10-Q

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, 2022

☐     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 3, 2022
Common Stock, $.01 par value per share	287,407,842

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2022 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, all references to the “Parent” refer to Digital Realty Trust, Inc., and all references to “our Operating Partnership,” “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. In statements regarding qualification as a REIT, such terms refer solely to Digital Realty Trust, Inc. As of June 30, 2022, the Parent owned an approximate 97.8% common general partnership interest in Digital Realty Trust, L.P. The remaining approximate 2.2% of the common limited partnership interests of Digital Realty Trust, L.P. are owned by non-affiliated third parties and certain directors and officers of the Parent. As of  June 30, 2022, the Parent owned all of the preferred limited partnership interests of Digital Realty Trust, L.P. As the sole general partner of Digital Realty Trust, L.P., 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.

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 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.

2

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

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2022

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, 2022 (unaudited) and December 31, 2021 (unaudited)	4
	Condensed Consolidated Income Statements for the three and six months ended June 30, 2022 and 2021 (unaudited)	5
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021 (unaudited)	6
	Condensed Consolidated Statement of Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)	7
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)	11
	Condensed Consolidated Financial Statements of Digital Realty Trust, L.P.:
	Condensed Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021 (unaudited)	12
	Condensed Consolidated Income Statements for the three and six months ended June 30, 2022 and 2021 (unaudited)	13
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021 (unaudited)	14
	Condensed Consolidated Statement of Capital for the three and six months ended June 30, 2022 and 2021 (unaudited)	15
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)	19
	Notes to Condensed Consolidated Financial Statements of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (unaudited)	20
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	58
ITEM 4.	Controls and Procedures (Digital Realty Trust, Inc.)	59
	Controls and Procedures (Digital Realty Trust, L.P.)	60
PART II.	OTHER INFORMATION	61
ITEM 1.	Legal Proceedings	61
ITEM 1A.	Risk Factors	61
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	62
ITEM 3.	Defaults Upon Senior Securities	62
ITEM 4.	Mine Safety Disclosures	62
ITEM 5.	Other Information	62
ITEM 6.	Exhibits	63
	Signatures	65

3

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per share data)

	June 30,		December 31,
	2022		2021
ASSETS
Investments in real estate:
Investments in properties, net	$	20,800,389	$	20,762,241
Investments in unconsolidated entities		1,942,549		1,807,689
Net investments in real estate		22,742,938		22,569,930
Operating lease right-of-use assets, net		1,310,970		1,405,441
Cash and cash equivalents		99,226		142,698
Accounts and other receivables, net		797,208		671,721
Deferred rent, net		554,016		547,385
Goodwill		7,545,107		7,937,440
Customer relationship value, deferred leasing costs and intangibles, net		2,521,390		2,735,486
Other assets		385,202		359,459
Total assets	$	35,956,057	$	36,369,560
LIABILITIES AND EQUITY
Global revolving credit facilities, net	$	1,440,040	$	398,172
Unsecured senior notes, net of discount		12,695,568		12,903,370
Secured and other debt, including premiums		158,699		146,668
Operating lease liabilities		1,418,540		1,512,187
Accounts payable and other accrued liabilities		1,619,222		1,543,623
Deferred tax liabilities, net		611,582		666,451
Accrued dividends and distributions		—		338,729
Security deposits and prepaid rents		341,140		336,578
Total liabilities		18,284,791		17,845,778
Redeemable noncontrolling interests		41,047		46,995
Commitments and contingencies
Equity:
Stockholders’ Equity:
Preferred Stock: $0.01 par value per share, 110,000 shares authorized; $755,000 liquidation preference ($25.00 per share), 30,200 shares issued and outstanding as of June 30, 2022 and December 31, 2021		731,690		731,690
Common Stock: $0.01 par value per share, 392,000 shares authorized; 284,734 and 284,415 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		2,824		2,824
Additional paid-in capital		21,091,364		21,075,863
Accumulated dividends in excess of earnings		(4,211,685)		(3,631,929)
Accumulated other comprehensive loss, net		(475,561)		(173,880)
Total stockholders’ equity		17,138,632		18,004,568
Noncontrolling interests		491,587		472,219
Total equity		17,630,219		18,476,787
Total liabilities and equity	$	35,956,057	$	36,369,560

See accompanying notes to the condensed consolidated financial statements.

4

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating Revenues:
Rental and other services	$	1,131,537	$	1,089,395	$	2,253,087	$	2,177,301
Fee income and other		7,785		3,793		13,557		6,278
Total operating revenues		1,139,322		1,093,188		2,266,644		2,183,579
Operating Expenses:
Rental property operating and maintenance		421,502		383,216		857,095		744,995
Property taxes and insurance		51,049		48,498		101,273		101,001
Depreciation and amortization		376,967		368,981		759,099		738,714
General and administrative		105,776		97,492		204,289		197,486
Transactions and integration		13,586		7,075		25,554		21,195
Other		70		2,298		7,727		2,041
Total operating expenses		968,950		907,560		1,955,037		1,805,432
Operating income		170,372		185,628		311,607		378,147
Other Income (Expenses):
Equity in (loss) earnings of unconsolidated entities		(34,088)		52,143		26,870		29,112
Gain on disposition of properties, net		—		499		2,770		334,420
Other income, net		13,008		10,124		16,059		2,938
Interest expense		(69,023)		(75,014)		(135,748)		(150,667)
Loss from early extinguishment of debt		—		—		(51,135)		(18,347)
Income tax expense		(16,406)		(47,582)		(29,650)		(55,129)
Net income		63,863		125,798		140,773		520,474
Net income attributable to noncontrolling interests		(436)		(4,544)		(4,065)		(13,300)
Net income attributable to Digital Realty Trust, Inc.		63,427		121,254		136,708		507,174
Preferred stock dividends		(10,181)		(11,885)		(20,362)		(25,399)
Gain on redemption of preferred stock		—		18,000		—		18,000
Net income available to common stockholders	$	53,246	$	127,369	$	116,346	$	499,775
Net income per share available to common stockholders:
Basic	$	0.19	$	0.45	$	0.41	$	1.78
Diluted	$	0.19	$	0.45	$	0.41	$	1.77
Weighted average common shares outstanding:
Basic		284,694		281,792		284,610		281,445
Diluted		285,110		282,434		284,980		282,076

See accompanying notes to the condensed consolidated financial statements.

5

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,
	2022		2021		2022		2021
Net income	$	63,863	$	125,798	$	140,773	$	520,474
Other comprehensive income (loss):
Foreign currency translation adjustments		(293,913)		111,678		(307,790)		(107,324)
Increase in fair value of interest rate swaps		356		226		(988)		563
Reclassification to interest expense from interest rate swaps		41		353		(62)		712
Other comprehensive (loss) income		(293,516)		112,257		(308,840)		(106,049)
Comprehensive (loss) income		(229,653)		238,055		(168,067)		414,425
Comprehensive loss (income) attributable to noncontrolling interests		6,362		(7,285)		3,093		(10,528)
Comprehensive (loss) income attributable to Digital Realty Trust, Inc.	$	(223,291)	$	230,770	$	(164,974)	$	403,897

See accompanying notes to the condensed consolidated financial statements.

6

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, 2022	Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity
Balance as of March 31, 2022	$	42,734	$	731,690	284,666,082		2,824	$	21,069,391	$	(3,916,854)	$	(188,844)	$	510,499	$	18,208,706
Conversion of common units to common stock		—		—	2,436		—		201		—		—		(201)		—
Vesting of restricted stock, net		—		—	65,404		—		—		—		—		—		—
Issuance of common stock, net of costs		—		—	—		—		211		—		—		—		211
Net share settlement to satisfy tax withholding upon vesting		—		—	—		—		(981)		—		—		—		(981)
Amortization of unearned compensation regarding share based awards		—		—	—		—		22,420		—		—		—		22,420
Reclassification of vested share based awards		—		—	—		—		(1,746)		—		—		1,746		—
Adjustment to redeemable noncontrolling interests		(1,868)		—	—		—		1,868		—		—		—		1,868
Dividends declared on preferred stock		—		—	—		—		—		(10,181)		—		—		(10,181)
Dividends and distributions on common stock and common and incentive units		(190)		—	—		—		—		(348,077)		—		(8,027)		(356,104)
Contributions from (distributions to) noncontrolling interests		336		—	—		—		—		—		—		(6,032)		(6,032)
Net income		35		—	—		—		—		63,427		—		401		63,828
Other comprehensive loss—foreign currency translation adjustments		—		—	—		—		—		—		(287,105)		(6,808)		(293,913)
Other comprehensive income—fair value of interest rate swaps		—		—	—		—		—		—		347		9		356
Other comprehensive income—reclassification of accumulated other comprehensive income to interest expense		—		—	—		—		—		—		41		—		41
Balance as of June 30, 2022	$	41,047	$	731,690	284,733,922	$	2,824	$	21,091,364	$	(4,211,685)	$	(475,561)	$	491,587	$	17,630,219

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
Six Months Ended June 30, 2022	Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity
Balance as of December 31, 2021	$	46,995	$	731,690	284,415,013	$	2,824	$	21,075,863	$	(3,631,929)	$	(173,880)	$	472,219	$	18,476,787
Conversion of common units to common stock		—		—	17,297		—		1,459		—		—		(1,459)		—
Vesting of restricted stock, net		—		—	259,424		—		—		—		—		—		—
Issuance of common stock, net of costs		—		—	—		—		(3,813)		—		—		—		(3,813)
Shares issued under employee stock purchase plan		—		—	42,188		—		4,969		—		—		—		4,969
Net share settlement to satisfy tax withholding upon vesting		—		—	—		—		(7,143)		—		—		—		(7,143)
Amortization of unearned compensation regarding share based awards		—		—	—		—		40,965		—		—		—		40,965
Reclassification of vested share based awards		—		—	—		—		(28,277)		—		—		28,277		—
Adjustment to redeemable noncontrolling interests		(7,341)		—	—		—		7,341		—		—		—		7,341
Dividends declared on preferred stock		—		—	—		—		—		(20,362)		—		—		(20,362)
Dividends and distributions on common stock and common and incentive units		(380)		—	—		—		—		(696,102)		—		(15,813)		(711,915)
Contributions from noncontrolling interests		1,703		—	—		—		—		—		—		11,527		11,527
Net income		70		—	—		—		—		136,708		—		3,995		140,703
Other comprehensive loss—foreign currency translation adjustments		—		—	—		—		—		—		(300,656)		(7,134)		(307,790)
Other comprehensive loss—fair value of interest rate swaps		—		—	—		—		—		—		(965)		(23)		(988)
Other comprehensive income—reclassification of accumulated other comprehensive income to interest expense		—		—	—		—		—		—		(60)		(2)		(62)
Balance as of June 30, 2022	$	41,047	$	731,690	284,733,922	$	2,824	$	21,091,364	$	(4,211,685)	$	(475,561)	$	491,587	$	17,630,219

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
	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.

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
Six Months Ended June 30, 2021	Interests		Stock		Shares	Stock		Capital		Earnings		Income, 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 (distributions to) 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.

10

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Six Months Ended June 30,
	2022		2021
Cash flows from operating activities:
Net income	$	140,773	$	520,474
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net		(2,770)		(334,420)
Equity in (earnings) of unconsolidated entities		(26,870)		(29,112)
Distributions from unconsolidated entities		22,972		57,631
Depreciation and amortization		759,099		738,714
Amortization of share-based compensation		40,965		47,668
Loss from early extinguishment of debt		51,135		18,347
Straight-lined rents and amortization of above and below market leases		(16,885)		(14,908)
Amortization of deferred financing costs and debt discount / premium		9,359		9,571
Other items, net		17,024		30,586
Changes in assets and liabilities:
Increase in accounts receivable and other assets		(248,310)		(126,688)
Increase (decrease) in accounts payable and other liabilities		37,086		(67,372)
Net cash provided by operating activities		783,578		850,491
Cash flows from investing activities:
Improvements to investments in real estate		(1,067,027)		(1,081,446)
Cash paid for assets acquired		(97,205)		(168,439)
(Investment in) proceeds from unconsolidated entities, net		(199,945)		6,131
Proceeds from sale of real estate		—		703,936
Other investing activities, net		(63,655)		(18,827)
Net cash (used in) investing activities		(1,427,832)		(558,645)
Cash flows from financing activities:
Net proceeds from credit facilities	$	1,077,719	$	508,169
Borrowings on secured / unsecured debt		1,125,451		1,218,650
Repayments on secured / unsecured debt		(450,737)		(886,963)
Premium paid for early extinguishment of debt		(49,662)		(16,482)
Capital contributions from noncontrolling interests, net		17,977		70,585
Proceeds from issuance of common stock, net		—		75,438
Redemption of preferred stock		—		(201,250)
Payments of dividends and distributions		(1,071,386)		(1,021,893)
Other financing activities, net		(16,271)		(21,602)
Net cash provided by (used in) financing activities		633,091		(275,348)
Net (decrease) increase in cash, cash equivalents and restricted cash		(11,163)		16,498
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(31,101)		(11,637)
Cash, cash equivalents and restricted cash at beginning of period		151,485		123,652
Cash, cash equivalents and restricted cash at end of period	$	109,221	$	128,513

See accompanying notes to the condensed consolidated financial statements.

