C Cumulative Redeemable Perpetual Preferred Stock	Interest Rate Swap	Total
Beginning balance at Dec. 31, 2019													$ 41,465		$ 1,434,420	$ 2,073	$ 11,577,320		$ (3,046,579)		$ (87,922)		$ 728,788					$ 10,608,100
Beginning balance (shares) at Dec. 31, 2019																208,900,758
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock																$ 8	70,274						(70,282)
Conversion of common units to common stock (shares)																805,812
Common stock and share-based awards issued in connection with InterXion combination				$ 6,985,052								$ 6,985,052				$ 543	6,984,509											6,985,052
Common stock and share-based awards issued in connection with InterXion combination (in shares)				54,298,595												54,298,595
Issuance of common stock, net of offering costs																$ 46	644,585											644,631
Issuance of common stock, net of offering costs (shares)																4,585,951
Shares issued under employee stock purchase plan				$ 2,638								2,638					2,638											2,638
Shares issued under employee stock purchase plan (shares)				25,234												25,234
Amortization of share-based compensation				$ 36,480								36,480					37,730											37,730
Vesting of restricted stock, net (shares)				(217,277)												(217,277)
Shares repurchased and retired to satisfy tax withholding upon vesting				$ (3,500)								(3,500)					(4,750)											(4,750)
Reclassification of vested share-based awards																	(16,504)						16,504
Adjustment to redeemable noncontrolling interests													3,491				(3,491)											(3,491)
Dividends declared on preferred stock												(42,310)							(42,310)									(42,310)
Dividends and distributions on common stock and common and incentive units													(350)						(596,481)				(19,150)					(615,631)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions						$ 1,567			$ 43,982			43,982	1,567										43,982					43,982
Net income (loss)		$ 42,310		256,535	$ 9,335	(3,188)			(316)			307,864	(3,188)						298,845				9,019					307,864
Other comprehensive income (loss)-foreign currency translation adjustments						(2,401)		$ (268,543)				(268,543)	(2,401)								(258,257)		(10,286)					(268,513)
Other comprehensive income-fair value of interest rate swaps							$ (12,849)				$ (12,849)	(12,849)								$ (12,393)		$ (456)					$ (12,849)	(12,849)
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense												226									223		3					226
Ending balance at Jun. 30, 2020													40,584		1,434,420	$ 2,670	19,292,311		(3,386,525)		(358,349)		698,122		$ 698,122			17,682,649
Ending balance (shares) at Jun. 30, 2020																268,399,073
Beginning balance at Dec. 31, 2019													41,465		1,434,420	$ 2,073	11,577,320		(3,046,579)		(87,922)		728,788					10,608,100
Beginning balance (shares) at Dec. 31, 2019																208,900,758
Ending balance at Dec. 31, 2020													42,011		950,940	$ 2,788	20,626,897		(3,997,938)		135,010				728,639			18,446,336
Ending balance (shares) at Dec. 31, 2020																280,289,726
Beginning balance at Mar. 31, 2020													40,027		1,434,420	$ 2,622	18,606,766		(3,139,350)		(444,222)				716,304			17,176,540
Beginning balance (shares) at Mar. 31, 2020																263,595,562
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock																$ 2	18,043								(18,045)
Conversion of common units to common stock (shares)																212,859
Common stock and share-based awards issued in connection with InterXion combination				9,800								9,800					9,800											9,800
Issuance of common stock, net of offering costs																$ 46	638,080											638,126
Issuance of common stock, net of offering costs (shares)																4,535,951
Amortization of share-based compensation				$ 22,050								22,050					22,050											22,050
Vesting of restricted stock, net (shares)				54,701												54,701
Shares repurchased and retired to satisfy tax withholding upon vesting				$ (432)								(432)					(432)											(432)
Reclassification of vested share-based awards																	(1,497)								1,497
Adjustment to redeemable noncontrolling interests													499				(499)											(499)
Dividends declared on preferred stock												(21,155)							(21,155)									(21,155)
Dividends and distributions on common stock and common and incentive units													(175)						(300,851)						(10,128)			(310,979)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions						515			4,506			4,506	515												4,506			4,506
Net income (loss)		21,155		53,676	1,682	(282)			(253)			76,260	(282)						74,831						1,429			76,260
Other comprehensive income (loss)-foreign currency translation adjustments								88,659				88,659									86,093				2,566			88,659
Other comprehensive income-fair value of interest rate swaps							(1,011)				(1,011)	(1,011)								(981)				$ (30)			(1,011)	(1,011)
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense								784				784									761				23			784
Ending balance at Jun. 30, 2020													40,584		1,434,420	$ 2,670	19,292,311		(3,386,525)		(358,349)		$ 698,122		698,122			17,682,649
Ending balance (shares) at Jun. 30, 2020																268,399,073
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to redeemable partnership units				(499)		499						(499)
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																$ 13	111,384								(111,397)
Conversion of common units to common stock (shares)																1,340,675
Common stock issued in connection with acquisition				$ 18,270								18,270				$ 1	18,269											18,270
Common stock issued in connection with acquisition (shares)				125,395												125,395
Issuance of common stock, net of offering costs																$ 5	75,433											75,438
Issuance of common stock, net of offering costs (shares)																477,762
Shares issued under employee stock purchase plan				$ 3,427								3,427					3,427											3,427
Shares issued under employee stock purchase plan (shares)				29,475												29,475
Amortization of share-based compensation				$ 49,851								49,851					49,851											49,851
Vesting of restricted stock, net (shares)				340,119												340,119
Shares repurchased and retired to satisfy tax withholding upon vesting				$ (15,849)								(15,849)				$ (1)	(15,848)											(15,849)
Reclassification of vested share-based awards																	(22,870)								22,870
Redemption of preferred stock	$ (219,250)		$ 18,000							$ (201,250)				$ (219,250)				$ 18,000								$ (201,250)
Adjustment to redeemable noncontrolling interests													1,709				(1,709)											(1,709)
Dividends declared on preferred stock												(25,399)							(25,399)									(25,399)
Dividends and distributions on common stock and common and incentive units													(362)						(655,244)						(16,502)			(671,746)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions						(2,150)			72,735			72,735	(2,150)												72,735			72,735
Net income (loss)		25,399		481,775	12,718	282			300			520,192	282						507,174						13,018			520,192
Other comprehensive income (loss)-foreign currency translation adjustments								(107,324)				(107,324)									(104,520)				(2,804)			(107,324)
Other comprehensive income-fair value of interest rate swaps							$ 563				$ 563	563								549				14			563	563
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense								712				712									694				18			712
Ending balance at Jun. 30, 2021													41,490		731,690	$ 2,806	20,844,834		(4,153,407)		31,733				706,591			18,164,247
Ending balance (shares) at Jun. 30, 2021																282,603,152
Beginning balance at Mar. 31, 2021													40,097		950,940	$ 2,795	20,700,282		(3,952,497)		(77,783)				721,587			18,345,324
Beginning balance (shares) at Mar. 31, 2021																281,372,310
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock																$ 7	57,777								(57,784)
Conversion of common units to common stock (shares)																698,485
Issuance of common stock, net of offering costs																$ 5	75,665											75,670
Issuance of common stock, net of offering costs (shares)																477,762
Amortization of share-based compensation				$ 21,063								21,063					21,063											21,063
Vesting of restricted stock, net (shares)				54,595												54,595
Shares repurchased and retired to satisfy tax withholding upon vesting				$ (6,131)								(6,131)				$ (1)	(6,130)											(6,131)
Reclassification of vested share-based awards																	(2,322)								2,322
Redemption of preferred stock	$ (219,250)		$ 18,000							$ (201,250)				$ (219,250)				$ 18,000								$ (201,250)
Adjustment to redeemable noncontrolling interests													1,501				(1,501)											(1,501)
Dividends declared on preferred stock												(11,885)							(11,885)									(11,885)
Dividends and distributions on common stock and common and incentive units													(181)						(328,279)						(7,801)			(336,080)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions									41,055			41,055													41,055			41,055
Net income (loss)		$ 11,885		109,369	$ 3,127	73			1,344			125,725	73						121,254						4,471			125,725
Other comprehensive income (loss)-foreign currency translation adjustments								111,678	$ 0			111,678									108,951				2,727			111,678
Other comprehensive income-fair value of interest rate swaps												226								$ 221				$ 5			$ 226	226
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense								$ 353				353									344				9			353
Ending balance at Jun. 30, 2021													$ 41,490		$ 731,690	$ 2,806	$ 20,844,834		$ (4,153,407)		$ 31,733				$ 706,591			$ 18,164,247
Ending balance (shares) at Jun. 30, 2021																282,603,152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common units, net of forfeitures (units)					12,623
Adjustment to redeemable partnership units				$ (1,501)		$ 1,501						$ (1,501)