11

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per unit data)

	June 30,		December 31,
	2022		2021
ASSETS
Investments in real estate:
Investments in properties, net	$	20,800,389	$	20,762,241
Investments in unconsolidated entities		1,942,549		1,807,689
Net investments in real estate		22,742,938		22,569,930
Operating lease right-of-use assets, net		1,310,970		1,405,441
Cash and cash equivalents		99,226		142,698
Accounts and other receivables, net		797,208		671,721
Deferred rent, net		554,016		547,385
Goodwill		7,545,107		7,937,440
Customer relationship value, deferred leasing costs and intangibles, net		2,521,390		2,735,486
Other assets		385,202		359,459
Total assets	$	35,956,057	$	36,369,560
LIABILITIES AND CAPITAL
Global revolving credit facilities, net	$	1,440,040	$	398,172
Unsecured senior notes, net		12,695,568		12,903,370
Secured and other debt, including premiums		158,699		146,668
Operating lease liabilities		1,418,540		1,512,187
Accounts payable and other accrued liabilities		1,619,222		1,543,623
Deferred tax liabilities, net		611,582		666,451
Accrued dividends and distributions		—		338,729
Security deposits and prepaid rents		341,140		336,578
Total liabilities		18,284,791		17,845,778
Redeemable noncontrolling interests		41,047		46,995
Commitments and contingencies
Capital:
Partners’ capital:
General Partner:
Preferred units, $755,000 liquidation preference ($25.00 per unit), and 30,200 units issued and outstanding as of June 30, 2022 and December 31, 2021		731,690		731,690
Common units, 284,734 and 284,415 units issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		16,882,503		17,446,758
Limited Partners, 6,299 and 5,932 units issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		446,937		432,902
Accumulated other comprehensive loss		(490,285)		(181,445)
Total partners’ capital		17,570,845		18,429,905
Noncontrolling interests in consolidated entities		59,374		46,882
Total capital		17,630,219		18,476,787
Total liabilities and capital	$	35,956,057	$	36,369,560

See accompanying notes to the condensed consolidated financial statements.

12

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except per unit data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating Revenues:
Rental and other services	$	1,131,537	$	1,089,395	$	2,253,087	$	2,177,301
Fee income and other		7,785		3,793		13,557		6,278
Total operating revenues		1,139,322		1,093,188		2,266,644		2,183,579
Operating Expenses:
Rental property operating and maintenance		421,502		383,216		857,095		744,995
Property taxes and insurance		51,049		48,498		101,273		101,001
Depreciation and amortization		376,967		368,981		759,099		738,714
General and administrative		105,776		97,492		204,289		197,486
Transactions and integration		13,586		7,075		25,554		21,195
Other		70		2,298		7,727		2,041
Total operating expenses		968,950		907,560		1,955,037		1,805,432
Operating income		170,372		185,628		311,607		378,147
Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities		(34,088)		52,143		26,870		29,112
Gain on disposition of properties, net		—		499		2,770		334,420
Other income (expense), net		13,008		10,124		16,059		2,938
Interest expense		(69,023)		(75,014)		(135,748)		(150,667)
Loss from early extinguishment of debt		—		—		(51,135)		(18,347)
Income tax expense		(16,406)		(47,582)		(29,650)		(55,129)
Net income		63,863		125,798		140,773		520,474
Net (income) loss attributable to noncontrolling interests		1,064		(1,344)		(965)		(300)
Net income attributable to Digital Realty Trust, L.P.		64,927		124,454		139,808		520,174
Preferred units distributions		(10,181)		(11,885)		(20,362)		(25,399)
Gain on redemption of preferred units		—		18,000		—		18,000
Net income available to common unitholders	$	54,746	$	130,569	$	119,446	$	512,775
Net income per unit available to common unitholders:
Basic	$	0.19	$	0.45	$	0.41	$	1.78
Diluted	$	0.19	$	0.45	$	0.41	$	1.77
Weighted average common units outstanding:
Basic		290,528		288,843		290,346		288,588
Diluted		290,944		289,485		290,716		289,219

See accompanying notes to the condensed consolidated financial statements.

13

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,
	2022		2021		2022		2021
Net income	$	63,863	$	125,798	$	140,773	$	520,474
Other comprehensive income (loss):
Foreign currency translation adjustments		(293,913)		111,678		(307,790)		(107,324)
Increase in fair value of interest rate swaps		356		226		(988)		563
Reclassification to interest expense from interest rate swaps		41		353		(62)		712
Other comprehensive (loss) income		(293,516)		112,257		(308,840)		(106,049)
Comprehensive (loss) income attributable to Digital Realty Trust, L.P.	$	(229,653)	$	238,055	$	(168,067)	$	414,425
Comprehensive loss (income) attributable to noncontrolling interests		1,064		(1,344)		(965)		(300)
Comprehensive (loss) income attributable to Digital Realty Trust, L.P.	$	(228,589)	$	236,711	$	(169,032)	$	414,125

See accompanying notes to the condensed consolidated financial statements.

14

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, 2022	Common Units		Units	Amount		Units	Amount		Units	Amount		Loss, Net		Interests		Total Capital
Balance as of March 31, 2022	$	42,734	30,200,000	$	731,690	284,666,082	$	17,155,361	6,290,465	$	451,954	$	(196,769)	$	66,470	$	18,208,706
Conversion of limited partner common units to general partner common units		—	—		—	2,436		201	(2,436)		(201)		—		—		—
Vesting of restricted common units, net		—	—		—	65,404		—	—		—		—		—		—
Payment of common unit offering costs and other, net		—	—		—	—		211	—		—		—		—		211
Issuance of limited partner common units, net		—	—		—	—		—	11,449		—		—		—		—
Net unit settlement to satisfy tax withholding upon vesting		—	—		—	—		(981)	—		—		—		—		(981)
Amortization of share-based compensation		—	—		—	—		22,420	—		—		—		—		22,420
Reclassification of vested share-based awards		—	—		—	—		(1,746)	—		1,746		—		—		—
Adjustment to redeemable partnership units		(1,868)	—		—	—		1,868	—		—		—		—		1,868
Distributions		(190)	—		—	—		(358,258)	—		(8,027)		—		—		(366,285)
Contributions from (distributions to) noncontrolling interests in consolidated entities		336	—		—	—		—	—		—		—		(6,032)		(6,032)
Net income		35	—		—	—		63,427	—		1,465		—		(1,064)		63,828
Other comprehensive loss—foreign currency translation adjustments		—	—		—	—		—	—		—		(293,913)		—		(293,913)
Other comprehensive income—fair value of interest rate swaps		—	—		—	—		—	—		—		356		—		356
Other comprehensive loss—reclassification of accumulated other comprehensive income to interest expense		—	—		—	—		—	—		—		41		—		41
Balance as of June 30, 2022	$	41,047	30,200,000	$	731,690	284,733,922	$	16,882,503	6,299,478	$	446,937	$	(490,285)	$	59,374	$	17,630,219

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
	Noncontrolling		Preferred Units			Common Units			Common Units			Comprehensive		Noncontrolling
Six Months Ended June 30, 2022	Interests		Units	Amount		Units	Amount		Units	Amount		Loss, Net		Interests		Total Capital
Balance as of December 31, 2021	$	46,995	30,200,000	$	731,690	284,415,013	$	17,446,758	5,931,771	$	432,902	$	(181,445)	$	46,882	$	18,476,787
Conversion of limited partner common units to general partner common units		—	—		—	17,297		1,459	(17,297)		(1,459)		—		—		—
Vesting of restricted common units, net		—	—		—	259,424		—	—		—		—		—		—
Payment of common unit offering costs and other, net		—	—		—	—		(3,813)	—		—		—		—		(3,813)
Issuance of limited partner common units, net		—	—		—	—		—	385,004		—		—		—		—
Units issued in connection with employee stock purchase plan		—	—		—	42,188		4,969	—		—		—		—		4,969
Net unit settlement to satisfy tax withholding upon vesting		—	—		—	—		(7,143)	—		—		—		—		(7,143)
Amortization of share-based compensation		—	—		—	—		40,965	—		—		—		—		40,965
Reclassification of vested share-based awards		—	—		—	—		(28,277)	—		28,277		—		—		—
Adjustment to redeemable partnership units		(7,341)	—		—	—		7,341	—		—		—		—		7,341
Distributions		(380)	—		—	—		(716,464)	—		(15,813)		—		—		(732,277)
Contributions from noncontrolling interests in consolidated entities		1,703	—		—	—		—	—		—		—		11,527		11,527
Net income		70	—		—	—		136,708	—		3,030		—		965		140,703
Other comprehensive loss—foreign currency translation adjustments		—	—		—	—		—	—		—		(307,790)		—		(307,790)
Other comprehensive loss—fair value of interest rate swaps		—	—		—	—		—	—		—		(988)		—		(988)
Other comprehensive income—reclassification of accumulated other comprehensive income to interest expense		—	—		—	—		—	—		—		(62)		—		(62)
Balance as of June 30, 2022	$	41,047	30,200,000	$	731,690	284,733,922	$	16,882,503	6,299,478	$	446,937	$	(490,285)	$	59,374	$	17,630,219

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
Three Months Ended June 30, 2021	Common Units		Units	Amount		Units	Amount		Units	Amount		Income (Loss), Net		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)		—		—		—
Payment of common unit offering costs and other, net		—	—		—	477,762		75,670	—		—		—		—		75,670
Issuance of limited partner common units, net		—	—		—	—		—	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.

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
	Noncontrolling		Preferred Units			Common Units			Common Units			Comprehensive		Noncontrolling
Six Months Ended June 30, 2021	Interests		Units	Amount		Units	Amount		Units	Amount		Income, Net		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 limited partner common units, net		—	—		—	—		—	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 (distributions to) 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.

18

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Six Months Ended June 30,
	2022		2021
Cash flows from operating activities:
Net income	$	140,773	$	520,474
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net		(2,770)		(334,420)
Equity in (earnings) of unconsolidated entities		(26,870)		(29,112)
Distributions from unconsolidated entities		22,972		57,631
Depreciation and amortization		759,099		738,714
Amortization of share-based compensation		40,965		47,668
Loss from early extinguishment of debt		51,135		18,347
Straight-lined rents and amortization of above and below market leases		(16,885)		(14,908)
Amortization of deferred financing costs and debt discount / premium		9,359		9,571
Other items, net		17,024		30,586
Changes in assets and liabilities:
Increase in accounts receivable and other assets		(248,310)		(126,688)
Increase (decrease) in accounts payable and other liabilities		37,086		(67,372)
Net cash provided by operating activities		783,578		850,491
Cash flows from investing activities:
Improvements to investments in real estate		(1,067,027)		(1,081,446)
Cash paid for assets acquired		(97,205)		(168,439)
(Investment in) proceeds from unconsolidated entities, net		(199,945)		6,131
Proceeds from sale of real estate		—		703,936
Other investing activities, net		(63,655)		(18,827)
Net cash (used in) investing activities		(1,427,832)		(558,645)
Cash flows from financing activities:
Net proceeds from credit facilities	$	1,077,719	$	508,169
Borrowings on secured / unsecured debt		1,125,451		1,218,650
Repayments on secured / unsecured debt		(450,737)		(886,963)
Premium paid for early extinguishment of debt		(49,662)		(16,482)
Capital contributions from noncontrolling interests, net		17,977		70,585
General partner contributions		—		75,438
General partner distributions		—		(201,250)
Payments of dividends and distributions		(1,071,386)		(1,021,893)
Other financing activities, net		(16,271)		(21,602)
Net cash provided by (used in) financing activities		633,091		(275,348)
Net (decrease) increase in cash, cash equivalents and restricted cash		(11,163)		16,498
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(31,101)		(11,637)
Cash, cash equivalents and restricted cash at beginning of period		151,485		123,652
Cash, cash equivalents and restricted cash at end of period	$	109,221	$	128,513

See accompanying notes to the condensed consolidated financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. General

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

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

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

Accounting Principles and Basis of Presentation. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed with the SEC, and other filings with the SEC.

Management Estimates and Assumptions. U.S. GAAP requires that we make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the consolidated financial statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.

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

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2. Investments in Properties

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

Property Type	As of June 30, 2022		As of December 31, 2021
Land	$	1,033,770	$	1,019,723
Acquired ground lease		6,051		6,721
Buildings and improvements		22,319,146		21,914,091
Tenant improvements		706,966		684,915
		24,065,933		23,625,450
Accumulated depreciation and amortization		(6,665,118)		(6,210,281)
Investments in operating properties, net		17,400,815		17,415,169
Construction in progress and space held for development		3,362,114		3,213,389
Land held for future development		37,460		133,683
Investments in properties, net	$	20,800,389	$	20,762,241

3. Leases

Lessor Accounting

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

Lessee Accounting

We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of June 30, 2022, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of June 30, 2022, the termination dates of these ground leases generally range from 2049 to 2108. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2022 to 2028. The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements amounted to approximately $35.6 million and $37.4 million for the three months ended June 30, 2022 and 2021, respectively, and approximately $73.0 million for each of the six months ended June 30, 2022 and 2021.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

4. Receivables

Accounts and Other Receivables, Net

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

	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2022		December 31, 2021
Accounts receivable – trade, net	$	493,754	$	399,029
Allowance for doubtful accounts		(37,799)		(28,574)
Accounts receivable, net		455,955		370,455
Accounts receivable – customer recoveries		160,577		131,538
Value-added tax receivables		81,849		104,036
Accounts receivable – installation fees		50,482		43,626
Other receivables		48,345		22,066
Accounts and other receivables, net	$	797,208	$	671,721

Deferred Rent

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

	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2022		December 31, 2021
Deferred rent receivables	$	577,723	$	556,251
Allowance for deferred rent receivables		(23,707)		(8,866)
Deferred rent receivables, net	$	554,016	$	547,385

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

5. Investments in Unconsolidated Entities

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

	Year	Metropolitan			Balance as of		Balance as of
Entity	Entity Formed	Area of Properties	% Ownership			June 30, 2022		December 31, 2021
Digital Core REIT (DCRU)	2021	U.S. / Canada	35	%	$	342,464	$	343,317
Ownership interest in DCRU operating properties	2021	U.S. / Canada	10	%		140,499		144,050
Ascenty	2019	Brazil / Chile / Mexico	51	%		645,184		553,031
Mapletree	2019	Northern Virginia	20	%		166,507		172,465
Mitsubishi	Various	Osaka / Tokyo	50	%		399,786		401,509
Lumen	2012	Hong Kong	50	%		69,144		68,854
Other	Various	U.S. / India / Nigeria	Various			178,965		124,463
Total					$	1,942,549	$	1,807,689

DCREIT – Digital Core REIT is a standalone real estate investment trust publicly-traded on the Singapore Exchange under the ticker symbol “DCRU”. Digital Core REIT owns 10 operating data center properties. The Company’s ownership interest in the units of DCRU, as well as its ownership interest in the operating properties of DCRU are collectively referred to as the Company’s investment in DCREIT. As of June 30, 2022, the Company held 35% of the outstanding DCRU units and separately owned a 10% retained interest in the underlying operating properties. The Company’s 35% interest in DCRU consisted of 392 million units and 390 million units as of June 30, 2022 and December 31, 2021, respectively. Based on the closing price per unit of $0.77 as of June 30, 2022, the fair value of the units the Company owns in DCRU was approximately $302 million. Based on the closing price per unit of $1.16 as of December 31, 2021, the fair value of the units the Company owns in DCRU was approximately $453 million. This value does not include the value of the Company’s 10% interest in the operating properties of DCRU, because the associated ownership interests are not publicly traded. The Company accounts for its investment in DCREIT as an equity method investment (and not at fair value) based on the significant influence it is able to exert on DCREIT. The Company determined that the decline in fair value of the investment in DCRU as compared to the Company’s book basis as of June 30, 2022 was temporary in nature.