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CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (units)			280,289,726
Common units issued in connection with acquisition			$ 18,270
Common units and share-based awards issued in connection with Interxion combination		$ 9,800		$ 6,985,052
Units issued in connection with employee stock purchase plan			3,427	2,638
Units repurchased and retired to satisfy tax withholding upon vesting	$ (6,131)	(432)	(15,849)	(4,750)
Amortization of share-based compensation	21,063	22,050	49,851	37,730
Adjustment to redeemable noncontrolling interests	(1,501)	(499)	(1,709)	(3,491)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions	41,055	4,506	72,735	43,982
Cumulative effect adjustment from adoption of new accounting standard	18,164,247	17,682,649	18,164,247	17,682,649	$ 18,446,336
Net income (loss)	125,725	76,260	520,192	307,864
Other comprehensive income (loss)-foreign currency translation adjustments	111,678	88,659	(107,324)	(268,513)
Other comprehensive income-fair value of interest rate swaps	226	(1,011)	563	(12,849)
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense	$ 353	784	$ 712	226
Ending balance (units)	282,603,152		282,603,152		280,289,726
Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income-fair value of interest rate swaps	$ 226	(1,011)	$ 563	(12,849)
Series C Cumulative Redeemable Perpetual Preferred Stock
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of preferred units	(201,250)		(201,250)
Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	18,345,324	17,176,540	18,446,336	10,608,100	$ 10,608,100
Common units issued in connection with acquisition			18,270
Common units and share-based awards issued in connection with Interxion combination		9,800		6,985,052
Issuance of common unit, net of offering costs	75,670	638,126	75,438	644,631
Units issued in connection with employee stock purchase plan			3,427	2,638
Units repurchased and retired to satisfy tax withholding upon vesting	(6,131)	(432)	(15,849)	(3,500)
Amortization of share-based compensation	21,063	22,050	49,851	36,480
Adjustment to redeemable partnership units			(1,709)	(3,491)
Distributions	(347,965)	(332,134)	(697,145)	(657,941)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions	41,055	4,506	72,735	43,982
Net income (loss)	125,725	76,260	520,192	307,864
Other comprehensive income (loss)-foreign currency translation adjustments	111,678	88,659	(107,324)	(268,543)
Other comprehensive income-fair value of interest rate swaps	226	(1,011)	563	(12,849)
Other comprehensive income-fair value of interest rate swaps				226
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense	353	784	712	226
Ending balance	18,164,247	17,682,649	18,164,247	17,682,649	18,446,336
Digital Realty Trust, L.P. | Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income-fair value of interest rate swaps		(1,011)	563	(12,849)
Other comprehensive income-fair value of interest rate swaps	226
Digital Realty Trust, L.P. | Series C Cumulative Redeemable Perpetual Preferred Stock
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of preferred units	(201,250)		(201,250)
Redeemable Interests | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	40,097	40,027	42,011	41,465	41,465
Adjustment to redeemable partnership units			1,709	3,491
Distributions	(181)	(175)	(362)	(350)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions		515	(2,150)	1,567
Net income (loss)	73	(282)	282	(3,188)
Other comprehensive income (loss)-foreign currency translation adjustments				(2,401)
Ending balance	41,490	40,584	41,490	40,584	42,011
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(83,506)	(461,007)	134,800	(91,409)	(91,409)
Other comprehensive income (loss)-foreign currency translation adjustments	111,678	88,659	(107,324)	(268,543)
Other comprehensive income-fair value of interest rate swaps				226
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense	353	784	712
Ending balance	28,751	(372,575)	28,751	(372,575)	134,800
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P. | Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income-fair value of interest rate swaps		(1,011)	563	(12,849)
Other comprehensive income-fair value of interest rate swaps	226
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	150,295	60,038	119,659	20,625	20,625
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions	41,055	4,506	72,735	43,982
Net income (loss)	1,344	(253)	300	(316)
Other comprehensive income (loss)-foreign currency translation adjustments	0
Ending balance	192,694	64,291	192,694	64,291	119,659
General Partner | Preferred Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 950,940	$ 1,434,420	$ 950,940	$ 1,434,420	$ 1,434,420
Beginning balance (units)	38,250,000	58,250,000	38,250,000	58,250,000	58,250,000
Distributions	$ (11,885)	$ (21,155)	$ (25,399)	$ (42,310)
Net income (loss)	11,885	21,155	25,399	42,310
Ending balance	$ 731,690	$ 1,434,420	$ 731,690	$ 1,434,420	$ 950,940
Ending balance (units)	30,200,000	58,250,000	30,200,000	58,250,000	38,250,000
General Partner | Preferred Units | Digital Realty Trust, L.P. | Series C Cumulative Redeemable Perpetual Preferred Stock
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of preferred units	$ (219,250)		$ (219,250)
Redemption of preferred units (in units)	(8,050,000)		(8,050,000)
General Partner | Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 16,750,580	$ 15,470,038	$ 16,631,747	$ 8,532,814	$ 8,532,814
Beginning balance (units)	281,372,310	263,595,562	280,289,726	208,900,758	208,900,758
Conversion of limited partner common units to general partner common units	$ 57,784	$ 18,045	$ 111,397	$ 70,282
Conversion of limited partner common units to general partner common units (units)	698,485	212,859	1,340,675	805,812
Common units issued in connection with acquisition			$ 18,270
Common units issued in connection with acquisition (in units)			125,395
Common units and share-based awards issued in connection with Interxion combination		$ 9,800		$ 6,985,052
Common units and share-based awards issued in connection with Interxion combination (in units)				54,298,595
Issuance of common unit, net of offering costs	$ 75,670	$ 638,126	$ 75,438	$ 644,631
Issuance of common units, net of offering costs (in units)	477,762	4,535,951	477,762	4,585,951
Units issued in connection with employee stock purchase plan			$ 3,427	$ 2,638
Units issued in connection with employee stock purchase plan (units)			29,475	25,234
Units repurchased and retired to satisfy tax withholding upon vesting	$ (6,131)	$ (432)	$ (15,849)	$ (3,500)
Amortization of share-based compensation	$ 21,063	$ 22,050	$ 49,851	$ 36,480
Vesting of restricted common units, net (units)	54,595	54,701	340,119	(217,277)
Reclassification of vested share-based awards	$ (2,322)	$ (1,497)	$ (22,870)	$ (16,504)
Adjustment to redeemable partnership units			(1,709)	(3,491)
Distributions	(328,279)	(300,851)	(655,244)	(596,481)
Net income (loss)	109,369	53,676	481,775	256,535
Ending balance	$ 16,694,233	$ 15,908,456	$ 16,694,233	$ 15,908,456	$ 16,631,747
Ending balance (units)	282,603,152	268,399,073	282,603,152	268,399,073	280,289,726
General Partner | Common Units | Digital Realty Trust, L.P. | Series C Cumulative Redeemable Perpetual Preferred Stock
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of preferred units	$ 18,000		$ 18,000
Limited Partners | Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 577,015	$ 673,051	$ 609,190	$ 711,650	$ 711,650
Beginning balance (units)	7,741,271	8,473,386	8,046,267	8,843,155	8,843,155
Conversion of limited partner common units to general partner common units	$ (57,784)	$ (18,045)	$ (111,397)	$ (70,282)
Conversion of limited partner common units to general partner common units (units)	(698,485)	(212,859)	(1,340,675)	(805,812)
Issuance of common units, net of forfeitures (units)		(27,292)	349,817	250,476
Reclassification of vested share-based awards	$ 2,322	$ 1,497	$ 22,870	$ 16,504
Distributions	(7,801)	(10,128)	(16,502)	(19,150)
Net income (loss)	3,127	1,682	12,718	9,335
Ending balance	$ 516,879	$ 648,057	$ 516,879	$ 648,057	$ 609,190
Ending balance (units)	7,055,409	8,287,819	7,055,409	8,287,819	8,046,267

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 520,474	$ 304,676
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(334,420)	(304,801)
Equity in earnings (loss) of unconsolidated entities	(29,112)	86,628
Distributions from unconsolidated entities	57,037	9,231
Depreciation and amortization	738,714	640,622
Amortization of share-based compensation	47,668	35,580
Loss from early extinguishment of debt	18,347	632
Amortization of acquired above-market leases and acquired below-market leases, net	4,157	7,087
Amortization of deferred financing costs and debt discount / premium	9,571	9,820
Other items, net	(2,066)	(10,944)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(146,503)	(48,345)
Decrease in accounts payable and other liabilities	(33,945)	(17,816)
Net cash provided by operating activities	849,922	712,370
Cash flows from investing activities:
Improvements to investments in real estate	(1,081,446)	(854,885)
Cash paid for business combinations and assets acquisition, net of cash and restricted cash acquired	(168,439)	(234,448)
Proceeds from (investment in) unconsolidated entities	6,131
Proceeds from (investment in) unconsolidated entities		(94,169)
Proceeds from sale of real estate	703,936	526,362
Other investing activities, net	(18,827)	(21,675)
Net cash used in investing activities	(558,645)	(678,815)
Cash flows from financing activities:
Net proceeds (payments on) from credit facilities	508,169	(287,271)
Borrowings on secured / unsecured debt	1,218,650	2,357,417
Repayments on secured / unsecured debt	(886,963)	(1,436,362)
Premium paid for early extinguishment of debt	(16,482)
Capital contributions from noncontrolling interests	70,585	36,876
Proceeds from Issuance of Common Stock, Net	75,438	639,881
Redemption of preferred stock	(201,250)
Payments of dividends and distributions	(1,021,893)	(892,911)
Other financing activities, net	(21,602)	(12,802)
Net cash (used in) provided by financing activities	(275,348)	404,828
Net increase in cash, cash equivalents and restricted cash	15,929	438,383
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11,068)	(16,603)
Cash, cash equivalents and restricted cash at beginning of period	123,652	97,253
Cash, cash equivalents and restricted cash at end of period	128,513	519,033
Digital Realty Trust, L.P.
Cash flows from operating activities:
Net income	520,474	304,676
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(334,420)	(304,801)
Equity in earnings (loss) of unconsolidated entities	(29,112)	86,628
Distributions from unconsolidated entities	57,037	9,231
Depreciation and amortization	738,714	640,622
Amortization of share-based compensation	47,668	35,580
Loss from early extinguishment of debt	18,347	632
Amortization of acquired above-market leases and acquired below-market leases, net	4,157	7,087
Amortization of deferred financing costs and debt discount / premium	9,571	9,820
Other items, net	(2,066)	(10,944)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(146,503)	(48,345)
Decrease in accounts payable and other liabilities	(33,945)	(17,816)
Net cash provided by operating activities	849,922	712,370
Cash flows from investing activities:
Improvements to investments in real estate	(1,081,446)	(854,885)
Cash paid for business combinations and assets acquisition, net of cash and restricted cash acquired	(168,439)	(234,448)
Proceeds from (investment in) unconsolidated entities	6,131
Proceeds from (investment in) unconsolidated entities		(94,169)
Proceeds from sale of real estate	703,936	526,362
Other investing activities, net	(18,827)	(21,675)
Net cash used in investing activities	(558,645)	(678,815)
Cash flows from financing activities:
Net proceeds (payments on) from credit facilities	508,169	(287,271)
Borrowings on secured / unsecured debt	1,218,650	2,357,417
Repayments on secured / unsecured debt	(886,963)	(1,436,362)
Premium paid for early extinguishment of debt	(16,482)
Capital contributions from noncontrolling interests	70,585	36,876
General partner contributions	75,438	639,881
General partner distributions	(201,250)
Payments of dividends and distributions	(1,021,893)	(892,911)
Other financing activities, net	(21,602)	(12,802)
Net cash (used in) provided by financing activities	(275,348)	404,828
Net increase in cash, cash equivalents and restricted cash	15,929	438,383
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11,068)	(16,603)
Cash, cash equivalents and restricted cash at beginning of period	123,652	97,253
Cash, cash equivalents and restricted cash at end of period	$ 128,513	$ 519,033

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General

6 Months Ended

Jun. 30, 2021

General

General

1. General

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.

Accounting Principles

Our unaudited interim condensed consolidated financial statements and accompanying notes are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). 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, 2020 (“2020 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as filed with the SEC, and other filings with the SEC.

Basis of Presentation

The accompanying interim condensed consolidated financial statements include all accounts of the Parent, the OP and the subsidiaries of the OP. The notes to the condensed consolidated financial statements have been combined.

The Parent’s only material asset is its ownership of partnership interests of the OP. As a result, the Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates.

The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units.

Management Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience, current market conditions, and various other assumptions that we believe to be reasonable under the circumstances. Examples of estimates and assumptions include: the probability of collection of lease payments from customers, the recoverability of the carrying values of investments in real estate, the fair value of share-based compensation awards, loss contingencies, the fair value of and/or potential impairment of goodwill and intangible assets, useful lives of tangible and intangible assets, and the fair value of customer relationships, buildings & improvements, and other tangible and intangible assets acquired in business

combinations and asset acquisitions. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties.

The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how the pandemic is impacting the Company’s customers and business partners. While the Company has not incurred significant disruptions during the six months ended June 30, 2021 from the COVID-19 pandemic, we are unable to predict the impact the COVID-19 pandemic will have on the Company’s financial condition, results of operations and cash flows due to numerous uncertainties.

New Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (FASB) issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The Company adopted the updated guidance for the quarter ended March 31, 2021. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our consolidated financial statements or do not apply to our operations.

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Business Combinations

6 Months Ended

Jun. 30, 2021

Business Combinations

Business Combinations

2. Business Combinations

We obtained control of InterXion Holding N.V. (“Interxion”) on March 9, 2020 and completed the Company’s combination with Interxion (“Interxion Combination”) on March 12, 2020 for total equity consideration of approximately $7.0 billion, including approximately $108.5 million of assumed cash and cash equivalents. Revenues attributable to Interxion amounted to $244.6 million and $194.5 million for the three months ended June 30, 2021 and 2020, respectively, and $480.8 million and $241.9 million for the six months ended June 30, 2021 and 2020, respectively. Net income attributable to Interxion amounted to $23.2 million and $9.4 million for the three months ended June 30, 2021 and 2020, respectively, and $41.2 million and $12.1 million for the six months ended June 30, 2021 and 2020, respectively.

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Investments in Properties

6 Months Ended

Jun. 30, 2021

Investments in Properties

Investments in Properties

3. Investments in Properties

A summary of our investments in properties as of June 30, 2021 and December 31, 2020 is below (in thousands):

Property Type	As of June 30, 2021		As of December 31, 2020
Land	$	1,115,383	$	1,106,392
Acquired ground lease		6,872		10,308
Buildings and improvements		21,476,874		21,335,396
Tenant improvements		688,724		690,892
		23,287,853		23,142,988
Accumulated depreciation and amortization		(5,919,650)		(5,555,221)
Investments in operating properties, net		17,368,203		17,587,767
Construction in progress and space held for development		3,270,570		2,768,325
Land held for future development		143,575		226,862
Investments in properties, net	$	20,782,348	$	20,582,954

Disposition

On March 16, 2021 we sold a portfolio of 11 data centers in Europe (four in the United Kingdom, three in the Netherlands, three in France and one in Switzerland) to Ascendas Reit, a CapitaLand sponsored REIT, for total purchase consideration of approximately $680.0 million (subject to customary final adjustments for working capital and other items). The total gain recorded during the three months ended March 31, 2021 as a result of this sale was approximately $333.3 million. We will provide transitional property management services for one year from the closing date at a customary market rate. The assets and liabilities sold were not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy.

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Leases

6 Months Ended

Jun. 30, 2021

Leases

Leases

4. Leases

Lessor Accounting

We lease our operating properties to customers under agreements that are classified as operating leases. The majority of our revenue is derived from lease arrangements. 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, the majority 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 that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. The 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 June 30, 2021, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of June 30, 2021, the termination dates of these ground leases generally range from 2041 to 2125. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2021 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 $37.2 million and $33.3 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $72.4 million and $57.9 million for the six months ended June 30, 2021 and 2020, respectively.

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Investments in Unconsolidated Entities

6 Months Ended

Jun. 30, 2021

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	% Ownership		June 30, 2021		December 31, 2020
Ascenty (1)	2019	Brazil / Chile / Mexico	51	% (2)	$	613,086	$	567,192
Mapletree	2019	Northern Virginia	20	%		178,429		184,890
Mitsubishi	Various	Osaka / Tokyo	50	%		181,056		278,947
Lumen	2012	Hong Kong	50	%		78,923		86,600
Other	Various	U.S.	Various			67,532		30,529
Total					$	1,119,026	$	1,148,158

(1) Our maximum exposure to loss related to this unconsolidated variable interest entity (VIE) is limited to our equity investment in this VIE.

(2) Includes an approximate 2% ownership interest held by a non-controlling interest in our entity that holds the investment in the Ascenty entity, which has a carrying value as of June 30, 2021 and December 31, 2020 of

approximately $19.7 million and $21.9 million, respectively, and is classified within redeemable noncontrolling interests in our condensed consolidated balance sheet.

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

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Goodwill

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 as compared to December 31, 2020 were immaterial and driven primarily by changes in exchange rates associated with goodwill balances denominated in foreign currencies.

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Acquired Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2021

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.

(Amounts in thousands)
	Balance as of
	June 30, 2021						December 31, 2020
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,960,866	$	(657,293)	$	2,303,573	$	2,993,093	$	(570,886)	$	2,422,207
Acquired in-place lease value		1,341,381		(1,008,732)		332,649		1,382,563		(1,004,421)		378,142
Other		56,321		(11,109)		45,212		57,370		(7,107)		50,263
Acquired above-market leases		275,251		(243,700)		31,551		280,216		(236,923)		43,293
Acquired below-market leases		(383,127)		265,746		(117,381)		(401,539)		270,648		(130,891)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $66.4 million and $79.5 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $134.1 million and $135.8 million for the six months ended June 30, 2021 and 2020, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in a decrease in rental and other services revenue of $(1.1) million and $(3.1) million for the three months ended June 30, 2021 and 2020, respectively, and $(2.6) million and $(6.4) million for the six months ended June 30, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2021 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 2021	$	88,088	$	37,471	$	4,210	$	9,962	$	(9,055)
2022		175,004		58,817		8,419		11,209		(15,974)
2023		174,335		47,776		1,520		4,759		(14,289)
2024		173,755		41,010		—		2,584		(12,676)
2025		173,253		35,767		—		1,452		(10,779)
Thereafter		1,519,138		111,808		—		1,585		(54,608)
Total	$	2,303,573	$	332,649	$	14,149	$	31,551	$	(117,381)

(1) Excludes power grid rights in the amount of approximately $31.1 million that are currently not being amortized.  Amortization will begin once a data center associated with the power grid right is placed into service

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Debt

6 Months Ended

Jun. 30, 2021

Debt

Debt

8. Debt

On a standalone basis (e.g., excluding its subsidiaries), Digital Realty Trust, Inc. does not have any indebtedness. The Parent is the guarantor or co-guarantor on all debt held by the OP or its subsidiaries. All debt is currently held directly or indirectly by the OP. A summary of outstanding indebtedness of the OP, together with its subsidiaries, as of June 30, 2021 and December 31, 2020 is as follows (in thousands):

	June 30, 2021				December 31, 2020
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	0.98	%	$	1,032,946	0.91	%	$	540,184
Unsecured term loans	—	%		—	1.20	%		537,470
Unsecured senior notes	2.33	%		12,762,570	2.49	%		12,096,029
Secured and other debt	3.06	%		242,870	2.92	%		239,330
Total	2.24	%	$	14,038,386	2.38	%	$	13,413,013

The interest rates presented in the table above represent the 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 rate on certain variable rate debt.

We 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):

	June 30, 2021				December 31, 2020
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,822,870	27.2	%	$	3,629,000	27.1	%
British pound sterling (£)		2,143,805	15.3	%		2,166,695	16.2	%
Euro (€)		7,757,504	55.3	%		6,912,142	51.5	%
Other		314,207	2.2	%		705,176	5.2	%
Total	$	14,038,386			$	13,413,013

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

	Aggregate Principal at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date		June 30, 2021		December 31, 2020
Floating rate notes due 2022	€	300,000	$	349,800	Sep 23, 2022	$	355,740	$	366,480
0.125% notes due 2022	€	300,000	$	332,760	Oct 15, 2022		355,740		366,480
2.750% notes due 2023	$	350,000	$	350,000	Feb 1, 2023		-		350,000
2.625% notes due 2024	€	600,000	$	677,040	Apr 15, 2024		711,480		732,960
2.750% notes due 2024	£	250,000	$	324,925	Jul 19, 2024		345,775		341,750
4.250% notes due 2025	£	400,000	$	634,480	Jan 17, 2025		553,240		546,800
0.625% notes due 2025	€	650,000	$	720,980	Jul 15, 2025		770,770		794,040
4.750% notes due 2025	$	450,000	$	450,000	Oct 1, 2025		450,000		450,000
2.500% notes due 2026	€	1,075,000	$	1,224,640	Jan 16, 2026		1,274,735		1,313,219
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		592,900		610,800
4.450% notes due 2028	$	650,000	$	650,000	Jul 15, 2028		650,000		650,000
3.300% notes due 2029	£	350,000	$	454,895	Jul 19, 2029		484,085		478,450
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		889,350		916,200
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		760,705		751,850
1.250% notes due 2031	€	500,000	$	560,950	Feb 1, 2031		592,900		610,800
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,185,800		-
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		889,350		916,200
						$	12,762,570	$	12,096,029
Unamortized discounts, net of premiums							(37,743)		(34,988)
Deferred financing costs, net							(65,784)		(64,031)
Total unsecured senior notes, net of discount and deferred financing costs						$	12,659,043	$	11,997,010

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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At June 30, 2021, we were in compliance with each of these financial covenants.

The table below summarizes our debt maturities and principal payments as of June 30, 2021 (in thousands):

	Global Revolving		Unsecured			Secured and
	Credit Facilities(1)		Senior Notes		Other Debt		Total Debt
Remainder of 2021	$	—	$	—	$	—	$	—
2022		—		711,480		—		711,480
2023		996,766		—		104,000		1,100,766
2024		36,180		1,057,255		—		1,093,435
2025		—		1,774,010		—		1,774,010
Thereafter		—		9,219,825		138,870		9,358,695
Subtotal	$	1,032,946	$	12,762,570	$	242,870	$	14,038,386
Unamortized net discounts		—		(37,743)		—		(37,743)
Unamortized deferred financing costs		(6,578)		(65,784)		(460)		(72,822)
Total	$	1,026,368	$	12,659,043	$	242,410	$	13,927,821

(1) The global revolving credit facility is subject to two six-month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility.

During the six months ended June 30, 2021, we recognized a loss on early extinguishment of debt of approximately $18.3 million, mostly due to the redemption of the 2.750% Notes due 2023 in February. During the six months ended June 30, 2020, losses on early extinguishment of debt were not significant.

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Earnings per Common Share or Unit

6 Months Ended

Jun. 30, 2021

Earnings per Common Share or Unit

Earnings per Common Share or Unit

9. Earnings per Common Share or Unit

The computation of basic and diluted earnings per share and unit is shown below (in thousands, except share/unit and per share / unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income available to common stockholders	$	127,369	$	53,676	$	499,775	$	256,535
Weighted average shares outstanding—basic		281,791,855		267,569,823		281,445,252		244,866,574
Potentially dilutive common shares:
Unvested incentive units		176,777		110,178		167,352		81,319
Unvested restricted stock		164,787		312,634		142,677		261,758
Forward equity offering		—		2,246,171		—		1,845,832
Market performance-based awards		300,438		505,602		320,330		520,531
Weighted average shares outstanding—diluted		282,433,857		270,744,408		282,075,611		247,576,014
Income per share:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income available to common unitholders	$	130,569	$	55,076	$	512,775	$	265,735
Weighted average units outstanding—basic		288,842,803		275,544,524		288,588,250		252,995,033
Potentially dilutive common units:
Unvested incentive units		176,777		110,178		167,352		81,319
Unvested restricted units		164,787		312,634		142,677		261,758
Forward equity offering		—		2,246,171		—		1,845,832
Market performance-based awards		300,438		505,602		320,330		520,531
Weighted average units outstanding—diluted		289,484,805		278,719,109		289,218,609		255,704,473
Income per unit:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04

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.