Pursuant to contractual agreements with the DCRU and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCRU or in cash. During the three and six months ended June 30, 2022, the Company earned fees pursuant to these contractual agreements of approximately $2.8 million and $5.1 million, respectively, which is recorded as fee income and other on the condensed consolidated income statement.

Ascenty – The Company’s ownership interest in Ascenty includes an approximate 2% interest held by one of the Company’s non-controlling interest holders. This 2% interest had a carrying value of approximately $22.6 million and $20.9 million as of June 30, 2022 and December 31, 2021, respectively. Ascenty is a variable interest entity (“VIE”) and the Company’s maximum exposure to loss related to this VIE is limited to our equity investment in the entity.

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

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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, 2022 as compared to December 31, 2021 were driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies – primarily the devaluation of the Euro as compared to the U.S. dollar.

7. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:

	Balance as of
	June 30, 2022						December 31, 2021
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,735,560	$	(789,285)	$	1,946,275	$	2,838,842	$	(721,983)	$	2,116,859
Acquired in-place lease value		1,267,777		(1,016,192)		251,585		1,278,012		(995,883)		282,129
Other		94,121		(20,059)		74,062		101,869		(14,688)		87,181
Acquired above-market leases		265,367		(250,626)		14,741		268,724		(247,135)		21,589
Acquired below-market leases		(347,781)		252,627		(95,154)		(351,052)		247,877		(103,175)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $57.3 million and $66.4 million for the three months ended June 30, 2022 and 2021 respectively, and approximately $118.9 million and $134.1 million for the six months ended June 30, 2022 and 2021, respectively.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $0.3 million and a decrease of $(1.1) million for the three months ended June 30, 2022 and 2021, respectively and $0.6 million and $(2.6) million for the six months ended June 30, 2022 and 2021, respectively.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2022 is as follows:

(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other (1)		Acquired above-market leases		Acquired below-market leases
Remainder of 2022	$	81,641	$	24,499	$	4,560	$	4,363	$	(6,683)
2023		162,614		43,327		3,021		4,758		(12,507)
2024		162,034		37,709		1,677		2,584		(11,214)
2025		161,532		34,679		1,638		1,452		(10,225)
2026		161,097		30,619		1,442		684		(8,663)
Thereafter		1,217,357		80,752		19,941		900		(45,862)
Total	$	1,946,275	$	251,585	$	32,279	$	14,741	$	(95,154)

(1) Excludes power grid rights in the amount of approximately $41.8 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.

8. Debt of the Operating Partnership

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

	June 30, 2022				December 31, 2021
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	1.95	%	$	1,458,730	0.96	%	$	415,116
Unsecured senior notes	2.12	%		12,792,422	2.26	%		13,000,042
Secured and other debt	3.64	%		159,024	3.47	%		147,082
Total	2.12	%	$	14,410,176	2.23	%	$	13,562,240

The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt.

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

	June 30, 2022				December 31, 2021
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,590,903	24.9	%	$	3,141,951	23.2	%
British pound sterling (£)		1,887,590	13.1	%		2,117,758	15.6	%
Euro (€)		7,789,612	54.1	%		7,532,057	55.5	%
Other		1,142,071	7.9	%		770,474	5.7	%
Total	$	14,410,176			$	13,562,240

25

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The table below summarizes our debt maturities and principal payments as of June 30, 2022 (in thousands):

	Global Revolving		Unsecured		Secured and
	Credit Facilities (1)		Senior Notes		Other Debt		Total Debt
2022	$	—	$	629,040	$	—	$	629,040
2023		—		104,725		3,081		107,806
2024		—		933,490		—		933,490
2025		—		1,168,580		—		1,168,580
2026		—		1,415,023		—		1,415,023
Thereafter		1,458,730		8,541,564		155,943		10,156,237
Subtotal	$	1,458,730	$	12,792,422	$	159,024	$	14,410,176
Unamortized net discounts		—		(36,026)		—		(36,026)
Unamortized deferred financing costs		(18,690)		(60,828)		(325)		(79,843)
Total	$	1,440,040	$	12,695,568	$	158,699	$	14,294,307

(1) Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”).

Unsecured Senior Notes

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

	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date	June 30, 2022		December 31, 2021
Floating rate notes due 2022	€	300,000	$	349,800	Sep 23, 2022	$	314,520	$	341,100
0.125% notes due 2022	€	300,000		332,760	Oct 15, 2022		314,520		341,100
0.600% notes due 2023	CHF	100,000		108,310	Oct 02, 2023		104,725		-
2.625% notes due 2024	€	600,000		677,040	Apr 15, 2024		629,040		682,200
2.750% notes due 2024	£	250,000		324,925	Jul 19, 2024		304,450		338,300
4.250% notes due 2025	£	400,000		634,480	Jan 17, 2025		487,120		541,280
0.625% notes due 2025	€	650,000		720,980	Jul 15, 2025		681,460		739,050
4.750% notes due 2025	$	450,000		450,000	Oct 01, 2025		-		450,000
2.500% notes due 2026	€	1,075,000		1,224,640	Jan 16, 2026		1,127,030		1,222,275
0.200% notes due 2026	CHF	275,000		298,404	Dec 15, 2026		287,993		301,419
1.700% notes due 2027	CHF	150,000		162,465	Mar 30, 2027		157,087		-
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		524,200		568,500
4.450% notes due 2028	$	650,000		650,000	Jul 15, 2028		650,000		650,000
0.550% notes due 2029	CHF	270,000		292,478	Apr 16, 2029		282,757		295,938
3.600% notes due 2029	$	900,000		900,000	Jul 01, 2029		900,000		900,000
3.300% notes due 2029	£	350,000		454,895	Jul 19, 2029		426,230		473,620
1.500% notes due 2030	€	750,000		831,900	Mar 15, 2030		786,300		852,750
3.750% notes due 2030	£	550,000		719,825	Oct 17, 2030		669,790		744,260
1.250% notes due 2031	€	500,000		560,950	Feb 01, 2031		524,200		568,500
0.625% notes due 2031	€	1,000,000		1,220,700	Jul 15, 2031		1,048,400		1,137,000
1.000% notes due 2032	€	750,000		874,500	Jan 15, 2032		786,300		852,750
1.375% notes due 2032	€	750,000		849,375	Jul 18, 2032		786,300		-
						$	12,792,422	$	13,000,042
Unamortized discounts, net of premiums							(36,026)		(33,612)
Deferred financing costs, net							(60,828)		(63,060)
Total unsecured senior notes, net of discount and deferred financing costs						$	12,695,568	$	12,903,370

26

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Restrictive Covenants in Unsecured Senior Notes

The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At June 30, 2022, we were in compliance with each of these financial covenants.

Early Extinguishment of Unsecured Senior Notes

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

● During the six months ended June 30, 2022: $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022.

● During the six months ended June 30, 2021: $18.3 million primarily due to redemption of the 2.750% Notes due 2023 in February 2021.

Global Revolving Credit Facility Amendment

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

9. Earnings per Common Share or Unit

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

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income available to common stockholders	$	53,246	$	127,369	$	116,346	$	499,775
Weighted average shares outstanding—basic		284,694		281,792		284,610		281,445
Potentially dilutive common shares:
Unvested incentive units		178		177		183		168
Unvested restricted stock		49		165		62		143
Market performance-based awards		189		300		125		320
Weighted average shares outstanding—diluted		285,110		282,434		284,980		282,076
Income per share:
Basic	$	0.19	$	0.45	$	0.41	$	1.78
Diluted	$	0.19	$	0.45	$	0.41	$	1.77

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income available to common unitholders	$	54,746	$	130,569	$	119,446	$	512,775
Weighted average units outstanding—basic		290,528		288,843		290,346		288,588
Potentially dilutive common units:
Unvested incentive units		178		177		183		168
Unvested restricted units		49		165		62		143
Market performance-based awards		189		300		125		320
Weighted average units outstanding—diluted		290,944		289,485		290,716		289,219
Income per unit:
Basic	$	0.19	$	0.45	$	0.41	$	1.78
Diluted	$	0.19	$	0.45	$	0.41	$	1.77

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Shares subject to Forward Equity Offering	6,250	—	6,250	—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	5,834	7,051	5,735	7,143
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	—	689	—	1,082
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,536	1,317	1,494	1,390
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,615	1,385	1,571	1,461
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,649	2,272	2,577	2,397
Total	17,884	12,714	17,627	13,473

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

10. Equity and Capital

Equity Distribution Agreement

Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were parties to an at-the-market (ATM) equity offering sales agreement dated January 4, 2019, as amended in 2020 (the “2020 Sales Agreement”). Pursuant to the 2020 Sales Agreement, Digital Realty Trust, Inc. was able to issue and sell common stock having an aggregate offering price of up to $1.0 billion through various named agents from time to time. The 2020 Sales Agreement was terminated on April 1, 2022 when Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into a new ATM equity offering sales agreement dated April 1, 2022 (the “2022 Sales Agreement”). At the time of the termination, $577.6 million remained unsold under the 2020 Sales Agreement. Pursuant to the 2022 Sales Agreement , Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time. For the six months ended June 30, 2022, we had no sales under the 2022 Sales Agreement and $1.5 billion is still available.

Forward Equity Sale

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

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

We account for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. As of June 30, 2022, none of our forward equity sales agreements were deemed to be liabilities as they did not embody obligations to repurchase our shares, nor did they embody obligations to issue a variable number of shares for which the monetary value was predominantly fixed, varied with something other than the fair value of our shares, or varied inversely in relation to our shares. We also evaluated whether the agreements met the derivatives and hedging guidance scope exception to be accounted for as equity instruments and concluded that the agreements could be classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Noncontrolling Interests in Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022			December 31, 2021
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	284,734	97.8	%	284,415	98.0	%
Noncontrolling interests consist of:
Common units held by third parties	4,387	1.5	%	4,389	1.5	%
Incentive units held by employees and directors (see Note 12. "Incentive Plan")	1,912	0.7	%	1,543	0.5	%
	291,033	100.0	%	290,347	100.0	%

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

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $765.8 million and $1,074.7 million based on the closing market price of Digital Realty Trust, Inc. common stock on June 30, 2022 and December 31, 2021, respectively.

The following table shows activity for the noncontrolling interests in the Operating Partnership for the six months ended June 30, 2022 (in thousands):

	Common Units	Incentive Units	Total
As of December 31, 2021	4,389	1,542	5,931
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(2)	—	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(15)	(15)
Incentive units issued upon achievement of market performance condition	—	221	221
Grant of incentive units to employees and directors	—	167	167
Cancellation / forfeitures of incentive units held by employees and directors	—	(3)	(3)
As of June 30, 2022	4,387	1,912	6,299

(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

We have declared and paid the following dividends on our common and preferred stock for the six months ended June 30, 2022 (in thousands, except per share data):

		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Common
Date dividend declared	Dividend payment date	Stock		Stock		Stock		Stock
March 3, 2022	March 31, 2022	$	2,625	$	3,071	$	4,485	$	348,025
May 24, 2022	June 30, 2022		2,625		3,071		4,485		348,077
		$	5,250	$	6,142	$	8,970	$	696,102
Annual rate of dividend per share		$	1.31250	$	1.46250	$	1.30000	$	4.88000

Digital Realty Trust, L.P. Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the six months ended June 30, 2022 (in thousands, except for per unit data):

		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Common
Date distribution declared	Distribution payment date	Units		Units		Units		Units
March 3, 2022	March 31, 2022	$	2,625	$	3,071	$	4,485	$	355,812
May 24, 2022	June 30, 2022		2,625		3,071		4,485		355,885
		$	5,250	$	6,142	$	8,970	$	711,697
Annual rate of distribution per unit		$	1.31250	$	1.46250	$	1.30000	$	4.88000

31

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, 2021	$	(212,653)	$	(107)	$	38,880	$	(173,880)
Net current period change		(300,656)		(965)		—		(301,621)
Reclassification to interest expense from interest rate swaps		—		(60)		—		(60)
Balance as of June 30, 2022	$	(513,309)	$	(1,132)	$	38,880	$	(475,561)

Digital Realty Trust, L.P.

	Foreign currency		Cash flow		Foreign currency net		Accumulated other
	translation		hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss)
Balance as of December 31, 2021	$	(219,882)	$	(1,240)	$	39,677	$	(181,445)
Net current period change		(307,790)		(988)		—		(308,778)
Reclassification to interest expense from interest rate swaps		—		(62)		—		(62)
Balance as of June 30, 2022	$	(527,672)	$	(2,290)	$	39,677	$	(490,285)

12. Incentive Plans

2014 Incentive Award Plan

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

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

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

Performance-Based Awards (“the Performance Awards”): Performance Awards in the form of Class D units of the Operating Partnership and Restricted Stock Units covering shares of Digital Realty Trust, Inc.’s common stock may be issued to officers and employees of the Company. Depending on the award, the total number of units that qualify to fully

32

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

vest is determined based on either a market performance criterion (“Market-Based Performance Awards”) or financial performance criterion (“Financial-Based Performance Awards”).

Market-Based Performance Awards.

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

Achievement of the market performance condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS as is shown in the subsequent table (the “RMS Relative Market Performance”).

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

If the RMS Relative Market Performance falls between the levels specified in the above table, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels.

2019 Awards

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

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

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

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

The grant date fair value of the Market-Based Performance Awards was approximately $12.3 million and $25.0 million for the six months ended June 30, 2022 and 2021, respectively. This amount will be recognized as compensation expense on a straight-line basis over the expected service period of approximately four years.

33

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Financial-Based Performance Awards.

On March 4, 2022, the Company granted Financial-Based Performance Awards, based on growth in core funds from operation (“Core FFO”) during the three-year period commencing on January 1, 2022. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards is $12.3 million, based on the Company’s closing stock price at the grant date.

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

As of June 30, 2022, approximately 5.0 million shares of common stock, including awards that can be converted to or exchanged for shares of common stock, remained available for future issuance under the Incentive Plan.

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

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

													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned
	Three Months Ended June 30,								June 30,		December 31,		compensation
Type of incentive award	2022		2021		2022		2021		2022		2021		(in years)
Long-term incentive units	$	6.4	$	2.8	$	0.0	$	—	$	33.9	$	19.8	2.3
Performance-based awards		5.6		6.4		0.1		0.1		46.9		39.2	2.3
Service-based restricted stock units		6.8		5.3		1.4		0.9		68.8		44.5	2.8
Interxion awards		1.1		4.1		—		—		4.6		8.5	1.1
	Six Months Ended June 30,
	2022		2021		2022		2021
Long-term incentive units	$	11.6	$	6.0	$	0.1	$	0.1
Performance-based awards		10.6		14.9		0.3		0.5
Service-based restricted stock units		12.1		9.2		2.4		1.6
Interxion awards		2.0		14.6		—		—

Activity for LTIP Units and service-based Restricted Stock Units for the six months ended June 30, 2022 is shown below.

		Weighted-Average
		Grant Date Fair
Unvested LTIP Units	Units	Value
Unvested, beginning of period	250,468	$	132.66
Granted	167,326		154.09
Vested	(127,117)		130.32
Cancelled or expired	—		—
Unvested, end of period	290,677	$	146.02

34

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock Units	Shares	Value
Unvested, beginning of period	509,369	$	129.52
Granted	312,244		138.35
Vested	(169,630)		124.32
Cancelled or expired	(44,828)		133.37
Unvested, end of period	607,155	$	135.23

13. Derivative Instruments

We had no material outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of June 30, 2022.

Amounts reported in accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of June 30, 2022, we had no material interest rate swap agreements outstanding.

The derivative instruments the Company enters into typically contain provisions that would declare the Company as being in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to any default on the indebtedness. As of June 30, 2022, we did not have any material derivatives outstanding.

14. Fair Value of Financial Instruments

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

As of June 30, 2022 and December 31, 2021, the carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our global revolving credit facilities approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2022 and December 31, 2021 as compared to those in effect when the debt was issued or assumed.

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

35

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

	Categorization	As of June 30, 2022				As of December 31, 2021
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	1,458,730	$	1,458,730	$	415,116	$	415,116
Unsecured senior notes (1)	Level 2		11,262,417		12,792,422		13,580,262		13,000,042
Secured and other debt (1)	Level 2		153,543		159,024		152,511		147,082
		$	12,874,690	$	14,410,176	$	14,147,889	$	13,562,240

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

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, 2022, we had open commitments, including amounts reimbursable by customers of approximately $55.1 million, related to construction contracts of approximately $1.9 billion.

In the ordinary course of our business, we may become subject to various legal proceedings. As of June 30, 2022, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

16. Supplemental Cash Flow Information

Cash, cash equivalents, and restricted cash balances as of June 30, 2022, and December 31, 2021:

	Balance as of
(Amounts in thousands)	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	99,226	$	142,698
Restricted cash (included in other assets)		9,995		8,787
Total	$	109,221	$	151,485

We paid $144.1 million and $151.7 million for interest, net of amounts capitalized, for the six months ended June 30, 2022 and 2021, respectively.

We paid $8.8 million and $12.7 million for income taxes, net of refunds, for the six months ended June 30, 2022 and 2021, respectively.

Accrued construction related costs totaled $469.6 million and $370.3 million as of June 30, 2022 and 2021, respectively.

36

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

17. Segment and Geographic Information

Most of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. The Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations to best address the needs of its global customers. In this regard, the Company manages customer relationships on a global basis in order to achieve consistent sales and delivery experience of our products for our customers. In order to best accommodate the needs of our current and potential global customers, the Company manages its operations as a single global business – with one operating segment and, therefore, one reporting segment. A breakout of the Company’s Operating Revenues, Investments in Properties, net, and Operating lease right-of-use assets, net by geography is shown below.

	Operating Revenues
	Three Months Ended June 30,						Six Months Ended June 30,
(Amounts in millions)	2022			2021			2022			2021
Inside the United States	$	679.7		$	686.4		$	1,344.8		$	1,377.3
Outside the United States		459.7			406.8			921.8			806.3
Revenue Outside of U.S. %		40.3	%		37.2	%		40.7	%		36.9	%
	Investments in Properties, net						Operating lease right-of-use assets, net
	As of June 30,			As of December 31,			As of June 30,			As of December 31,
(Amounts in millions)	2022			2021			2022			2021
Inside the United States	$	11,197.9		$	11,167.9		$	692.6		$	719.1
Outside the United States		9,602.5			9,594.3			618.4			686.4
Net Assets in Foreign Operations	$	2,990.5		$	3,865.4

18. Subsequent Events

On August 1, 2022, we completed the acquisition of a 55% majority interest in Teraco, a leading carrier-neutral data center and interconnection services provider in South Africa. The total purchase price was $1.7 billion cash, funded by our global revolving credit facility and a partial settlement of the forward sale agreements.

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, 2021, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, 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, expected use of proceeds from our ATM equity program, expected settlement and use of proceeds from our forward sale agreements, 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 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 on our, our customers’ and our suppliers’ operations during a pandemic, such as COVID-19; 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, including impacts of inflation; 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

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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.

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, 2021. 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 entity” refers to the entity, which owns and operates Ascenty, formed with Brookfield Infrastructure.

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. 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 Digital Realty Trust, L.P.’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. Fundamentally, we bring together foundational real estate and innovative technology expertise around the world to deliver a comprehensive, dedicated product suite to meet customers’ data and connectivity needs. We represent an important part of the digital economy that we believe will benefit from powerful, long-term growth drivers.

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

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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.

Summary of 2022 Significant Activities

We completed the following significant activities during the six months ended June 30, 2022:

● In December 2021 we entered into a definitive agreement to acquire a majority stake in Teraco, South Africa’s leading carrier-neutral colocation provider, in a transaction valuing Teraco at approximately $3.5 billion. The transaction closed on August 1, 2022.

● In January, we issued and sold €750.0 million aggregate principal amount of 1.375% Guaranteed Notes due 2032 (the “2032 Notes”). The 2032 Notes are senior unsecured obligations of Digital Intrepid Holding B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and Digital Realty Trust, L.P. Net proceeds from the offering were approximately €737.5 million (approximately $835.3 million based on the exchange rate on January 18, 2022) after deducting managers’ discounts and estimated offering expenses.

● In February, we redeemed $450.0 million of 4.750% Notes due 2025. As part of this redemption, we recorded a $51.1 million loss on extinguishment of debt.

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

● In June, we announced the formation of a joint venture with Mivne Real Estate (K.D.). The joint venture will operate under the brand name Digital Realty Mivne and will develop a multi-tenant data center campus in Israel.

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Revenue Base

Most of our 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. A summary of our data center portfolio and related square feet occupied (excluding space under development or held for development) 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, 2022						As of December 31, 2021
Region	Data Center Buildings	Net Rentable Square Feet (1)	Space Under Active Development (2)	Space Held for Development (3)	Occupancy		Data Center Buildings	Net Rentable Square Feet (1)	Space Under Active Development (2)	Space Held for Development (3)	Occupancy
North America	116	22,142,838	2,790,213	815,238	85.0	%	114	21,751,638	2,327,121	900,357	85.4	%
Europe	114	7,872,464	4,163,626	188,153	77.5	%	107	7,549,209	3,125,451	191,094	74.6	%
Asia Pacific	12	1,577,915	495,920	87,660	79.7	%	12	1,355,243	806,252	—	76.2	%
Africa	4	25,834	43,876	—	59.0	%	4	25,825	40,965	—	58.5	%
Consolidated Portfolio	246	31,619,051	7,493,635	1,091,051	82.8	%	237	30,681,914	6,299,789	1,091,451	82.5	%
Managed Unconsolidated Portfolio	16	2,383,729	—	—	95.2	%	16	2,383,729	—	—	95.2	%
Non-Managed Unconsolidated Portfolio	35	2,800,027	795,769	1,569,641	86.2	%	34	2,565,185	930,670	1,591,004	86.0	%
Total Portfolio	297	36,802,807	8,289,404	2,660,692	83.9	%	287	35,630,828	7,230,460	2,682,456	83.6	%

(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—Development Projects”.

(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—Development Projects”.

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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, 2022, 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 subsequent table summarizes our leasing activity in the six months ended June 30, 2022:

								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	1,055,093	$	238.62	$	246.62	3.4	%	$	0.29	1.5
> 1 MW	313,997	$	167.43	$	182.43	9.0	%	$	47.69	3.0
Other (6)	678,425	$	39.06	$	47.37	21.3	%	$	16.94	12.0
New Leases Signed (5)
0 — 1 MW	323,841		—	$	229.02	—		$	9.82	3.7
> 1 MW	1,330,732		—	$	136.60	—		$	3.16	8.5
Other (6)	71,020		—	$	24.50	—		$	2.39	2.9
Leasing Activity Summary
0 — 1 MW	1,378,934			$	242.49
> 1 MW	1,644,728			$	145.35
Other (6)	749,445			$	45.20

(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 period presented.

(3) Excludes short-term leases.

(4) Commencement dates for the leases signed range from 2022 to 2023.

(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 renewed data center leases for 2022 expirations to be slightly positive as compared 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, 2022
Metropolitan Area	total annualized rent (1)
Northern Virginia	18.7	%
Chicago	9.1	%
New York	6.2	%
London	5.8	%
Frankfurt	5.8	%
Silicon Valley	5.6	%
Dallas	5.4	%
Singapore	5.3	%
Sao Paulo	4.5	%
Amsterdam	4.1	%
Paris	2.2	%
San Francisco	1.9	%
Portland	1.8	%
Phoenix	1.8	%
Atlanta	1.5	%
Other	20.3	%
Total	100.0	%

(1) Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of the end of the period presented, 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, 2022 was approximately $55.1 million.

Operating Expenses

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.

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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 in which we invest, but do not consolidate under U.S. GAAP. The largest of these investments is currently our investment in Ascenty, which is located primarily in Brazil. Our second-largest equity-method investment is Digital Core REIT, which is publicly traded on the Singapore Exchange (“SGX”) and which owns a portfolio of 10 properties operating in the United States and Canada. Refer to additional discussion of Digital Core REIT and Ascenty in the Notes to the Condensed Consolidated Financial Statements.

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 versus 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.

A roll forward showing changes in the stabilized and non-stabilized portfolios for the six months ended June 30, 2022 as compared to December 31, 2021 is shown below.

Net Rentable Square Feet	Stabilized	Non-Stabilized	Total
As of December 31, 2021	17,095,366	13,586,548	30,681,914
New development and space reconfigurations	9,963	477,254	487,217
Transfers to stabilized from unstabilized	6,823,169	(6,822,308)	861
Addition to unstabilized	—	449,059	449,059
As of June 30, 2022	23,928,498	7,690,553	31,619,051

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Comparison of the Results of Operations for the three and six months ended June 30, 2022 to the three and six months ended June 30, 2021

Revenues

Total operating revenues as shown on our condensed consolidated income statements was as follows (in thousands):

	Three Months Ended June 30,								Six Months Ended June 30,
	2022		2021		$ Change		% Change		2022		2021		$ Change		% Change
Stabilized	$	863,188	$	887,660	$	(24,472)	(2.8)	%	$	1,735,114	$	1,779,575	$	(44,461)	(2.5)	%
Non-Stabilized		268,349		201,735		66,614	33.0	%		517,973		397,726		120,247	30.2	%
Rental and other services		1,131,537		1,089,395		42,142	3.9	%		2,253,087		2,177,301		75,786	3.5	%
Fee income and other		7,785		3,793		3,992	105.2	%		13,557		6,278		7,279	115.9	%
Total operating revenues	$	1,139,322	$	1,093,188	$	46,134	4.2	%	$	2,266,644	$	2,183,579	$	83,065	3.8	%

Total operating revenues increased by approximately $46.1 million and $83.1 million in the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021, driven primarily by growth in non-stabilized rental and other services revenue.

Stabilized rental and other services revenue decreased $24.5 million in the three months ended June 30, 2022, compared to the same period in 2021 primarily due to a $35.2 million unfavorable foreign currency translation effect (primarily related to weaking of the Euro and British pound sterling versus the U.S. dollar) partially offset by a net increase in tenant reimbursements related to higher utility consumption of $13.4 million.

Stabilized rental and other services revenue decreased $44.5 million in the six months ended June 30, 2022, compared to the same period in 2021, primarily due to a $54.7 million unfavorable foreign currency translation effect (primarily due to the Euro and British pound sterling versus the U.S. dollar), and a $15.1 million increase in bad debt and straight-line rent reserves, partially offset by a net increase in tenant reimbursements related to higher utility consumption of $20.4 million.

Non-stabilized rental and other services revenue increased $66.6 million in the three months ended June 30, 2022, compared to the same period in 2021 driven primarily by:

(i) an increase of $73.4 million due to the completion of global development pipeline and related lease up operating activities;

(ii) $26.2 million generated from an APAC property, which was not operational for the three months ended March 31, 2021;

(iii) offset by a $27.4 million decrease from the impact of properties sold in 2021 and the unfavorable foreign currency translation effect primarily due to the Euro versus the U.S. dollar of approximately $8.7 million.

Non-stabilized rental and other services revenue increased $120.2 million in the six months ended June 30, 2022, compared to the same period in 2021, driven primarily by:

(i) an increase of $148.4 million due to the completion of global development pipeline and related lease up operating activities;

(ii) $58.4 million generated from an APAC property, which was not operational for the three months ended March 31, 2021;

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(iii) offset by a $68.3 million decrease from the impact of properties sold in 2021 and the unfavorable foreign currency translation effect primarily due to the Euro versus the U.S. dollar of approximately $13.1 million.