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. (excluded only from calculation of earnings per share)	7,050,948	7,974,701	7,142,998	8,128,459
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	688,978	1,441,895	1,082,497	1,518,997
Potentially dilutive Series G Cumulative Redeemable Preferred Stock	—	1,787,870	—	1,883,473
Potentially dilutive Series I Cumulative Redeemable Preferred Stock	—	1,789,962	1,269,035	1,885,677
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,317,184	1,428,093	1,389,536	1,504,458
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,385,091	1,501,718	1,461,173	1,582,019
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,271,862	2,463,157	2,396,654	2,593,120
Total	12,714,063	18,387,396	14,741,893	19,096,203

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Equity and Capital

6 Months Ended

Jun. 30, 2021

Equity and Capital

Equity and Capital

10. Equity and Capital

Equity Distribution Agreement

Digital Realty Trust, Inc. and Digital Realty Trust, L.P., are 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. can 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 six months ended June 30, 2021, Digital Realty Trust, Inc. issued approximately 0.5 million common shares under the Sales Agreement at an average price of $161.57 per share. For the six months ended June 30, 2020, Digital Realty Trust, Inc. issued approximately 4.6 million common shares under the Sales Agreement at an average price of $142.39 per share. As of June 30, 2021, approximately $672.2 million remains available for future sales under the program.

Preferred Stock Redemption

On May 17, 2021, Digital Realty Trust, Inc. redeemed all outstanding shares of its Series C cumulative redeemable perpetual preferred stock for $25.211632 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date (the “Series C Preferred Share Redemption”). The transaction resulted in a gain on redemption of $18.0 million, measured as the difference between the cash consideration paid upon redemption, which was $201.3 million and the carrying value of the preferred stock at the time of the redemption, which was $219.3 million. This amount is reflected as gain on redemption of preferred stock which increased net income available to common stockholders.

Noncontrolling Interests

The following table details the components of noncontrolling interests as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021		December 31, 2020
Noncontrolling interests in Operating Partnership	$	513,897	$	608,980
Noncontrolling interests in consolidated entities		192,694		119,659
Total noncontrolling interests	$	706,591	$	728,639

Noncontrolling interests are interests in consolidated subsidiaries that are not owned by Digital Realty Trust, Inc. The following table shows the ownership interest in the Operating Partnership as of June 30, 2021 and December 31, 2020:

	June 30, 2021			December 31, 2020
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	282,603,152	97.6	%	280,289,726	97.2	%
Noncontrolling interests consist of:
Common units held by third parties	5,352,766	1.8	%	6,212,369	2.2	%
Incentive units held by employees and directors (see Note 15 below)	1,702,643	0.6	%	1,833,898	0.6	%
	289,658,561	100.0	%	288,335,993	100.0	%

Limited partners have the right to require the Operating Partnership to redeem part or all of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of Digital Realty Trust, Inc. common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. 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 consolidated balance sheet.

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $1,009.8 million and $1,078.9 million based on the closing market price of Digital Realty Trust, Inc. common stock on June 30, 2021 and December 31, 2020, respectively.

The following table shows activity for the noncontrolling interests in the Operating Partnership for the six months ended June 30, 2021:

	Common Units	Incentive Units	Total
As of December 31, 2020	6,212,369	1,833,898	8,046,267
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(859,603)	—	(859,603)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(481,072)	(481,072)
Incentive units issued upon achievement of market performance condition	—	219,652	219,652
Grant of incentive units to employees and directors	—	132,041	132,041
Cancellation / forfeitures of incentive units held by employees and directors	—	(1,876)	(1,876)
As of June 30, 2021	5,352,766	1,702,643	7,055,409

(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

Digital Realty Trust, Inc. declared and paid the following dividends on its common and preferred stock for the six months ended June 30, 2021 (in thousands, except per share data):

		Series C			Series J		Series K		Series L
		Preferred			Preferred		Preferred		Preferred		Common
Date dividend declared	Dividend payment date	Stock			Stock		Stock		Stock		Stock
February 25, 2021	March 31, 2021	$	3,333		$	2,625	$	3,071	$	4,485	$	326,965
May 10, 2021	June 30, 2021		—	(1)		2,625		3,071		4,485		328,279
		$	3,333		$	5,250	$	6,142	$	8,970	$	655,244
Annual rate of dividend per share		$	1.65625		$	1.31250	$	1.46250	$	1.30000	$	4.64000

(1) These shares were redeemed in the Series C Preferred Share Redemption on May 17, 2021 as discussed above.

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 Operating Partnership has declared and paid the following distributions on its common and preferred units for the six months ended June 30, 2021 (in thousands, except for per unit data):

		Series C			Series J		Series K		Series L
		Preferred			Preferred		Preferred		Preferred		Common
Date distribution declared	Distribution payment date	Units			Units		Units		Units		Units
February 25, 2021	March 31, 2021	$	3,333		$	2,625	$	3,071	$	4,485	$	336,041
May 10, 2021	June 30, 2021		—	(1)		2,625		3,071		4,485		336,543
		$	3,333		$	5,250	$	6,142	$	8,970	$	672,584
Annual rate of distribution per unit		$	1.65625		$	1.31250	$	1.46250	$	1.30000	$	4.64000

(1) These units were redeemed in connection with the Series C Preferred Share Redemption on May 17, 2021 as discussed above.

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Accumulated Other Comprehensive Income (Loss), Net

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income (Loss), Net

Accumulated Other Comprehensive 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, 2020	$	98,760	$	(2,630)	$	38,880	$	135,010
Net current period change		(104,520)		549		—		(103,971)
Reclassification to interest expense from interest rate swaps		—		694		—		694
Balance as of June 30, 2021	$	(5,760)	$	(1,387)	$	38,880	$	31,733

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, 2020	$	98,946	$	(3,823)	$	39,677	$	134,800
Net current period change		(107,324)		563		—		(106,761)
Reclassification to interest expense from interest rate swaps		—		712		—		712
Balance as of June 30, 2021	$	(8,378)	$	(2,548)	$	39,677	$	28,751

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Derivative Instruments

6 Months Ended

Jun. 30, 2021

Derivative Instruments

Derivative Instruments

13. Derivative Instruments

As of June 30, 2021, there was no impact from netting arrangements as the Company did not have any derivatives in asset positions. There have been no significant changes to our policy or strategy from what was disclosed in our 2020 Form 10-K. A summary of our outstanding interest rate derivative instruments is shown in the subsequent table (in thousands).

Summary of Outstanding Interest Rate Derivatives

								Fair Value at Significant Other
Notional Amount								Observable Inputs (Level 2)
As of		As of						As of		As of
June 30,		December 31,		Type of	Strike	Effective	Expiration	June 30,		December 31,
2021		2020		Derivative	Rate	Date	Date	2021		2020
Currently-paying contracts
	104,000		104,000	Swap	1.435	Jan 15, 2016	Jan 15, 2023		(2,031)		(2,773)
	—		77,352	Swap	0.779	Jan 15, 2016	Jan 15, 2021		—		(9)
$	104,000	$	181,352					$	(2,031)	$	(2,782)

As of June 30, 2021, we estimate that an additional $1.4 million will be reclassified as an increase to interest expense during the twelve months ended June 30, 2022, when the hedged forecasted transactions impact earnings.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

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 2020 Form 10-K.

As of June 30, 2021 and December 31, 2020, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values. The carrying value of our global revolving credit facilities and unsecured term loans 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 debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2021 and December 31, 2020 as compared to those in effect when the debt was issued or assumed.

A comparison of estimated fair value and carrying value of our debt is shown in the subsequent table (in thousands).

	Categorization	As of June 30, 2021				As of December 31, 2020
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	1,032,946	$	1,032,946	$	540,184	$	540,184
Unsecured term loans	Level 2		—		—		537,470		537,470
Unsecured senior notes (1)	Level 2		13,630,380		12,762,570		13,359,960		12,096,029
Secured and other debt (1)	Level 2		250,836		242,870		242,051		239,326
		$	14,914,162	$	14,038,386	$	14,679,665	$	13,413,009

(1) Valuations for our unsecured senior notes and secured debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

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 June 30, 2021, we had open commitments, including amounts reimbursable of approximately $35.2 million, related to construction contracts of approximately $1.5 billion.

In the ordinary course of our business, we may become subject to various legal proceedings. As of June 30, 2021, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

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Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Information

Supplemental Cash Flow Information

16. Supplemental Cash Flow Information

Cash, cash equivalents, and restricted cash balances as of June 30, 2021, and December 31, 2020:

	Balance as of
(Amounts in thousands)	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	120,482	$	108,501
Restricted cash (included in other assets)		8,031		15,151
Total	$	128,513	$	123,652

We paid $151.7 million and $151.5 million for interest, net of amounts capitalized, for the six months ended June 30, 2021 and 2020, respectively.

We paid $12.7 million and $8.6 million for income taxes, net of refunds, for the six months ended June 30, 2021 and 2020, respectively.

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Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events

Subsequent Events

17. Subsequent Events

On July 15, 2021, Digital Intrepid Holding B.V., an indirect wholly owned subsidiary of the Operating Partnership, issued and sold CHF 275 million aggregate principal amount of 0.20% Guaranteed Notes due 2026 (the “2026 Notes”) and CHF 270 million aggregate principal amount of 0.55% Guaranteed Notes due 2029 (the “2029 Notes” and together with the 2026 Notes, the “Swiss Franc Notes”). The Swiss Franc Notes 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. Net proceeds from the offering of the Swiss Franc Notes were approximately CHF 542.3 million after deducting the managers’ commissions and certain offering expenses.

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General (Policies)

6 Months Ended

Jun. 30, 2021

General

Business

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.

Basis of Presentation

Basis of Presentation

The accompanying interim condensed consolidated financial statements include all accounts of the Parent, the OP and the subsidiaries of the OP. The notes to the condensed consolidated financial statements have been combined.

The Parent’s only material asset is its ownership of partnership interests of the OP. As a result, the Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates.

The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units.

Management Estimates and Assumptions

Management Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience, current market conditions, and various other assumptions that we believe to be reasonable under the circumstances. Examples of estimates and assumptions include: the probability of collection of lease payments from customers, the recoverability of the carrying values of investments in real estate, the fair value of share-based compensation awards, loss contingencies, the fair value of and/or potential impairment of goodwill and intangible assets, useful lives of tangible and intangible assets, and the fair value of customer relationships, buildings & improvements, and other tangible and intangible assets acquired in business

combinations and asset acquisitions. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties.