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Operating Expenses — Property Level

Property level operating expenses as shown in our condensed consolidated income statements were as follows (in thousands):

	Three Months Ended June 30,								Six Months Ended June 30,
	2022		2021		$ Change		% Change		2022		2021		$ Change		% Change
Stabilized	$	317,625	$	312,250	$	5,375	1.7	%	$	643,989	$	633,048	$	10,941	1.7	%
Non-Stabilized		103,877		70,966		32,911	46.4	%		213,106		111,947		101,159	90.4	%
Rental property operating and maintenance		421,502		383,216		38,286	10.0	%		857,095		744,995		112,100	15.0	%
Stabilized		40,868		38,692		2,176	5.6	%		81,337		79,322		2,015	2.5	%
Non-Stabilized		10,181		9,806		375	3.8	%		19,936		21,679		(1,743)	(8.0)	%
Property taxes and insurance		51,049		48,498		2,551	5.3	%		101,273		101,001		272	0.3	%
Total Property Level Expenses	$	472,551	$	431,714	$	40,837	9.5	%	$	958,368	$	845,996	$	112,372	13.3	%

Property level operating expenses include costs to operate and maintain the properties in our portfolio as well as taxes and insurance.

Stabilized property operating and maintenance expenses increased by approximately $5.4 million in the three months ended June 30, 2022, compared to the same period in 2021 primarily due to:

(i) $17.6 million increase in utility consumption and higher rates at certain properties in the stabilized portfolio;

(ii) offset by a $12.2 million decrease in rental property operating expenses as a result of the expiration of enhanced COVID janitorial and security screening protocols and data center labor.

Stabilized property operating and maintenance expenses increased $10.9 million in the six months ended June 30, 2022, compared to the same period in 2021 primarily due to:

(i) $26.7 million increase in utility consumption and higher rates at certain properties in the stabilized portfolio;

(ii) offset by a $15.8 million decrease in rental property operating expenses as a result of the expiration of enhanced COVID janitorial and security screening protocols and data center labor.

Non-stabilized property operating and maintenance expenses increased $32.9 million and $101.2 million in three and six months ended June 30, 2022, respectively, compared to the same periods in 2021, primarily due to higher utility consumption in a growing portfolio of recently completed development sites of approximately $20.8 million and $76.9 million, respectively.

The cost of electric power comprises a significant component of our operating expenses. Any additional taxation or regulation of energy use, including as a result of (i) new legislation that the U.S. Congress may pass, (ii) the regulations that the U.S. EPA has proposed or finalized, (iii) regulations under legislation that states have passed or may pass, or (iv) any further legislation or regulations in the EU, APAC or other regions where we operate could significantly increase our costs, and we may not be able to effectively pass all of these costs on to our customers. These matters could adversely impact our business, results of operations, or financial condition.

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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, 2022 and 2021 is shown below.

	Three Months Ended June 30,								Six Months Ended June 30,
	2022		2021		$ Change		% Change		2022		2021		$ Change		% Change
Depreciation and amortization	$	376,967	$	368,981	$	7,986	2.2	%	$	759,099	$	738,714	$	20,385	2.8	%
General and administrative		105,776		97,492		8,284	8.5	%		204,289		197,486		6,803	3.4	%
Transaction, integration and other expense		13,586		7,075		6,511	92.0	%		25,554		21,195		4,359	20.6	%
Other		70		2,298		(2,228)	97	%		7,727		2,041		5,686	278.6	%
Total Other Operating Expenses		496,399		475,846		20,553	4.3	%		996,669		959,436		37,233	3.9	%
Property level operating expenses		472,551		431,714		40,837	9.5	%		958,368		845,996		112,372	13.3	%
Total Operating Expenses	$	968,950	$	907,560		61,390	6.8	%	$	1,955,037	$	1,805,432		149,605	8.3	%

Equity in earnings (loss) of unconsolidated entities

Equity in earnings (loss) of unconsolidated entities decreased approximately $86.0 million and $2.2 million in the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021. The foreign exchange remeasurement of debt associated with our Ascenty unconsolidated entity creates volatility in our equity in earnings.

Gain on Disposition of Properties, Net

Gain on disposition of properties decreased approximately $0.5 million and $331.7 million in the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021, because we recognized a gain of approximately $333.3 million in March 2021 associated with sale of 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.

Loss from Early Extinguishment of Debt

Loss from early extinguishment of debt increased approximately $32.8 million in the six months ended June 30, 2022 compared to the same period in 2021. The increase is primarily due to the redemption of the 4.750% Notes due 2025 in February 2022, which resulted in a $51.1 million loss, offset by the redemption 2.750% Notes due 2023 in February 2021, which resulted in a $18.3 million loss.

Income Tax Expense

Income tax expense decreased by $31.2 million and $25.5 million during the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021. The decrease was driven primarily by an increase in the corporate tax rate that increased deferred tax expense in the United Kingdom from 19% to 25% during the quarter ended June 30, 2021.

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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” or “OP” 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, incurring certain expenses in operating as a public company (which are fully reimbursed by the Operating Partnership) 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 were parties to an at-the-market (ATM) equity offering sales agreement dated January 4, 2019, as amended in 2020 (the “2020 Sales Agreement”). In accordance with the 2020 Sales Agreement, following the date of the 2020 amendment, Digital Realty Trust, Inc. could offer and sell shares of its common stock having an aggregate offering price of up to $1.0 billion. The 2020 Sales Agreement was terminated when Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into a new ATM equity offering sales agreement dated April 1, 2022 (the “2022 Sales Agreement”). At the time of the termination, $577.6 million remained unsold under the 2020 Sales Agreement. Pursuant to the 2022 Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time. The sales of common stock made under the 2022 Sales Agreement will be made in “at the market” offerings as defined in Rule 415 of the Securities Act. Our Parent has used and intends to use the net proceeds from the program to temporarily repay borrowings under our Operating Partnership’s global revolving credit facilities, to acquire additional properties or businesses, to fund development opportunities and for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption or retirement of outstanding debt securities.

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

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forward sale agreements, the Operating Partnership is expected to issue general partner common partnership units to Digital Realty Trust, Inc. in exchange for contribution of the net proceeds. The forward purchasers had also granted to the underwriters an option, exercisable until October 13, 2021, to purchase up to 937,500 additional shares at a price of $155.69, which represents the initial price to the public less the underwriting discount. The underwriters opted not to exercise their option within the specified time period.

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 and state 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, 2022, see Note 10. “Equity and Capital” to our condensed consolidated financial statements contained herein.

Analysis of Liquidity and Capital Resources — Operating Partnership

As of June 30, 2022, we had $99.2 million of cash and cash equivalents, excluding $10.0 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.;

● 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, 2022, we had open commitments, related to construction contracts of approximately $1.9 billion, including amounts reimbursable of approximately $55.1 million.

We currently expect to incur approximately $1.3 billion to $1.5 billion of capital expenditures for our development programs during the six months ending December 31, 2022. 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.

On August 1, 2022, we completed the acquisition of a 55% majority interest in Teraco, a leading carrier-neutral data center and interconnection services provider in South Africa. The total purchase price was $1.7 billion cash, funded by our global revolving credit facility and a partial settlement of the forward sale agreements. The transaction is expected to position Digital Realty as the premier data center and connectivity provider on the African continent.

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Development Projects

The costs we incur to develop our properties is a key component of our liquidity requirements. The following 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, 2022							As of December 31, 2021
	Net Rentable	Current		Future				Net Rentable	Current		Future
(dollars in thousands)	Square Feet (1)	Investment (2)		Investment (3)		Total Cost		Square Feet (1)	Investment (4)		Investment (3)		Total Cost
Land held for future development (5)	N/A	$	37,460	$	—	$	37,460	N/A	$	133,683	$	—	$	133,683
Construction in Progress and Space Held for Development
Land - Current Development (5)	N/A	$	1,036,470	$	—	$	1,036,470	N/A	$	974,464	$	—	$	974,464
Space Held for Development (6)	1,091,051		232,514		—		232,514	1,091,451		210,903		—		210,903
Base Building Construction	3,384,304		510,711		633,859		1,144,570	3,319,999		545,529		460,595		1,006,124
Data Center Construction	4,109,331		1,493,446		2,834,864		4,328,310	2,979,791		1,409,403		1,825,369		3,234,772
Equipment Pool and Other Inventory	N/A		14,926		—		14,926	N/A		7,881		—		7,881
Campus, Tenant Improvements and Other	N/A		74,047		136,184		210,231	N/A		65,209		99,118		164,327
Total Construction in Progress and Land Held for Future Development	8,584,686	$	3,399,574	$	3,604,907	$	7,004,481	7,391,241	$	3,347,072	$	2,385,082	$	5,732,154

(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, 2022.

(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, 2021.

(5) Represents approximately 803 acres as of June 30, 2022 and approximately 849 acres as of December 31, 2021.

(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 7.5 million square feet of Turn Key Flex^® and Powered Base Building® product. 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.

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Capital Expenditures (Cash Basis)

The table below summarizes our capital expenditure activity for the six months ended June 30, 2022 and 2021 (in thousands):

	Six Months Ended June 30,
	2022		2021
Development projects	$	897,251	$	945,735
Enhancement and improvements		8,697		160
Recurring capital expenditures		90,267		78,753
Total capital expenditures (excluding indirect costs)	$	996,215	$	1,024,648

Our development capital expenditures are generally funded by our available cash and equity and debt capital.

Indirect costs, including interest, capitalized in the six months ended June 30, 2022 and 2021 were $70.8 million and $56.8 million, respectively. Capitalized interest comprised approximately $28.9 million and $23.0 million of the total indirect costs capitalized for the six months ended June 30, 2022 and 2021, respectively. Capitalized interest in the six months ended June 30, 2022 increased, compared to the same period in 2021, due to an increase in qualifying activities.

Excluding capitalized interest, indirect costs in the six months ended June 30, 2022 increased compared to the same period in 2021 due primarily to capitalized amounts relating to compensation expense of employees directly engaged in construction activities. See “Future Uses of Cash” for a discussion of the amount of capital expenditures we expect to incur during the year ending December 31, 2022.

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, 2022 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, non-core asset sales and/or contributions to capital partner vehicles 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 3, 2022, we had approximately $0.8 billion of borrowings available under our global revolving credit facilities.

Our global revolving credit facilities provide for borrowings up to $4.05 billion (including approximately $0.3 billion available to be drawn on the Yen revolving credit facility). We have the ability from time to time to increase the size of the global revolving credit facility by up to $750 million, subject to the receipt of lender commitments and other conditions precedent. Both facilities mature on January 24, 2026, with two six-month extension options available. These facilities also feature a sustainability-linked pricing component, with pricing subject to adjustment based on annual performance targets, further demonstrating our continued leadership and commitment to sustainable business practices.

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We have used and intend to use available borrowings under the global revolving credit facilities to fund our liquidity requirements from time to time.

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, 2022, see Note 10. “Equity and Capital” to our condensed consolidated financial statements contained herein.

Outstanding Consolidated Indebtedness

The table below summarizes our outstanding debt as of June 30, 2022 (in millions):

Debt Summary:
Fixed rate	$	12,620.8
Variable rate debt subject to interest rate swaps		8.0
Total fixed rate debt (including interest rate swaps)		12,628.8
Variable rate—unhedged		1,781.4
Total	$	14,410.2
Percent of Total Debt:
Fixed rate (including swapped debt)		87.6	%
Variable rate		12.4	%
Total		100.0	%
Effective Interest Rate as of June 30, 2022
Fixed rate (including hedged variable rate debt)		2.19	%
Variable rate		1.67	%
Effective interest rate		2.25	%

Our ratio of debt to total enterprise value was approximately 27% (based on the closing price of Digital Realty Trust, Inc.’s common stock on June 30, 2022 of $129.83). 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 Digital Realty Trust, L.P.’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 based on various one-month USD LIBOR, EURIBOR, SONIA, SORA, BBR, HIBOR, TIBOR, CDOR, and for Korean Won the base CD rates, depending on the respective agreement governing the debt, including our global revolving credit facilities. As of June 30, 2022, our debt had a weighted average term to initial maturity of approximately 5.7 years (or approximately 5.8 years assuming exercise of extension options).

As of June 30, 2022, our pro-rata share of secured debt of unconsolidated entities was approximately $788.8 million.

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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, 2022 to Six Months Ended June 30, 2021

The following table shows cash flows and ending cash, cash equivalents and restricted cash balances for the respective periods (in thousands).

	Six Months Ended June 30,
	2022		2021		Change
Net cash provided by operating activities	$	783,578	$	850,491	$	(66,913)
Net cash (used in) investing activities		(1,427,832)		(558,645)		(869,187)
Net cash provided by (used in) financing activities		633,091		(275,348)		908,439
Net increase in cash, cash equivalents and restricted cash	$	(11,163)	$	16,498	$	(27,661)

The changes in the activities that comprise the increase in net cash used in investing activities for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021 consisted of the following amounts (in thousands).

	Change
Decrease in cash used for improvements to investments in real estate	$	14,419
Increase in cash contributed to investments in unconsolidated entities		(206,076)
Decrease in net cash provided by proceeds from sale of real estate		(703,936)
Other changes		26,406
Increase in net cash used in investing activities	$	(869,187)

The increase in net cash used in investing activities was primarily due to (i) sale of investments related to the sale of 11 data centers in Europe in March 2021, (ii) investments in various unconsolidated entities, offset by (iii) a decrease in cash used for improvements to investments in real estate.

	Change
Increase in cash used in/provided by short-term borrowings	$	569,550
Decrease in cash provided by proceeds from secured / unsecured debt		(93,199)
Decrease in cash used for repayment on secured / unsecured debt		436,226
Increase in cash used for dividend and distribution payments		(49,493)
Other changes		45,355
Increase in net cash provided by financing activities	$	908,439

The increase in net cash provided by financing activities was primarily due to (i) an increase in cash proceeds from short-term borrowings, (ii) a decrease in cash used for repayment of unsecured notes (in 2022, we redeemed the 4.750% Notes due 2025 ($450 million); in 2021 we redeemed 2.750% Notes due 2023 ($300 million) and paid down the remaining balance of our unsecured term loan ($537 million)), and (iii) an increase in dividend and distribution payments due to an increased dividend amount per share of common stock and common unit.

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Noncontrolling Interests in Operating Partnership

Noncontrolling interests relate to the common units in Digital Realty Trust, L.P. that are not owned by Digital Realty Trust, Inc., which, as of June 30, 2022, amounted to 2.2% of Digital Realty Trust, L.P. common units. Historically, Digital Realty Trust, L.P. 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 Digital Realty Trust, L.P. 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, 2022, approximately 0.2 million common units of Digital Realty Trust, L.P. 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 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.

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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,
	2022		2021		2022		2021
Net Income Available to Common Stockholders	$	53,246	$	127,369	$	116,346	$	499,775
Adjustments:
Non-controlling interests in operating partnership		1,500		3,200		3,100		13,000
Real estate related depreciation and amortization (1)		369,327		363,640		743,489		728,337
Unconsolidated JV real estate related depreciation and amortization		29,022		20,983		58,341		40,361
Gain on real estate transactions		(1,144)		(499)		(3,914)		(334,420)
FFO available to common stockholders and unitholders (2)	$	451,951	$	514,693	$	917,362	$	947,053
Basic FFO per share and unit	$	1.56	$	1.78	$	3.16	$	3.28
Diluted FFO per share and unit (2)	$	1.55	$	1.78	$	3.16	$	3.27
Weighted average common stock and units outstanding
Basic		290,528		288,843		290,346		288,588
Diluted (2)		290,944		289,485		290,716		289,219
(1) Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement	$	376,967	$	368,981		759,099		738,714
Non-real estate depreciation		(7,640)		(5,341)		(15,610)		(10,377)
	$	369,327	$	363,640	$	743,489	$	728,337

(2) For all periods presented, we have excluded the effect of the series C, 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 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,
	2022		2021		2022		2021
Weighted average common stock and units outstanding		290,528		288,843		290,346		288,588
Add: Effect of dilutive securities		416		642		370		631
Weighted average common stock and units outstanding—diluted		290,944		289,485		290,716		289,219

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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 ratings 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, 2022, our consolidated debt was as follows (in millions):

			Estimated Fair
	Carrying Value		Value
Fixed rate debt	$	12,620.8	$	11,085.3
Variable rate debt subject to interest rate swaps		8.0		8.0
Total fixed rate debt (including interest rate swaps)		12,628.8		11,093.3
Variable rate debt		1,781.4		1,781.4
Total outstanding debt	$	14,410.2	$	12,874.7

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, 2022:

	Change
Assumed event	($ millions)
Increase in fair value of interest rate swaps following an assumed 10% increase in interest rates	$	(0.1)
Decrease in fair value of interest rate swaps following an assumed 10% decrease in interest rates		0.1
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		4.6
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		(4.6)
Increase in fair value of fixed rate debt following a 10% decrease in interest rates		159.8
Decrease in fair value of fixed rate debt following a 10% increase in interest rates		(143.9)

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 Euro, Japanese yen, British pound sterling and 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 fluctuations by financing our investments in local currency denominations in order to reduce our exposure to any foreign currency transaction gains or losses resulting from transactions entered into in currencies other than the functional currencies of the associated entities. In addition, 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. dollar may affect our revenues, operating margins and distributions and may also affect the book value of our assets and the amount of stockholders’ equity.

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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.

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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.

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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, 2022, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

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, 2021 continue to apply to our business and should be supplemented with the following risk factor:

Many of our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation. 

In recent months, the consumer price index has increased substantially. Federal policies and recent global events, such as the rising price of oil and the conflict between Russia and Ukraine, may have exacerbated, and may continue to exacerbate, increases in the consumer price index.

A sustained or further increase in inflation could have an adverse impact on our operating expenses incurred in connection with, among others, the property-related contracted services such as repairs and maintenance, utilities, security and insurance. With regard to utilities expense, which is our largest expense category, the vast majority of the expense is passed directly through to our customers which significantly mitigates our exposure to increases in power costs.  For our other operating expenses, we expect to recover some increases from our customers through our existing lease structures, annual rent escalations or from the resetting of rents from our renewal and re-leasing activities. As a result, we do not believe that inflation would result in a significant adverse effect on our net operating income and operating cash flows at the property level. However, there can be no assurance that the impact of inflation will be adequately offset by some of our annual rent escalations contained in our leases, and it is possible that the resetting of rents from our renewal and re-leasing activities would not fully offset the impact of higher operating expenses resulting from inflationary pressure. As a result, during inflationary periods in which the inflation rate exceeds the annual rent escalation percentages within our customer contracts, we may not adequately mitigate the impact of inflation, which may adversely affect to our business, financial condition, results of operations, and cash flows.

Our general and administrative expenses consist primarily of compensation costs and professional service fees. Rising inflation rates may require us to provide compensation increases beyond historical annual increases, which may unexpectedly or significantly increase our compensation costs. Similarly, professional service fees are also subject to the impact of inflation and expected to increase proportionately with increasing market prices for such services. Consequently, inflation may increase our general and administrative expenses over time and may adversely impact our results of operations and cash flows.

Additionally, inflationary pricing may have a negative effect on the construction costs necessary to complete our development projects, including, but not limited to, costs of construction equipment and materials, labor and services from third-party contractors and suppliers. We rely on a number of third-party suppliers and contractors to supply raw materials, skilled labor and services for our construction projects. Certain increases in the costs of construction equipment and materials can often be managed in our development projects through either general budget contingencies built into our overall construction cost estimates for each of our projects or guaranteed maximum price construction contracts, which stipulate a maximum price for certain construction costs and shift inflation risk to our construction general contractors. However, no assurance can be given that our budget contingencies would accurately account for potential construction cost increases given the current severity of inflation and variety of contributing factors or that our general contractors would be able to absorb such increases in costs and complete our construction projects timely, within budget, or at all. Higher construction costs could adversely impact our investments in real estate assets and expected

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yields on our development projects, which may adversely impact our returns on our investments. As a result, our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and to pay dividends and distributions to security holders could be adversely affected over time.

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

Digital Realty Trust, Inc.

None.

Digital Realty Trust, L.P.

During the three months ended June 30, 2022, Digital Realty Trust, L.P. 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, 2022, Digital Realty Trust, Inc. issued an aggregate of 28,392 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, Digital Realty Trust, L.P. issued a restricted common unit to Digital Realty Trust, Inc. During the three months ended June 30, 2022, Digital Realty Trust, L.P. issued an aggregate of 28,392 common units to Digital Realty Trust, Inc., as required by Digital Realty Trust, L.P.’s partnership agreement. During the three months ended June 30, 2022, an aggregate of 51,998 shares of its common stock were forfeited to Digital Realty Trust, Inc. in connection with restricted stock awards for a net forfeiture of 23,606 shares of common stock.

For these issuances of common units to Digital Realty Trust, Inc., Digital Realty Trust, L.P. relied on Digital Realty Trust, Inc.’s status as a publicly traded NYSE-listed company with approximately $36.0 billion in total consolidated assets and as Digital Realty Trust, L.P.’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.

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ITEM 6. EXHIBITS.

		Incorporated by
		Reference
Exhibit Number	Description	Form	File Number	Date	Number	Filed Herewith
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.	8-K	001-32336	01/27/2020	2.1
3.1	Articles of Amendment and Restatement of Digital Realty Trust, Inc., as amended	10-Q	001-32336 and 000-54023	05/11/2020	3.1
3.2	Eighth Amended and Restated Bylaws of Digital Realty Trust, Inc.	10-K	001-32336 and 000-54023	02/25/2019	3.02
3.3	Certificate of Limited Partnership of Digital Realty Trust, L.P.	10	000-54023	06/25/2010	3.1
3.4	Nineteenth Amended and Restated Agreement of Limited Partnership of Digital Realty Trust, L.P.	8-K	001-32336 and 000-54023	10/10/2019	3.1
10.1*	Amendment No. 2, dated as of April 5, 2022, to the Second Amended and Restated Global Senior Credit Agreement, dated as of November 18, 2021, among Digital Realty Trust, L.P. and the other initial borrowers named therein and additional borrowers party thereto, as borrowers, Digital Realty Trust, Inc., as parent guarantor, the additional guarantors party thereto, as additional guarantors, the banks, financial institutions and other institutional lenders listed therein, as the initial lenders, each issuing bank and swing line bank as listed therein, Citibank, N.A., as administrative agent, BofA Securities, Inc. and Citibank, as co-sustainability structuring agents, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as syndication agents, and BofA Securities, Inc., Citibank, N.A., and JPMorgan Chase Bank, N.A., as joint lead arrangers and joint bookrunners, and the other agents and lenders named therein.	10-Q	001-32336 and 000-54023	05/06/2022	10.1
10.2†	Transition and Consulting Agreement, dated as of July 26, 2022, by and among Digital Realty Trust, Inc., DLR LLC and David Ruberg.					X
31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer for Digital Realty Trust, Inc.					X
31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer for Digital Realty Trust, Inc.					X
31.3	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer for Digital Realty Trust, L.P.					X
31.4	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer for Digital Realty Trust, L.P.					X
32.1	18 U.S.C. § 1350 Certification of Chief Executive Officer for Digital Realty Trust, Inc.					X

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32.2	18 U.S.C. § 1350 Certification of Chief Financial Officer for Digital Realty Trust, Inc.	X
32.3	18 U.S.C. § 1350 Certification of Chief Executive Officer for Digital Realty Trust, L.P.	X
32.4	18 U.S.C. § 1350 Certification of Chief Financial Officer for Digital Realty Trust, L.P.	X
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, 2022, formatted in Inline XBRL interactive data files: (i) Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021; (ii) Condensed Consolidated Income Statements for the three and six months ended June 30, 2022 and 2021; (iii) Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021; (iv) Condensed Consolidated Statements of Equity/Capital for the three and six months ended June 30, 2022 and 2021; (v) Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021; and (vi) Notes to Condensed Consolidated Financial Statements.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Portions of this exhibit have been omitted because such portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.
†	Management contract or compensatory plan or arrangement.

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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 5, 2022	/S/  A. WILLIAM STEIN
	A. William Stein Chief Executive Officer (principal executive officer)
August 5, 2022	/S/  ANDREW P. POWER
	Andrew P. Power President & Chief Financial Officer (principal financial officer)
August 5, 2022	/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 5, 2022	/S/  A. WILLIAM STEIN
	A. William Stein Chief Executive Officer (principal executive officer)
August 5, 2022	/S/  ANDREW P. POWER
	Andrew P. Power President & Chief Financial Officer (principal financial officer)
August 5, 2022	/s/  CAMILLA A. HARRIS
	Camilla A. Harris Chief Accounting Officer (principal accounting officer)

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EX-10.2

Exhibit 10.2

TRANSITION AND CONSULTING AGREEMENT

THIS TRANSITION AND CONSULTING AGREEMENT (“Agreement”), dated as of July 26, 2022, is made by and between Digital Realty Trust, Inc. (“REIT”), DLR LLC (together with the REIT, “Company”), and David Ruberg (“Executive”).

WHEREAS, pursuant to that certain Amended Management Agreement, dated as of January 4, 2021, by and between the Company, Executive, and InterXion (together with all exhibits and annexes thereto, the “AMA”), Executive served the Company in the role of EVP, Strategic Advisor of the Company and served InterXion II B.V., an indirect subsidiary of the Company (“InterXion”), in the role of statutory director thereof;

WHEREAS, pursuant to the terms of the AMA, as of June 30, 2022 (“Transition Date”), the AMA terminated in accordance with its terms;

WHEREAS, effective as of the Transition Date, the Company and Executive mutually agreed to extend Executive’s employment with the Company on an at-will basis on the same terms and conditions as then in effect and the Company and Executive now mutually agree to terminate Executive’s employment as of the date of this Agreement (“Termination Date”); and

WHEREAS, in connection with Executive’s termination of employment on the Termination Date, the Company wishes to secure the services of Executive as a consultant to the Company upon the terms and subject to the conditions set forth herein, and Executive wishes to render such services to the Company upon the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

1.Termination of AMA; Termination of Employment.

a.Termination of AMA; Resignation as Statutory Director. Executive and the Company hereby acknowledge that, effective as of the Transition Date, the AMA (including, for clarity, the Severance Terms attached as Exhibit A thereto) expired and terminated in accordance with its terms and Executive has no further rights thereunder; provided, that (i) Executive’s right to a pro rata part of his bonus for 2022 pursuant to Section 4.1 of the AMA, (ii) Articles 7 (Tax), 8 (Non-Competition / Non-Solicitation), 9 (Non-Disclosure), 10 (Documents), 12 (ECCA, Applicable Policies and Gifts), and 13.6 (Arbitration) of the AMA, and (iii) that certain Employee Confidentiality and Covenant Agreement between Executive and the Company dated January 3, 2021 (“ECCA”) shall, in each case, remain in full force and effect in accordance with their respective terms. In connection with the expiration and termination of the AMA as of the Transition Date and the termination of Executive’s employment with the Company as of the Termination Date, (w) effective as of the Transition Date, Executive is deemed to have resigned from all offices, directorships, and other employment positions then held with InterXion, including his position as statutory director of InterXion, (x) effective as of the Termination Date, Executive shall cease to serve as an employee and officer of the Company and any of its affiliates; (y) contemporaneously with the execution of this Agreement, Executive shall confirm in writing to

the Company and InterXion that he has resigned from his position at InterXion in such form as attached to this Agreement as Exhibit A, and (z) Executive shall take all actions reasonably requested by the Company to effectuate the foregoing, including where necessary to confirm separately in writing his resignation from each of the separate positions and directorships at the Company and InterXion, and to deregister Executive as statutory director of InterXion from the registers concerned, including the Dutch Trade Register of the Chamber of Commerce. Executive hereby acknowledges and agrees that nothing contained in this Agreement (including, without limitation, (A) the termination of the AMA on the Transition Date, (B) the termination of Executive’s employment on the Termination Date, and/or (C) the termination of the Consulting Services, the expiration of the Consulting Period (each, as defined below) or the Company’s election not to renew or extend Executive’s employment or the Consulting Period), nor any action taken by the Company in connection therewith, shall constitute an event giving rise to “Good Reason” (or any similar right) or a termination of Executive’s employment or service by the Company without “Cause” (or any similar term) for purposes of any Company plan or policy or any agreement or arrangement between Executive and the Company.

b.Accrued Obligations. The Company will pay to Executive, in a single lump-sum payment on or within thirty (30) days after the Termination Date: (x) any accrued and unpaid base salary earned through the Termination Date, subject to standard payroll deductions and withholdings; and (y) all unreimbursed business expenses incurred by Executive through the Termination Date, if any, for which he seeks reimbursement, subject to Executive submitting to the Company his final documented expense reimbursement statement within 10 days of the Termination Date. The Company will reimburse Executive for any such expenses pursuant to its regular business policies and practices.

c.Obligations of the Company Upon Termination of Employment. Notwithstanding anything set forth in the AMA, other than as set forth in this Section 1 or in Section 4 below, Executive shall not be entitled to any further payments or benefits in connection with or following such termination of Executive’s employment.

d.Return of Company Property. On or before the Termination Date, except as otherwise determined by the Company, Executive shall return to the Company all Company documents (and all copies thereof) and other Company property in their possession or control, including, but not limited to: Company files, correspondence, memoranda, notes, notebooks, books, records, plans, forecasts, reports, proposals, agreements, financial information, personnel information, marketing information, research and development information, information regarding business contacts, customers, vendors, strategies, information regarding potential, pending or completed transactions (including, without limitation, mergers, acquisitions, joint ventures and other partnerships), products, computer-recorded information, databases, computer programs, tangible property and equipment, credit cards, entry cards, keys, computer access codes, and any other materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof in whole or in part). Executive shall make a diligent search to locate any such documents, property, and information. In addition, if Executive has used any non-Company computer, server, or e-mail system to receive, store, review, prepare, or transmit any Company confidential or proprietary data, materials, or information, he shall immediately provide

the Company with a computer-useable copy of such information and then permanently delete and expunge such Company confidential or proprietary information from those systems. Executive agrees to provide the Company with a written certification verifying that the necessary copying and/or deletion has been completed.