The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how the pandemic is impacting the Company’s customers and business partners. While the Company has not incurred significant disruptions during the six months ended June 30, 2021 from the COVID-19 pandemic, we are unable to predict the impact the COVID-19 pandemic will have on the Company’s financial condition, results of operations and cash flows due to numerous uncertainties.

New Accounting Pronouncements

New Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (FASB) issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The Company adopted the updated guidance for the quarter ended March 31, 2021. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our consolidated financial statements or do not apply to our operations.

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Investments in Properties (Tables)

6 Months Ended

Jun. 30, 2021

Investments in Properties

Schedule of Investments in Properties

A summary of our investments in properties as of June 30, 2021 and December 31, 2020 is below (in thousands):

Property Type	As of June 30, 2021		As of December 31, 2020
Land	$	1,115,383	$	1,106,392
Acquired ground lease		6,872		10,308
Buildings and improvements		21,476,874		21,335,396
Tenant improvements		688,724		690,892
		23,287,853		23,142,988
Accumulated depreciation and amortization		(5,919,650)		(5,555,221)
Investments in operating properties, net		17,368,203		17,587,767
Construction in progress and space held for development		3,270,570		2,768,325
Land held for future development		143,575		226,862
Investments in properties, net	$	20,782,348	$	20,582,954

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Investments in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2021

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	% Ownership		June 30, 2021		December 31, 2020
Ascenty (1)	2019	Brazil / Chile / Mexico	51	% (2)	$	613,086	$	567,192
Mapletree	2019	Northern Virginia	20	%		178,429		184,890
Mitsubishi	Various	Osaka / Tokyo	50	%		181,056		278,947
Lumen	2012	Hong Kong	50	%		78,923		86,600
Other	Various	U.S.	Various			67,532		30,529
Total					$	1,119,026	$	1,148,158

(1) Our maximum exposure to loss related to this unconsolidated variable interest entity (VIE) is limited to our equity investment in this VIE.

(2) Includes an approximate 2% ownership interest held by a non-controlling interest in our entity that holds the investment in the Ascenty entity, which has a carrying value as of June 30, 2021 and December 31, 2020 of

approximately $19.7 million and $21.9 million, respectively, and is classified within redeemable noncontrolling interests in our condensed consolidated balance sheet.

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Acquired Intangible Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Acquired Intangible Assets and Liabilities

Summary of Acquired Intangible Assets and Liabilities

(Amounts in thousands)
	Balance as of
	June 30, 2021						December 31, 2020
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,960,866	$	(657,293)	$	2,303,573	$	2,993,093	$	(570,886)	$	2,422,207
Acquired in-place lease value		1,341,381		(1,008,732)		332,649		1,382,563		(1,004,421)		378,142
Other		56,321		(11,109)		45,212		57,370		(7,107)		50,263
Acquired above-market leases		275,251		(243,700)		31,551		280,216		(236,923)		43,293
Acquired below-market leases		(383,127)		265,746		(117,381)		(401,539)		270,648		(130,891)

Schedule of Estimated Annual Amortization of Customer Relationship Value

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in a decrease in rental and other services revenue of $(1.1) million and $(3.1) million for the three months ended June 30, 2021 and 2020, respectively, and $(2.6) million and $(6.4) million for the six months ended June 30, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2021 is as follows:

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 2021	$	88,088	$	37,471	$	4,210	$	9,962	$	(9,055)
2022		175,004		58,817		8,419		11,209		(15,974)
2023		174,335		47,776		1,520		4,759		(14,289)
2024		173,755		41,010		—		2,584		(12,676)
2025		173,253		35,767		—		1,452		(10,779)
Thereafter		1,519,138		111,808		—		1,585		(54,608)
Total	$	2,303,573	$	332,649	$	14,149	$	31,551	$	(117,381)

(1) Excludes power grid rights in the amount of approximately $31.1 million that are currently not being amortized.  Amortization will begin once a data center associated with the power grid right is placed into service

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Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt

Summary of Outstanding Indebtedness of the Operating Partnership

	June 30, 2021				December 31, 2020
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	0.98	%	$	1,032,946	0.91	%	$	540,184
Unsecured term loans	—	%		—	1.20	%		537,470
Unsecured senior notes	2.33	%		12,762,570	2.49	%		12,096,029
Secured and other debt	3.06	%		242,870	2.92	%		239,330
Total	2.24	%	$	14,038,386	2.38	%	$	13,413,013

Schedule of Debt In Functional Currencies

	June 30, 2021				December 31, 2020
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,822,870	27.2	%	$	3,629,000	27.1	%
British pound sterling (£)		2,143,805	15.3	%		2,166,695	16.2	%
Euro (€)		7,757,504	55.3	%		6,912,142	51.5	%
Other		314,207	2.2	%		705,176	5.2	%
Total	$	14,038,386			$	13,413,013

Schedule of Unsecured Senior Notes

	June 30, 2021				December 31, 2020
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,822,870	27.2	%	$	3,629,000	27.1	%
British pound sterling (£)		2,143,805	15.3	%		2,166,695	16.2	%
Euro (€)		7,757,504	55.3	%		6,912,142	51.5	%
Other		314,207	2.2	%		705,176	5.2	%
Total	$	14,038,386			$	13,413,013

Schedule of Debt Maturities and Principal Maturities

The table below summarizes our debt maturities and principal payments as of June 30, 2021 (in thousands):

	Global Revolving		Unsecured			Secured and
	Credit Facilities(1)		Senior Notes		Other Debt		Total Debt
Remainder of 2021	$	—	$	—	$	—	$	—
2022		—		711,480		—		711,480
2023		996,766		—		104,000		1,100,766
2024		36,180		1,057,255		—		1,093,435
2025		—		1,774,010		—		1,774,010
Thereafter		—		9,219,825		138,870		9,358,695
Subtotal	$	1,032,946	$	12,762,570	$	242,870	$	14,038,386
Unamortized net discounts		—		(37,743)		—		(37,743)
Unamortized deferred financing costs		(6,578)		(65,784)		(460)		(72,822)
Total	$	1,026,368	$	12,659,043	$	242,410	$	13,927,821

(1) The global revolving credit facility is subject to two six-month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility.

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Earnings per Common Share or Unit (Tables)

6 Months Ended

Jun. 30, 2021

Earnings per Common Share or Unit

Summary of Basic and Diluted Earnings Per Share and Unit

The computation of basic and diluted earnings per share and unit is shown below (in thousands, except share/unit and per share / unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income available to common stockholders	$	127,369	$	53,676	$	499,775	$	256,535
Weighted average shares outstanding—basic		281,791,855		267,569,823		281,445,252		244,866,574
Potentially dilutive common shares:
Unvested incentive units		176,777		110,178		167,352		81,319
Unvested restricted stock		164,787		312,634		142,677		261,758
Forward equity offering		—		2,246,171		—		1,845,832
Market performance-based awards		300,438		505,602		320,330		520,531
Weighted average shares outstanding—diluted		282,433,857		270,744,408		282,075,611		247,576,014
Income per share:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income available to common unitholders	$	130,569	$	55,076	$	512,775	$	265,735
Weighted average units outstanding—basic		288,842,803		275,544,524		288,588,250		252,995,033
Potentially dilutive common units:
Unvested incentive units		176,777		110,178		167,352		81,319
Unvested restricted units		164,787		312,634		142,677		261,758
Forward equity offering		—		2,246,171		—		1,845,832
Market performance-based awards		300,438		505,602		320,330		520,531
Weighted average units outstanding—diluted		289,484,805		278,719,109		289,218,609		255,704,473
Income per unit:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04

Schedule of Antidilutive Securities Excluded from Calculations

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. (excluded only from calculation of earnings per share)	7,050,948	7,974,701	7,142,998	8,128,459
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	688,978	1,441,895	1,082,497	1,518,997
Potentially dilutive Series G Cumulative Redeemable Preferred Stock	—	1,787,870	—	1,883,473
Potentially dilutive Series I Cumulative Redeemable Preferred Stock	—	1,789,962	1,269,035	1,885,677
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,317,184	1,428,093	1,389,536	1,504,458
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,385,091	1,501,718	1,461,173	1,582,019
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,271,862	2,463,157	2,396,654	2,593,120
Total	12,714,063	18,387,396	14,741,893	19,096,203

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Equity and Capital (Tables)

6 Months Ended

Jun. 30, 2021

Class of Stock

Summary of Components of Noncontrolling Interests

The following table details the components of noncontrolling interests as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021		December 31, 2020
Noncontrolling interests in Operating Partnership	$	513,897	$	608,980
Noncontrolling interests in consolidated entities		192,694		119,659
Total noncontrolling interests	$	706,591	$	728,639

Ownership Interest In The Operating Partnership

	June 30, 2021			December 31, 2020
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	282,603,152	97.6	%	280,289,726	97.2	%
Noncontrolling interests consist of:
Common units held by third parties	5,352,766	1.8	%	6,212,369	2.2	%
Incentive units held by employees and directors (see Note 15 below)	1,702,643	0.6	%	1,833,898	0.6	%
	289,658,561	100.0	%	288,335,993	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 six months ended June 30, 2021:

	Common Units	Incentive Units	Total
As of December 31, 2020	6,212,369	1,833,898	8,046,267
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(859,603)	—	(859,603)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(481,072)	(481,072)
Incentive units issued upon achievement of market performance condition	—	219,652	219,652
Grant of incentive units to employees and directors	—	132,041	132,041
Cancellation / forfeitures of incentive units held by employees and directors	—	(1,876)	(1,876)
As of June 30, 2021	5,352,766	1,702,643	7,055,409

(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

Digital Realty Trust, Inc. Dividends

Digital Realty Trust, Inc. declared and paid the following dividends on its common and preferred stock for the six months ended June 30, 2021 (in thousands, except per share data):

		Series C			Series J		Series K		Series L
		Preferred			Preferred		Preferred		Preferred		Common
Date dividend declared	Dividend payment date	Stock			Stock		Stock		Stock		Stock
February 25, 2021	March 31, 2021	$	3,333		$	2,625	$	3,071	$	4,485	$	326,965
May 10, 2021	June 30, 2021		—	(1)		2,625		3,071		4,485		328,279
		$	3,333		$	5,250	$	6,142	$	8,970	$	655,244
Annual rate of dividend per share		$	1.65625		$	1.31250	$	1.46250	$	1.30000	$	4.64000

(1) These shares were redeemed in the Series C Preferred Share Redemption on May 17, 2021 as discussed above.

Digital Realty Trust, L.P.