2.Consulting Services.

a.Consulting Period. During the period commencing on the Termination Date and ending on June 30, 2023 (the “Initial Consulting Termination Date”) or such earlier date on which Executive’s consulting relationship is terminated as provided herein (such period, the “Consulting Period”), Executive shall provide up to ten (10) hours per week of such consulting services as may be assigned to him by the Chief Executive Officer of the Company from time to time or as otherwise as may be mutually agreed by and between the Company and Executive (in any case, the “Consulting Services”). If not previously terminated in accordance with this Section 2, the Consulting Period shall automatically be extended for additional one (1)-year periods on each of (i) the Initial Consulting Termination Date and (ii) on each anniversary thereof, unless Executive or the Company elects not to so extend the Consulting Period by notifying the other party, in writing, of such election not less than sixty (60) days prior to the expiration of the then-current Consulting Period. The Consulting Services shall be provided at such times and locations as mutually agreed by Executive and the Company. During the Consulting Period, Executive shall comply with all applicable policies and procedures of the Company (including, without limitation, technology use, confidentiality, background check, and work authorization policies and procedures). The Company shall reimburse Executive for expenses actually incurred or paid by Executive during the Consulting Period in connection with the Consulting Services, subject to proper substantiation of such expenses; provided, however, that Executive shall not be authorized to incur any such expenses (including any travel expenses) without prior written approval from the Company.

b.Termination of Consulting Services. The Consulting Services and consulting relationship established hereby may not be terminated by either party hereto during the Consulting Period, other than (i) by the Company for Cause (as defined below), (ii) by mutual agreement of the Company and Executive, (iii) by Executive for any reason or no reason, or (iv) by reason of a non-renewal or non-extension of the Consulting Period in accordance with Section 2(a) above. For purposes of this Agreement, “Cause” will be determined in the reasonable discretion of the Company, and will include, without limitation, the following: (i) failure by Executive to exercise a reasonable level of skill and efficiency in performing the Consulting Services; (ii) misconduct by Executive which injures the general reputation of the Company or its subsidiaries or affiliates or interferes with contracts or operations of the Company or its subsidiaries or affiliates; (iii) Executive’s conviction of, or entry of a guilty or no contest plea to, a felony or any crime involving moral turpitude; (iv) fraud, misrepresentation, or breach of trust by Executive in the course of their services which adversely affects the Company or its subsidiaries or affiliates; (v) Executive’s willful or gross misconduct in the performance of the Consulting Services that results in economic or other injury to the Company or its subsidiaries or affiliates; (vi) a breach of the Restrictions (as defined below); or (vii) a breach by Executive of any of their obligations under this Agreement.

c.Obligations of the Company Upon Termination of Consulting Period. Upon the termination of the Consulting Services for any reason, the continued vesting of Executive’s Equity Awards (as defined below) under this Agreement shall cease as of the applicable date of such termination. Executive further acknowledges and agrees that the continued vesting of the Equity Awards does not constitute a bonus or raise, and that Executive is not being required by the Company to sign this Agreement, or the Release (as defined below) in exchange for a bonus or raise, or as a condition of employment or continued employment.

3.Certain Acknowledgements.

a.Right to Receive/Retain Payments and Benefits. Executive’s compliance with the terms of this Agreement (including any agreements or covenants cross-referenced herein) and execution and non-revocation of any of the Releases in accordance with Section 5 below is a condition to Executive’s right to continued vesting of the Equity Awards as set forth in Section 4 below. If Executive violates or breaches this Agreement (including any agreements or covenants cross-referenced herein), does not execute or revokes or breaches any Release, or if the Company terminates Executive’s Consulting Services for Cause, the Company shall not be obligated to provide Executive with the continued vesting of the Equity Awards in accordance with Section 4 below.

b.Adequate Consideration. Executive acknowledges and agrees that the continued vesting of the Equity Awards as set forth in Section 4 below constitutes adequate legal consideration, which Executive is not otherwise entitled to by law or contract, in exchange for the promises and representations made by Executive in this Agreement.

4.Treatment of Equity Awards. Executive represents and acknowledges that except as set forth on Exhibit B attached hereto, Executive holds no outstanding equity or equity-linked awards with respect to the REIT, Digital Realty Trust, L.P. (“Operating Partnership”), or any affiliate thereof as of the date hereof, or any other rights to acquire stock or equity interests of any such entity (the awards set forth on Exhibit B, the “Equity Awards”). In consideration of, and subject to and conditioned upon, Executive’s execution and non-revocation of the Release in accordance with Section 5 below and Executive’s continued compliance with the terms and conditions of this Agreement (including without limitation, the covenants contained or referred to in Section 6 below (“Restrictions”)), the Company, the Operating Partnership, and Executive agree that each outstanding Equity Award held by Executive as of the Termination Date shall continue to vest during the Consulting Period in accordance with the terms of the applicable award agreement evidencing such Equity Award (each, an “Award Agreement”). The Equity Awards, to the extent not vested as of the conclusion of the Consulting Period, shall, automatically and without further action, terminate and be cancelled without consideration therefor, and Executive shall have no further right or interest therein.

5.Release of Claims and Notice of Rights. Executive acknowledges and agrees that the opportunity to enter into this Agreement and Executive’s right to the continued vesting of the Equity Awards as set forth in Section 4 above are subject to and conditioned upon Executive’s execution, delivery, and non-revocation of a general release of claims in a form prescribed by the Company (“Release”) in accordance with this Section 5. Executive shall execute and deliver a

Release within twenty-one (21) days following each of the Termination Date and the date on which the Consulting Services terminate in accordance with this Agreement. The parties agree that nothing in this Agreement shall be construed to limit Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state, or local government agency or commission (“Government Agencies”). Further, the parties agree that this Agreement does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit Executive’s right to receive an award for information provided to any Government Agencies.

6.Restrictive Covenants.

a.Confidentiality. Executive agrees that during the Consulting Period and thereafter, he will not, directly or indirectly, disclose, or appropriate to their own use or the use of any third party, any trade secret or confidential information concerning the REIT, the Operating Partnership, or their respective subsidiaries or affiliates (collectively, “Digital Group”) or their businesses, whether or not developed by Executive, except as required in connection with Executive’s performance of the Consulting Services. Executive further agrees that, upon termination of the consulting relationship hereunder, he will not receive or remove from the files or offices of the Digital Group any originals or copies of documents or other materials (physical, electronic, or otherwise) maintained in the ordinary course of business of the Digital Group, and that he will return any such documents or materials (physical, electronic, or otherwise) otherwise in their possession. Executive further agrees that, upon termination of the consulting relationship, he will maintain in strict confidence the projects in which any member of the Digital Group is involved or contemplating.

The federal Defend Trade Secrets Act of 2016 (“Act”) provides immunity from liability in certain circumstances to employees, contractors, and consultants for limited disclosures of Digital Group “trade secrets,” as defined by the Act. Specifically, employees, contractors, and consultants may disclose trade secrets: (1) in confidence, either directly or indirectly, to a federal, state, or local government official, or to an attorney, “solely for the purpose of reporting or investigating a suspected violation of law,” or (2) “in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Additionally, employees, contractors, and consultants who file lawsuits for retaliation by an employer for reporting a suspected violation of law may use and disclose related trade secrets in the following manner: (1) the individual may disclose the trade secret to their attorney, and (2) the individual may use the information in the court proceeding, as long as the individual files any document containing the trade secret under seal and does not otherwise disclose the trade secret “except pursuant to court order.”

b.Non-Solicitation of Customers and Suppliers. Executive agrees that during the Consulting Period, he will not, directly or indirectly, solicit, induce, or encourage any customer, vendor, or other party doing business with any member of the Digital Group to terminate or limit their existing contractual relationships with the Digital Group or such member or transfer their business from the Digital Group or such member, and he will not initiate discussion with any

such person for any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity.

c.Non-Competition. Executive covenants and agrees that during the Consulting Period, he shall not, directly or indirectly, own, manage, operate, join, control, or participate in the ownership, management, operation, or control of, or be connected as a director, officer, employee, partner, consultant, or otherwise with, any profit or nonprofit business or organization which, directly or indirectly competes with, or in any way interferes with, the business of the Company in any jurisdiction within 50 miles of where the Company has business operations. Notwithstanding the foregoing, this covenant shall not prohibit the mere passive ownership of less than five percent (5%) of the outstanding stock of any publicly traded corporation, provided that Executive is not otherwise in violation of this covenant.

d.Non-Disparagement. Executive agrees that during the Consulting Period and thereafter, he will not make any statement, publicly or privately, which disparages or would reasonably be expected to disparage the Digital Group or any of its employees, officers, or directors. The Company agrees to instruct its executive officers and directors not to make, during the Consulting Period and thereafter, any statement, publicly or privately, which disparages or would reasonably be expected to disparage Executive. Nothing contained in this Section, in any way, restricts or impedes Executive from exercising Executive’s rights under Section 7 of the National Labor Relations Act, from testifying truthfully in any legal proceeding, including, but not limited to responding to any inquiries made by the EEOC or any government agency.

e.ECCA. Executive acknowledges and agrees that he has executed the ECCA, a copy of which is attached hereto as Exhibit C, and that such agreement shall remain in full force and effect in accordance with its terms.

f.Interpretation. In the event the terms of this Section 6 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.

7.Cooperation.

a.During the Consulting Period, and thereafter, Executive shall cooperate with the Digital Group, upon the reasonable request of the Company, with respect to any internal investigation or administrative, regulatory, or judicial proceeding involving matters that arose during Executive’s employment or consultancy with the Company (including, without limitation, Executive being available to the Digital Group upon reasonable notice for interviews and factual investigations, appearing at the reasonable request of the Company to give testimony without requiring service of a subpoena or other legal process, and turning over to the Digital Group all

relevant Digital Group documents which are or may have come into Executive’s possession during their employment or consultancy); provided, however, that any such request by the Company shall not be unduly burdensome or unreasonably interfere with Executive’s personal schedule or ability to engage in gainful employment and the Company shall reimburse Executive for any actual, reasonable, out-of-pocket expenses incurred in connection with providing any such cooperation.

b.Nothing herein is intended to be or will be construed to prevent, impede, or interfere with Executive’s right to respond accurately and fully to any question, inquiry, or request for information regarding the Digital Group or his employment with the Company when required by legal process, or from initiating communications directly with, or responding to any inquiry from, or providing truthful testimony and information to, any federal, state, or other regulatory authority in the course of an investigation or proceeding authorized by law and carried out by such agency. Executive is not required to contact the Digital Group regarding the subject matter of any such communications before they engage in such communications. Executive further understands that nothing in this Agreement waives Executive’s right to testify before an administrative, legislative, or judicial proceeding pursuant to a court order, subpoena, or written request from an administrative agency concerning alleged criminal conduct or alleged sexual harassment on the part of any party to this Agreement, or their agents or employees.

8.References. Following the date hereof, any and all inquiries made by outside third parties concerning the employment of Executive by the Company shall be directed to Cindy Fiedelman, Chief Human Resources Officer. The Company agrees that if contacted by a prospective employer of Executive, it will only verify dates of employment and job classification held by Executive.

9.Independent Contractor. The Company and Executive expressly agree that, during the Consulting Period, Executive shall be solely an independent contractor and neither Executive nor any principal, employee, or contractor of Executive shall be construed to be an employee of the Company in any matter under any circumstances or for any purposes whatsoever. Nothing in this Agreement shall establish an agency, partnership, joint venture, or employee relationship between the Company and Executive, and Executive shall not represent himself as an employee or officer of the Company. The Company and Executive agree and acknowledge that neither party hereto renders legal, tax, or accounting advice to the other party. Without limiting the generality of the foregoing, during the Consulting Period, the Company shall not provide Executive or any principal, employee, or contractor of Executive with, and no such individual shall be eligible to receive from the Company under any Company plan, any benefits, including without limitation, any pension, health, welfare, retirement, workers’ compensation, or other insurance benefits. Executive shall be solely responsible for all taxes arising in connection with the payment of the continued vesting of the Equity Awards in respect of the Consulting Services (as set forth in Section 4 above), including, without limitation, any and all federal, state, local and foreign income, and employment taxes.

10.No Assignment. This Agreement and the rights and duties hereunder are personal to Executive and may not be assigned, delegated, transferred, or pledged by Executive. Executive hereby acknowledges and agrees that the Company may assign, delegate, transfer, pledge, or sell this Agreement and the rights and duties hereunder (a) to an affiliate of the Company or (b) to any

third party in connection with (i) the sale, transfer, or other disposition of all or substantially all of the assets of the Company or (ii) a merger, consolidation, or other similar corporate transaction involving the Company.