Class of Stock

Schedule of Dividends and Distributions

The Operating Partnership has declared and paid the following distributions on its common and preferred units for the six months ended June 30, 2021 (in thousands, except for per unit data):

		Series C			Series J		Series K		Series L
		Preferred			Preferred		Preferred		Preferred		Common
Date distribution declared	Distribution payment date	Units			Units		Units		Units		Units
February 25, 2021	March 31, 2021	$	3,333		$	2,625	$	3,071	$	4,485	$	336,041
May 10, 2021	June 30, 2021		—	(1)		2,625		3,071		4,485		336,543
		$	3,333		$	5,250	$	6,142	$	8,970	$	672,584
Annual rate of distribution per unit		$	1.65625		$	1.31250	$	1.46250	$	1.30000	$	4.64000

(1) These units were redeemed in connection with the Series C Preferred Share Redemption on May 17, 2021 as discussed above.

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

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income (Loss), Net

Schedule of Accumulated Other Comprehensive 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, 2020	$	98,760	$	(2,630)	$	38,880	$	135,010
Net current period change		(104,520)		549		—		(103,971)
Reclassification to interest expense from interest rate swaps		—		694		—		694
Balance as of June 30, 2021	$	(5,760)	$	(1,387)	$	38,880	$	31,733

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, 2020	$	98,946	$	(3,823)	$	39,677	$	134,800
Net current period change		(107,324)		563		—		(106,761)
Reclassification to interest expense from interest rate swaps		—		712		—		712
Balance as of June 30, 2021	$	(8,378)	$	(2,548)	$	39,677	$	28,751

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Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2021

Incentive Plans

Schedule of Valuation Assumptions

	Expected Stock Price		Risk-Free Interest
Award Date	Volatility		Rate
February 19, 2020	22	%	1.39	%
February 20, 2020	22	%	1.35	%
January 1, 2021	27	%	0.17	%
February 25, 2021	26	%	0.31	%

Schedule of Deferred Compensation

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

													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned
	Three Months Ended June 30,								June 30,		December 31,		compensation
Type of incentive award	2021		2020		2021		2020		2021		2020		(in years)
Long-term incentive units	$	2.8	$	3.1	$	—	$	—	$	24.9	$	15.1	2.3
Performance-based awards		6.4		6.6		0.1		0.2		47.2		34.4	2.8
Service-based restricted stock units		5.3		3.6		0.9		0.8		57.6		41.5	2.8
Interxion awards		4.1		7.1		—		—		12.8		27.2	1.9

	Six Months Ended June 30,
	2021		2020		2021		2020
Long-term incentive units	$	6.0	$	6.2	$	0.1	$	0.1
Performance-based awards		14.9		11.2		0.5		0.4
Service-based restricted stock units		9.2		6.8		1.6		1.6
Interxion awards		14.6		10.1		—		—

Summary of Long-Term Incentive Unit Activity

		Weighted-Average
		Grant Date Fair
Unvested Long-term Incentive Units	Units	Value
Unvested, beginning of period	235,535	$	122.22
Granted	132,041		138.05
Vested	(124,984)		122.22
Cancelled or expired	(1,876)		128.38
Unvested, end of period	240,716	$	130.86

Summary of Restricted Stock Activity

		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock	Shares	Value
Unvested, beginning of period	783,219	$	123.04
Granted	243,107		135.44
Vested	(327,773)		120.04
Cancelled or expired	(30,366)		129.01
Unvested, end of period	668,187	$	128.75

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments

Schedule of Outstanding Derivative Instruments

Summary of Outstanding Interest Rate Derivatives

								Fair Value at Significant Other
Notional Amount								Observable Inputs (Level 2)
As of		As of						As of		As of
June 30,		December 31,		Type of	Strike	Effective	Expiration	June 30,		December 31,
2021		2020		Derivative	Rate	Date	Date	2021		2020
Currently-paying contracts
	104,000		104,000	Swap	1.435	Jan 15, 2016	Jan 15, 2023		(2,031)		(2,773)
	—		77,352	Swap	0.779	Jan 15, 2016	Jan 15, 2021		—		(9)
$	104,000	$	181,352					$	(2,031)	$	(2,782)

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value of Financial Instruments

Estimated Fair Value And Carrying Amounts

A comparison of estimated fair value and carrying value of our debt is shown in the subsequent table (in thousands).

	Categorization	As of June 30, 2021				As of December 31, 2020
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	1,032,946	$	1,032,946	$	540,184	$	540,184
Unsecured term loans	Level 2		—		—		537,470		537,470
Unsecured senior notes (1)	Level 2		13,630,380		12,762,570		13,359,960		12,096,029
Secured and other debt (1)	Level 2		250,836		242,870		242,051		239,326
		$	14,914,162	$	14,038,386	$	14,679,665	$	13,413,009

(1) Valuations for our unsecured senior notes and secured debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.

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Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Information

Schedule of cash, cash equivalents, and restricted cash

	Balance as of
(Amounts in thousands)	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	120,482	$	108,501
Restricted cash (included in other assets)		8,031		15,151
Total	$	128,513	$	123,652

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Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 12, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Revenues		$ 1,093,188	$ 992,995	$ 2,183,579	$ 1,816,332
Net income		121,254	74,831	507,174	298,845
Interxion Combination
Business Acquisition [Line Items]
Assumed cash and cash equivalents	$ 108,500
Total equity consideration	$ 7,000,000
Revenues		244,600	194,500	480,800	241,900
Net income		$ 23,200	$ 9,400	$ 41,200	$ 12,100

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Investments in Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investments in Properties
Land	$ 1,115,383	$ 1,106,392
Acquired ground lease	6,872	10,308
Buildings and improvements	21,476,874	21,335,396
Tenant improvements	688,724	690,892
Total investments in operating properties	23,287,853	23,142,988
Accumulated depreciation and amortization	(5,919,650)	(5,555,221)
Investments in operating properties, net	17,368,203	17,587,767
Construction in progress and space held for development	3,270,570	2,768,325
Land held for future development	143,575	226,862
Investments in properties, net	$ 20,782,348	$ 20,582,954

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Investments in Properties - Dispositions (Details) - Portfolio Centers in Europe - Disposed of by Sale $ in Millions		3 Months Ended
	Mar. 16, 2021 USD ($) property	Mar. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold	11
Purchase consideration | $	$ 680.0
Gain on sale | $		$ 333.3
Period of transitional property management services provided after closing on sale of real estate	1 year
UK
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold	4
Netherlands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold	3
France
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold	3
Switzerland
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold	1

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Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases
Rent expense	$ 37.2	$ 33.3	$ 72.4	$ 57.9

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Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Noncontrolling interests in consolidated joint ventures	$ 192,694	$ 119,659
Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	1,119,026	1,148,158
Ascenty Acquisition
Schedule of Equity Method Investments [Line Items]
Noncontrolling interests in consolidated joint ventures	$ 19,700	21,900
Ascenty Acquisition | Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
% Ownership	51.00%
Investments in unconsolidated joint ventures	$ 613,086	$ 567,192
Ascenty Acquisition | Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest	2.00%	2.00%
Mapletree JV | Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Investments in unconsolidated joint ventures	$ 178,429	$ 184,890
Mitsubishi | Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Investments in unconsolidated joint ventures	$ 181,056	278,947
CenturyLink | Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Investments in unconsolidated joint ventures	$ 78,923	86,600
Other | Investments in Unconsolidated Entities
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 67,532	$ 30,529

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Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Customer Relationship Value
Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 2,960,866	$ 2,993,093
Accumulated amortization	(657,293)	(570,886)
Total	2,303,573	2,422,207
Acquired in-place lease value
Finite-Lived Intangible Assets [Line Items]
Gross amount	1,341,381	1,382,563
Accumulated amortization	(1,008,732)	(1,004,421)
Total	332,649	378,142
Other
Finite-Lived Intangible Assets [Line Items]
Gross amount	56,321	57,370
Accumulated amortization	(11,109)	(7,107)
Total	45,212	50,263
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross amount	275,251	280,216
Accumulated amortization	(243,700)	(236,923)
Total	31,551	43,293
Acquired below-market leases
Finite-Lived Intangible Assets [Line Items]
Below-market lease, gross amount	(383,127)	(401,539)
Below-market lease, accumulated amortization	265,746	270,648
Total	(117,381)	$ (130,891)
Power grid rights
Finite-Lived Intangible Assets [Line Items]
Total	$ 31,100

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Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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	$ 66.4	$ 79.5	$ 134.1	$ 135.8
Rental and other services | Below-Market Leases, Net of Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Decrease in revenue	$ (1.1)	$ (3.1)	$ (2.6)	$ (6.4)

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Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Customer Relationship Value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 88,088
2022	175,004
2023	174,335
2024	173,755
2025	173,253
Thereafter	1,519,138
Total	2,303,573	$ 2,422,207
Acquired in-place lease value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	37,471
2022	58,817
2023	47,776
2024	41,010
2025	35,767
Thereafter	111,808
Total	332,649	378,142
Other (excludes power grid rights)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	4,210
2022	8,419
2023	1,520
Total	14,149
Power grid rights
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Total	31,100
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	9,962
2022	11,209
2023	4,759
2024	2,584
2025	1,452
Thereafter	1,585
Total	31,551	$ 43,293
Acquired below-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	(9,055)
2022	(15,974)
2023	(14,289)
2024	(12,676)
2025	(10,779)
Thereafter	(54,608)
Total	$ (117,381)

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Debt - Summary of Outstanding Indebtedness (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument
Weighted-average interest rate	2.24%	2.38%
Amount Outstanding	$ 14,038,386	$ 13,413,013
Global revolving credit facilities
Debt Instrument
Weighted-average interest rate	0.98%	0.91%
Amount Outstanding	$ 1,032,946	$ 540,184
Unsecured term loans
Debt Instrument
Weighted-average interest rate		1.20%
Amount Outstanding		$ 537,470
Unsecured senior notes
Debt Instrument
Weighted-average interest rate	2.33%	2.49%
Amount Outstanding	$ 12,762,570	$ 12,096,029
Unsecured senior notes | 0.125% notes due 2022
Debt Instrument
Amount Outstanding	355,740	366,480
Unsecured senior notes | 2.750% notes due 2023
Debt Instrument
Amount Outstanding		350,000
Unsecured senior notes | 2.625% notes due 2024
Debt Instrument
Amount Outstanding	711,480	732,960
Unsecured senior notes | 2.750% notes due 2024
Debt Instrument
Amount Outstanding	345,775	341,750
Unsecured senior notes | 4.250% notes due 2025
Debt Instrument
Amount Outstanding	553,240	546,800
Unsecured senior notes | 0.625% notes due 2025
Debt Instrument
Amount Outstanding	770,770	794,040
Unsecured senior notes | 2.500% notes due 2026
Debt Instrument
Amount Outstanding	1,274,735	1,313,219
Unsecured senior notes | 3.700% notes due 2027
Debt Instrument
Amount Outstanding	1,000,000	1,000,000
Unsecured senior notes | 1.125% notes due 2028
Debt Instrument
Amount Outstanding	592,900	610,800
Unsecured senior notes | 4.450% notes due 2028
Debt Instrument
Amount Outstanding	650,000	650,000
Unsecured senior notes | 3.600% notes due 2029
Debt Instrument
Amount Outstanding	900,000	900,000
Unsecured senior notes | 3.300% notes due 2029
Debt Instrument
Amount Outstanding	484,085	478,450
Unsecured senior notes | 3.750% notes due 2030
Debt Instrument
Amount Outstanding	760,705	$ 751,850
Senior Notes.
Debt Instrument
Amount Outstanding	$ 12,762,570
Secured and Other Debt
Debt Instrument
Weighted-average interest rate	3.06%	2.92%
Amount Outstanding	$ 242,870	$ 239,330

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Debt - Schedule of Debt Functional Currencies (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument
Amount Outstanding	$ 14,038,386	$ 13,413,013
Weighted-average interest rate	2.24%	2.38%
Global revolving credit facilities
Debt Instrument
Amount Outstanding	$ 1,032,946	$ 540,184
Weighted-average interest rate	0.98%	0.91%
Unsecured term loans
Debt Instrument
Amount Outstanding		$ 537,470
Weighted-average interest rate		1.20%
Unsecured senior notes
Debt Instrument
Amount Outstanding	$ 12,762,570	$ 12,096,029
Weighted-average interest rate	2.33%	2.49%
Senior Notes.
Debt Instrument
Amount Outstanding	$ 12,762,570
Secured and Other Debt
Debt Instrument
Amount Outstanding	$ 242,870	$ 239,330
Weighted-average interest rate	3.06%	2.92%
3.750% notes due 2030 | Unsecured senior notes
Debt Instrument
Amount Outstanding	$ 760,705	$ 751,850
2.750% notes due 2023 | Unsecured senior notes
Debt Instrument
Amount Outstanding		350,000
U.S. dollar ($)
Debt Instrument
Amount Outstanding	$ 3,822,870	$ 3,629,000
Weighted-average interest rate	27.20%	27.10%
British pound sterling ()
Debt Instrument
Amount Outstanding	$ 2,143,805	$ 2,166,695
Weighted-average interest rate	15.30%	16.20%
Euro ()
Debt Instrument
Amount Outstanding	$ 7,757,504	$ 6,912,142
Weighted-average interest rate	55.30%	51.50%
Other
Debt Instrument
Amount Outstanding	$ 314,207	$ 705,176
Weighted-average interest rate	2.20%	5.20%

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Debt - Unsecured Senior Notes (Details) - Digital Realty Trust, L.P. € in Thousands, £ in Thousands, $ in Thousands	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Jun. 30, 2021 GBP (£)	Dec. 31, 2020 USD ($)
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	$ 14,038,386			$ 13,413,013
Deferred financing costs	(72,822)
Senior Notes.
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	12,762,570
Deferred financing costs	(65,784)
Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	12,762,570			12,096,029
Unamortized discounts, net of premiums	(37,743)			(34,988)
Deferred financing costs	(65,784)			(64,031)
Total unsecured senior notes, net of discount and deferred financing costs	12,659,043			11,997,010
Floating Rate Notes due 2022 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Aggregate principal amount	349,800	€ 300,000
Long-term Debt, Gross	$ 355,740			366,480
0.125% notes due 2022 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.125%	0.125%	0.125%
Aggregate principal amount	$ 332,760	€ 300,000
Long-term Debt, Gross	$ 355,740			366,480
2.750% notes due 2023 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.75%	2.75%	2.75%
Aggregate principal amount	$ 350,000
Long-term Debt, Gross				350,000
2.625% notes due 2024 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.625%	2.625%	2.625%
Aggregate principal amount	$ 677,040	€ 600,000
Long-term Debt, Gross	$ 711,480			732,960
2.750% notes due 2024 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.75%	2.75%	2.75%
Aggregate principal amount	$ 324,925		£ 250,000
Long-term Debt, Gross	$ 345,775			341,750
4.250% notes due 2025 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.25%	4.25%	4.25%
Aggregate principal amount	$ 634,480		£ 400,000
Long-term Debt, Gross	$ 553,240			546,800
0.625% notes due 2025 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%
Aggregate principal amount	$ 720,980	€ 650,000
Long-term Debt, Gross	$ 770,770			794,040
4.750% Notes due 2025 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.75%	4.75%	4.75%
Aggregate principal amount	$ 450,000
Long-term Debt, Gross	$ 450,000			450,000
2.500% notes due 2026 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.50%	2.50%	2.50%
Aggregate principal amount	$ 1,224,640	€ 1,075,000
Long-term Debt, Gross	$ 1,274,735			1,313,219
3.700% notes due 2027 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	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 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.125%	1.125%	1.125%
Aggregate principal amount	$ 548,550	€ 500,000
Long-term Debt, Gross	$ 592,900			610,800
4.450% notes due 2028 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.45%	4.45%	4.45%
Aggregate principal amount	$ 650,000
Long-term Debt, Gross	$ 650,000			650,000
3.300% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.30%	3.30%	3.30%
Aggregate principal amount	$ 454,895		£ 350,000
Long-term Debt, Gross	$ 484,085			478,450
3.600% notes due 2029 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.60%	3.60%	3.60%
Aggregate principal amount	$ 900,000
Long-term Debt, Gross	$ 900,000			900,000
1.500% Notes due 2030 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.50%	1.50%	1.50%
Aggregate principal amount	$ 831,900	€ 750,000
Long-term Debt, Gross	$ 889,350			916,200
3.750% notes due 2030 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.75%	3.75%	3.75%
Aggregate principal amount	$ 719,825		£ 550,000
Long-term Debt, Gross	$ 760,705			751,850
1.250% Notes due 2031 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.25%	1.25%	1.25%
Aggregate principal amount	$ 560,950	€ 500,000
Long-term Debt, Gross	$ 592,900			610,800
0.625% notes due 2031 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%
Aggregate principal amount	$ 1,220,700	€ 1,000,000
Long-term Debt, Gross	$ 1,185,800
1.000% Notes due 2032 | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.00%	1.00%	1.00%
Aggregate principal amount	$ 874,500	€ 750,000
Long-term Debt, Gross	$ 889,350			$ 916,200

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Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument
Leverage ratio			60.00%
Secured debt leverage ratio, maximum			40.00%
Interest coverage ratio			1.50
Total unencumbered assets			150.00%
Loss from early extinguishment of debt	$ 0	$ 0	$ (18,347)	$ (632)
Digital Realty Trust, L.P.
Debt Instrument
Loss from early extinguishment of debt			(18,347)	$ (632)
Unsecured senior notes | 2.750% notes due 2023 | Digital Realty Trust, L.P.
Debt Instrument
Loss from early extinguishment of debt			$ 18,300
Stated interest rate	2.75%		2.75%

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Debt - Schedule of Debt Maturities And Principal Payments (Details) - Digital Realty Trust, L.P. $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Debt Instrument
Remainder of 2021	$ 0
2022	711,480
2023	1,100,766
2024	1,093,435
2025	1,774,010
Thereafter	9,358,695
Subtotal	14,038,386	$ 13,413,013
Unamortized net discounts	(37,743)
Unamortized deferred financing costs	(72,822)
Total	13,927,821
Global revolving credit facilities
Debt Instrument
Remainder of 2021	0
2022	0
2023	996,766
2024	36,180
2025	0
Thereafter	0
Subtotal	1,032,946	540,184
Unamortized net discounts	0
Unamortized deferred financing costs	(6,578)
Total	$ 1,026,368
Number of extension options | item	2
Debt instrument, extension term	6 months
Unsecured term loans
Debt Instrument
Subtotal		537,470
Senior Notes.
Debt Instrument
Remainder of 2021	$ 0
2022	711,480
2023	0
2024	1,057,255
2025	1,774,010
Thereafter	9,219,825
Subtotal	12,762,570
Unamortized net discounts	(37,743)
Unamortized deferred financing costs	(65,784)
Total	12,659,043
Secured and Other Debt
Debt Instrument
Remainder of 2021	0
2022	0
2023	104,000
2024	0
2025	0
Thereafter	138,870
Subtotal	242,870	$ 239,330
Unamortized net discounts	0
Unamortized deferred financing costs	(460)
Total	$ 242,410

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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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock
Net income available to common stockholders	$ 127,369	$ 53,676	$ 499,775	$ 256,535
Weighted average units outstanding-basic (shares/units)	281,791,855	267,569,823	281,445,252	244,866,574
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	176,777	110,178	167,352	81,319
Unvested restricted stock (shares/units)	164,787	312,634	142,677	261,758
Forward equity offering (shares/units)		2,246,171		1,845,832
Market performance-based awards (shares/units)	300,438	505,602	320,330	520,531
Weighted average shares/units outstanding-diluted (shares/units)	282,433,857	270,744,408	282,075,611	247,576,014
Income per share/unit:
Basic (in dollars per share/unit)	$ 0.45	$ 0.20	$ 1.78	$ 1.05
Diluted (in dollars per share/unit)	$ 0.45	$ 0.20	$ 1.77	$ 1.04
Digital Realty Trust, L.P.
Class of Stock
Net income available to common stockholders	$ 130,569	$ 55,076	$ 512,775	$ 265,735
Weighted average units outstanding-basic (shares/units)	288,842,803	275,544,524	288,588,250	252,995,033
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	176,777	110,178	167,352	81,319
Unvested restricted stock (shares/units)	164,787	312,634	142,677	261,758
Forward equity offering (shares/units)		2,246,171		1,845,832
Market performance-based awards (shares/units)	300,438	505,602	320,330	520,531
Weighted average shares/units outstanding-diluted (shares/units)	289,484,805	278,719,109	289,218,609	255,704,473
Income per share/unit:
Basic (in dollars per share/unit)	$ 0.45	$ 0.20	$ 1.78	$ 1.05
Diluted (in dollars per share/unit)	$ 0.45	$ 0.20	$ 1.77	$ 1.04

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Earnings per Common Share or Unit - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	12,714,063	18,387,396	14,741,893	19,096,203
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)	7,050,948	7,974,701	7,142,998	8,128,459
Series C Cumulative Redeemable Perpetual Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	688,978	1,441,895	1,082,497	1,518,997
Series G Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)		1,787,870		1,883,473
Series I Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)		1,789,962	1,269,035	1,885,677
Series J Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,317,184	1,428,093	1,389,536	1,504,458
Series K Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,385,091	1,501,718	1,461,173	1,582,019
Series L Cumulative Redeemable Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	2,271,862	2,463,157	2,396,654	2,593,120

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Equity and Capital - Equity Distribution Agreement (Details) - Sales Agreement - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Common stock issued in public offering (shares)	0.5	4.6
Average price per share	$ 161.57	$ 142.39
Amount of shares reserved for future issuance	$ 672.2
Maximum
Class of Stock [Line Items]
Aggregate offering price of the distribution agreement maximum	$ 1,000.0

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Equity and Capital - Preferred Stock Redemption (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 17, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Class of Stock [Line Items]
Gain on redemption of preferred stock		$ 18,000	$ 0	$ 18,000
Series C Cumulative Redeemable Perpetual Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Redemption Price Per Share	$ 25.211632
Redemption price	$ 25.00
Gain on redemption of preferred stock	$ 18,000
Preferred Stock, Redemption Amount, Fair Value	201,300
Carrying value of the preferred stock	$ 219,300

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Equity and Capital - Noncontrolling Interests (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Noncontrolling interests in Operating Partnership	$ 513,897	$ 608,980
Noncontrolling interests in consolidated joint ventures	192,694	119,659
Total noncontrolling interests	706,591	728,639
Digital Realty Trust, L.P.
Class of Stock [Line Items]
Noncontrolling interests in consolidated joint ventures	$ 192,694	$ 119,659

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Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Class of Stock
Number of units (units)	282,603,152	280,289,726
Percentage of total	97.60%	97.20%
Common stock conversion ratio	1
Digital Realty Trust, L.P.
Class of Stock
Redeemable noncontrolling interests - operating partnership	$ 1,009.8	$ 1,078.9
Common units held by third parties
Class of Stock
Common units held by third parties (units)	5,352,766	6,212,369
Percentage of total	1.80%	2.20%
Incentive units held by employees and directors (see Note 15 below)
Class of Stock
Incentive units held by employees and directors (units)	1,702,643	1,833,898
Percentage of total	0.60%	0.60%
Noncontrolling Interests in Operating Partnership
Class of Stock
Number of units (units)	289,658,561	288,335,993
Percentage of total	100.00%	100.00%

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Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details)	6 Months Ended
	Jun. 30, 2021 shares
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	8,046,267
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units)	(859,603)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(481,072)
Incentive units issued upon achievement of market performance condition (units)	219,652
Grant of incentive units to employees and directors (units)	132,041
Cancellation / forfeitures of incentive units held by employees and directors (units)	(1,876)
Ending balance (units)	7,055,409
Common Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	6,212,369
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units)	(859,603)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	0
Incentive units issued upon achievement of market performance condition (units)	0
Grant of incentive units to employees and directors (units)	0
Cancellation / forfeitures of incentive units held by employees and directors (units)	0
Ending balance (units)	5,352,766
Incentive Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	1,833,898
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)	(481,072)
Incentive units issued upon achievement of market performance condition (units)	219,652
Grant of incentive units to employees and directors (units)	132,041
Cancellation / forfeitures of incentive units held by employees and directors (units)	(1,876)
Ending balance (units)	1,702,643

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Equity and Capital - Schedule of Dividends and Distributions (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares
Series C Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 3,333
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 1.65625
Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 5,250
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 1.31250
Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 6,142
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 1.46250
Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 8,970
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 1.30000
Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 655,244
Common stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 4.64000
February 25 2021 | Series C Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 3,333
February 25 2021 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
February 25 2021 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
February 25 2021 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
February 25 2021 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common stock/units	326,965
May 12 2021 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
May 12 2021 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
May 12 2021 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
May 12 2021 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	328,279
Digital Realty Trust, L.P. | Series C Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 3,333
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 1.65625
Digital Realty Trust, L.P. | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 5,250
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]
Dividends/Distributions, preferred units	$ 6,142
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]
Dividends/Distributions, preferred units	$ 8,970
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]
Dividends/Distributions, preferred units	$ 672,584
Common stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 4.64000
Digital Realty Trust, L.P. | February 25 2021 | Series C Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 3,333
Digital Realty Trust, L.P. | February 25 2021 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
Digital Realty Trust, L.P. | February 25 2021 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | February 25 2021 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | February 25 2021 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common stock/units	336,041
Digital Realty Trust, L.P. | May 12 2021 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
Digital Realty Trust, L.P. | May 12 2021 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | May 12 2021 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | May 12 2021 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 336,543

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Accumulated Other Comprehensive Income (Loss), Net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	$ 98,760
Net current period change	(104,520)
Ending balance	(5,760)
Cash flow hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(2,630)
Net current period change	549
Reclassification to interest expense from interest rate swaps	694
Ending balance	(1,387)
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	135,010
Net current period change	(103,971)
Reclassification to interest expense from interest rate swaps	694
Ending balance	31,733
Digital Realty Trust, L.P.
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	18,446,336
Ending balance	18,164,247
Digital Realty Trust, L.P. | Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	98,946
Net current period change	(107,324)
Ending balance	(8,378)
Digital Realty Trust, L.P. | Cash flow hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(3,823)
Net current period change	563
Reclassification to interest expense from interest rate swaps	712
Ending balance	(2,548)
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	134,800
Net current period change	(106,761)
Reclassification to interest expense from interest rate swaps	712
Ending balance	$ 28,751

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Incentive Plan - Summary of Long-Term Incentive Units (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Units
Granted (shares)	132,041
Long-term incentive units
Units
Unvested beginning of period (shares)	235,535
Granted (shares)	132,041
Vested (shares)	(124,984)
Cancelled or expired (shares)	(1,876)
Unvested end of period (shares)	240,716
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 122.22
Granted (in dollars per share) | $ / shares	138.05
Vested (in dollars per share) | $ / shares	122.22
Cancelled or expired (in dollars per share) | $ / shares	128.38
Unvested, end of period (in dollars per share) | $ / shares	$ 130.86
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

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Incentive Plan - Summary of activity for Service-Based Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Units
Granted (shares)	132,041
Service-Based Restricted Stock Units
Units
Unvested beginning of period (shares)	783,219
Granted (shares)	243,107
Vested (shares)	(327,773)
Cancelled or expired (shares)	(30,366)
Unvested end of period (shares)	668,187
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 123.04
Granted (in dollars per share) | $ / shares	135.44
Vested (in dollars per share) | $ / shares	120.04
Cancelled or expired (in dollars per share) | $ / shares	129.01
Unvested, end of period (in dollars per share) | $ / shares	$ 128.75
Service-Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	4 years

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Incentive Plan - Market Performance Based Awards (Details) $ in Millions			1 Months Ended	6 Months Ended		12 Months Ended
	Feb. 27, 2022	Feb. 27, 2021 item	Jan. 31, 2021 shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 shares
Market performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3 years
Number of trials | item		100,000
Fair value of awards | $				$ 25.0	$ 17.2
Award requisite service period				4 years
Market performance-based awards | 2018 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)			63,498
Market performance-based awards | First Vesting Period in February | 2018 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Market performance-based awards | Second Vesting Period in February | 2018 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Class D Units | 2018 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)			240,377
Distribution Equivalent Unit | 2018 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)						20,725

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Incentive Plan - Assumptions Used (Details) - Market performance-based awards	Feb. 25, 2021	Jan. 01, 2021	Feb. 20, 2020	Feb. 19, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Stock Price Volatility	26.00%	27.00%	22.00%	22.00%
Risk-Free Interest rate	0.31%	0.17%	1.35%	1.39%

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Incentive Plan - Schedule of Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Long-term incentive units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 2.8	$ 3.1	$ 6.0	$ 6.2
Deferred compensation, capitalized			0.1	0.1
Unearned Compensation	24.9		$ 24.9		$ 15.1
Expected period to recognize unearned compensation (in years)			2 years 3 months 18 days
Market performance-based awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	6.4	6.6	$ 14.9	11.2
Deferred compensation, capitalized	0.1	0.2	0.5	0.4
Unearned Compensation	47.2		$ 47.2		34.4
Expected period to recognize unearned compensation (in years)			2 years 9 months 18 days
Service-Based Restricted Stock Units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	5.3	3.6	$ 9.2	6.8
Deferred compensation, capitalized	0.9	0.8	1.6	1.6
Unearned Compensation	57.6		$ 57.6		41.5
Expected period to recognize unearned compensation (in years)			2 years 9 months 18 days
Interxion awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	4.1	$ 7.1	$ 14.6	$ 10.1
Unearned Compensation	$ 12.8		$ 12.8		$ 27.2
Expected period to recognize unearned compensation (in years)			1 year 10 months 24 days

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Incentive Plan - Narrative (Details) - shares shares in Millions			6 Months Ended
	Feb. 27, 2021	Mar. 09, 2020	Jun. 30, 2021
Interxion Combination
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares registered for issuance (shares)		0.6
Interxion Combination | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			2 years
Interxion Combination | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Market performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Market performance-based awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Market performance-based awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Service-Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			2 years
Service-Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			4 years
Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining for issuance under Incentive Plan (shares)			5.5
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

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Derivative Instruments - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Derivative Instruments
Gain (loss) to be reclassified within twelve months	$ 1.4

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Derivative Instruments - Outstanding Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Interest Rate Swap, 1.435
Currently-paying contracts
Notional Amount	$ 104,000	$ 104,000
Strike Rate	1.435%
Interest Rate Swap, 1.435 | Level 2
Currently-paying contracts
Fair value of derivatives	$ (2,031)	(2,773)
Interest Rate Swap, 0.779
Currently-paying contracts
Notional Amount		77,352
Strike Rate	0.779%
Interest Rate Swap, 0.779 | Level 2
Currently-paying contracts
Fair value of derivatives		(9)
Interest Rate Swap
Currently-paying contracts
Notional Amount	$ 104,000	181,352
Interest Rate Swap | Level 2
Currently-paying contracts
Fair value of derivatives	$ (2,031)	$ (2,782)

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Fair Value of Financial Instruments - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 14,914,162	$ 14,679,665
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	14,038,386	13,413,009
Level 2 | Global revolving credit facilities | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,032,946	540,184
Level 2 | Global revolving credit facilities | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,032,946	540,184
Level 2 | Unsecured term loans | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit		537,470
Level 2 | Unsecured term loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit		537,470
Level 2 | Unsecured senior notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	13,630,380	13,359,960
Level 2 | Unsecured senior notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	12,762,570	12,096,029
Level 2 | Secured and Other Debt | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured debt	250,836	242,051
Level 2 | Secured and Other Debt | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured debt	$ 242,870	$ 239,326

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Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 30, 2021 USD ($)
Commitments and Contingencies.
Reimbursable amount of commitments related to construction contracts	$ 35.2
Commitments related to construction contracts	$ 1,500.0

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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Information
Cash and cash equivalents	$ 120,482		$ 108,501
Restricted cash (included in other assets)	8,031		15,151
Total	128,513	$ 519,033	$ 123,652	$ 97,253
Interest, net of amounts capitalized	151,700	151,500
Income taxes, net of refunds	$ 12,700	$ 8,600

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Subsequent Events (Details) - USD ($) $ in Thousands		6 Months Ended
	Jul. 15, 2021	Jun. 30, 2021	Jun. 30, 2020
Subsequent Events
Net proceeds from offering		$ 1,218,650	$ 2,357,417
Subsequent Events | Unsecured senior notes
Subsequent Events
Net proceeds from offering	$ 542,300
Subsequent Events | 0.20% Guaranteed Notes due 2026
Subsequent Events
Aggregate principal amount	$ 275,000
Interest rate	0.20%
Subsequent Events | 0.55% Guaranteed Notes due 2029
Subsequent Events
Aggregate principal amount	$ 270,000
Interest rate	0.55%