11.Indemnification. Without limiting any other right of indemnification, contribution, or recovery, if the Company or its officers, directors, employees, or agents incur any liability or expense as a result of any claim that arises from Executive’s negligent performance of the Consulting Services, Executive shall indemnify the Company, its officers, directors, employees, and agents and hold each of them harmless against all such liability or expense, including reasonable attorney’s fees.

12.Notices. Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and delivered personally or sent by email or registered or certified mail, postage prepaid, addressed as follows (or if it is sent through any other method agreed upon by the parties):

If to the Company:

Digital Realty Trust, Inc.

5707 Southwest Parkway, Building 1, Suite 275

Austin, TX 78735

Attn: General Counsel

legalnotices@digitalrealty.com

If to Executive, to their most recent address on the Company’s books and records.

13.Miscellaneous.

a.Governing Law. This Agreement shall be governed, construed, interpreted, and enforced in accordance with the substantive laws of the State of Florida, without reference to the principles of conflicts of law therein or any other jurisdiction, and where applicable, the laws of the United States.

b.Arbitration. Except to the extent otherwise provided in the ECCA or any other agreement containing Restrictions, any disagreement, dispute, controversy, or claim arising out of or relating to this Agreement or the interpretation of this Agreement or any arrangements relating to this Agreement or contemplated in this Agreement or the breach, termination, or invalidity thereof shall be settled by final and binding arbitration before a single neutral arbitrator. Arbitration shall be administered by JAMS in Austin, Texas, unless otherwise agreed by the Parties, in accordance with the then existing JAMS Employment Arbitration Rules and Procedures. Except as provided herein, the Federal Arbitration Act shall govern the interpretation, enforcement, and all proceedings. The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the state referenced in Section 13(a) of this Agreement, and the arbitrator is without jurisdiction to apply any different substantive law. The arbitrator shall have

the authority to entertain a motion to dismiss and/or a motion for summary judgment by any party and shall apply the standards governing such motions under the Federal Rules of Civil Procedure. Judgment upon the award may be entered in any court having jurisdiction thereof. Each party will pay the fees for his, her or its own attorneys, subject to any fee-shifting statutes that govern the claims at issue in arbitration. However, in all cases where required by law, the Company will pay the arbitrator’s and the arbitration fees. If under applicable law the Company is not required to pay all of the arbitrator’s and/or the arbitration fees, such fee(s) will be apportioned between the parties by the arbitrator in accordance with said applicable law, and any disputes in that regard will be resolved by the arbitrator.

c.Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by Executive and the Company. No failure to exercise and no delay in exercising any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.

d.Binding Effect; Benefit. This Agreement shall inure to the benefit of and be binding upon the parties hereto and each of their respective successors and assigns. Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto and their respective successors and permitted assigns, any benefit, rights, remedies, obligations, or liabilities under or by reason of this Agreement.

e.No Authority to Bind the Company. Following the date hereof, Executive shall have no authority to, and Executive shall not, (i) enter into any contract or agreement on behalf of the Company or otherwise bind or commit the Company or (ii) except as expressly authorized herein, incur any expense or liability on behalf of the Company.

f.Enforcement. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a portion of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable.

g.Construction. This Agreement shall be deemed drafted equally by both the parties. Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation.

h.Entire Agreement. The terms of this Agreement (together with the ECCA, and any other agreements and instruments contemplated hereby or referred to or incorporated herein) are, as of the date hereof, intended by the parties to be the final expression of their agreement with respect to the subject matter hereof and may not be contradicted by evidence of any prior or contemporaneous agreement. As of the date hereof, this Agreement shall supersede all undertakings or agreements, whether written or oral, previously entered into by Executive and the Company or any predecessor thereto or affiliate thereof with respect to the subject matter hereof (including, without limitation, the AMA, except as expressly provided herein). References in this Agreement to “this Agreement” and/or “herein” shall include all annexes and exhibits hereto.

i.Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.

j.Consultation with Counsel. Executive acknowledges that Executive has been given at least five (5) days to consult an attorney regarding this Agreement. If Executive signs this Agreement prior to the end of the five-business day period, Executive acknowledges that Executive’s decision to accept such shortening of time is knowing and voluntary and was not induced by the Company through fraud, misrepresentation, or a threat to withdraw or alter the offer prior to the expiration of the reasonable time period, or by providing different terms to Executive.

14.No Other Payments Due. Executive acknowledges that, except as provided in Section 1.a, Executive has been paid all wages or other compensation, including, but not limited to accrued, unused vacation benefits, incentives, or bonuses, that Executive has earned or become entitled to during Executive’s employment with the Company through the date Executive executes this Agreement. Executive agrees that Executive does not have knowledge of any potential or actual dispute with the Company about any unpaid wages or compensation which Executive believes Executive is entitled to but has not been paid as of the date Executive executes this Agreement. Executive understands and acknowledges that Executive shall not be entitled to any payments or benefits from the Company other than those expressly set forth in Sections 1 and 4 above (as applicable).

15.Representation Concerning Filing of Legal Actions. Executive represents and warrants that Executive does not presently have on file, and further represents that Executive will not hereafter file, any claims, grievances, actions, appeals or complaints against the Company or the Digital Group in or with any state or federal court, board or before any other tribunal or panel of arbitrators, public or private, based upon any actions occurring prior to the date of this Agreement, including but not limited to any claims arising out of the cessation of Executive’s employment or consultancy with the Company, unless otherwise permitted by law. If such an action or charge has been filed by Executive, or on Executive’s behalf, Executive agrees not to participate in any such proceeding and Executive will use Executive’s best efforts to cause it immediately to be withdrawn and dismissed with prejudice.

16.No Wrongdoing. Executive represents and warrants that prior to signing this Agreement, Executive has not committed any wrongdoing against the Company, and has not breached any Company policy or violated any rule of conduct contained in Company’s policies, and/or procedures, including but not limited to the Company’s policies on use of its corporate credit card. Executive understands that the covenant contained in this Section is a material inducement for the Company in making this Agreement, and that, any breach thereof will be deemed a material breach of this Agreement. Executive agrees that in the event of any breach of this Section, Company will have the right to recoup rescind the Agreement and any obligations to provide consideration under the Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Transition and Consulting Agreement, effective as of the date first written above.

DIGITAL REALTY TRUST, INC.,

a Maryland corporation

By:​ ​ /s/ Cindy Fiedelman​ ​

Name: Cindy Fiedelman

Title: Chief Human Resources Officer

DLR LLC,

a Maryland limited liability company

By: Digital Realty Trust, L.P.,

its managing member

By: Digital Realty Trust, Inc.,

its general partner

By:​ ​ /s/ Cindy Fiedelman​ ​

Name: Cindy Fiedelman

Title: Chief Human Resources Officer

Accepted and Agreed,

/s/ David Ruberg ​ ​

David Ruberg

Date: July 26, 2022

Exhibit A

Letter of Resignation from Statutory Directorship
(See Attached)

Letter of Resignation from Statutory Directorship

To: Digital Realty Trust, Inc.
DLR LLC
InterXion II B.V.

Dear Company and InterXion II B.V.,

I refer to the Transition and Consulting Agreement (“Agreement”), dated as of July 26, 2022, among Digital Realty Trust, Inc. (“REIT”), DLR LLC (together with the REIT, “Company”), and myself, David Ruberg (“Executive”).

In accordance with the provisions of the AMA (article 2.4) and the Agreement, I hereby resign effective as of June 30, 2022 from my position as statutory director (statutair bestuurder) of InterXion II B.V.

I confirm that I have no claim against InterXion II B.V., other than my claims under the Agreement.

I hereby confirm that InterXion II B.V. may proceed with all the required formalities with the Trade Register and that I am available to cooperate to effect such deregistration.

Yours sincerely,

/S/ David Ruberg

David Ruberg

Exhibit B

Equity Awards

Performance-Based Equity Awards

Grant Date	Award ID	Type of Equity Award	Number of Units Awarded at Grant Date*	Number of Units Fully Vested as of Termination Date	Number of Unvested Units as of Termination Date
2/25/2021	30059	Class D Unit	16557	0	16557
2/25/2021	30059D	Class D Unit	4967	0	4967
1/1/2022	40006D	Class D Unit	1396	0	1396
1/1/2022	40006	Class D Unit	4654	0	4654
3/4/2022	40040D	Class D Unit	2,100	0	2,100
3/4/2022	40040	Class D Unit	7,002	0	7,002

* The number of performance-based units are listed at “target” amounts as of the Grant Date and will be updated upon completion of the relevant Performance Period.

Time-Based Equity Awards

Grant Date	Award ID	Type of Equity Award	Number of Units Awarded at Grant Date	Number of Vested Units as of Termination Date	Number of Unvested Units as of Termination Date
2/1/2017	11018242767	Restricted Stock Units	57888	57888	0
2/1/2018	11018243132	Restricted Stock Units	47826	47826	0
2/1/2019	11018243497	Restricted Stock Units	58130	58130	0
2/1/2020	11018243862	Restricted Stock Units	24539	24539	0
2/25/2021	30068	Profits Interest Unit	7981	1995	5986
1/1/2022	FIDLOJ18S1YTN	Profits Interest Unit	7350	0	7350

Exhibit C

Employee Confidentiality and Covenant Agreement
(See Attached)

GENERAL RELEASE OF CLAIMS

In consideration of the benefits set forth in the Transition and Consulting Agreement, dated July 26, 2022 between the undersigned, Digital Realty Trust, Inc., and DLR LLC (“Agreement”), and for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever discharge the “Releasees” hereunder, consisting of Digital Realty Trust, Inc., a Maryland corporation, Digital Realty Trust, L.P., a Maryland limited partnership, and DLR LLC, a Maryland limited liability company (collectively, the “Company”), each of their subsidiaries and affiliates, and, in their capacity as such, each of their predecessors, successors, partners, directors, officers, employees, attorneys, contractors, assurers, assigns and agents of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees, or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which the undersigned now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof.

The Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon, or related to the service relationship, employment, or termination of service or employment of the undersigned; any alleged breach of any express or implied contract of employment or other service; any alleged torts or other alleged legal restrictions on the Releasees’ rights to terminate the employment or other service of the undersigned; and any alleged violation of any federal, state, or local statute or ordinance including, without limitation, the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621, et seq.; Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq.; the Equal Pay Act, 29 U.S.C. § 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, as amended, 29 U.S.C. § 2601 et seq.; the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. § 12101 et seq.; the False Claims Act, as amended, 31 U.S.C. § 3729 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Fair Labor Standards Act, as amended, 29 U.S.C. § 215 et seq.; the Sarbanes-Oxley Act of 2002; the Worker Adjustment Notification and Retaining Act; the California Labor Code (e.g., Sections 132a, 4553 et seq.); the California Fair Employment and Housing Act, as amended; the California Family Rights Act, as amended; the California Worker Adjustment Notification and Retraining Act; and all other federal, state, and local employment and civil rights laws.

Notwithstanding the foregoing, this Release shall not be construed in any way to operate to release any rights or Claims of the undersigned (i) to payments and benefits under the Agreement, (ii) to payments or benefits under any agreement between the undersigned and the Company evidencing outstanding stock options, profits interest units, or other equity-based awards in the Company held by the undersigned, (iii) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract, or agreement with the Company, (iv) for indemnification and/or advancement of expenses, arising under any indemnification agreement between the undersigned and the Company or under the bylaws, certificate of incorporation, or other similar governing document of the Company, (v) to any rights or benefits that may not be waived pursuant to applicable law, including, without limitation, any right to unemployment insurance benefits, or (vi) to bring to the attention of the

US-DOCS\102937527.1

Equal Employment Opportunity or California Department of Fair Employment and Housing claims of discrimination, harassment, or retaliation, or (vii) to communicate directly with, cooperate with or provide information to, any federal, state, or local government regulator; provided, however, that the undersigned does release the undersigned’s right to secure damages for any alleged discriminatory, harassing, or retaliatory treatment (except that nothing in this Release shall be interpreted to prohibit or prevent the undersigned from recovering an award for filing or participating in any whistleblower complaint filed with the Securities and Exchange Commission or providing information to any other government agency).

THE UNDERSIGNED ACKNOWLEDGES THAT THEY HAVE BEEN ADVISED TO SEEK INDEPENDENT LEGAL ADVICE PRIOR TO ACCEPTING THIS RELEASE AND HAVE BEEN, OR HAVE HAD THE OPPORTUNITY TO BE, ADVISED BY LEGAL COUNSEL AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

THE UNDERSIGNED, BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY WAIVES ANY RIGHTS HE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. In connection with such waiver and relinquishment, the undersigned hereby acknowledges that he may hereafter discover claims or facts in addition to, or different from, those which he now knows or believes to exist, but that he expressly agrees to fully, finally, and forever settle and release any and all claims, known or unknown, suspected or unsuspected, which exist or may exist on his behalf against the Company and/or Releasees at the time of execution of this Release.

This Release is intended to satisfy the requirements of the Older Workers Benefit Protection Act, 29 U.S.C. § 626(f).

Undersigned acknowledges and agrees that (a) Undersigned has read and understands the terms of this Release; (b) Undersigned has been given twenty-one (21) days to consider whether or not to enter into this Release (although Undersigned may elect not to use the full 21-day period at Undersigned’s option); and (c) by signing this Release, Undersigned specifically acknowledges and agrees that Undersigned knowingly and voluntarily waives all rights or claims arising under the Age Discrimination in Employment Act of 1967. This Release does not waive or release any rights or claims that Undersigned may have under the Age Discrimination in Employment Act that arise after the execution of this Release.

Undersigned may revoke Undersigned’s acceptance of this Release within seven (7) calendar days after the date Undersigned signs it. Undersigned’s revocation must be in writing and received by Jeannie Lee, EVP, General Counsel at jlee@digitalrealty.com, or 5707 Southwest Parkway, Building 1, Suite 275, Austin, TX 78735, before the eighth day (from Undersigned’s date of execution of this Release) in order to be effective (“Revocation Period”). If mailed, the revocation must be properly addressed to the above addressee and postmarked no later than the last day of the Revocation Period. If Undersigned does not revoke acceptance of this Release within the Revocation Period, Undersigned’s acceptance of this Release shall become binding and enforceable on the eighth day (“Effective Date”).

IN WITNESS WHEREOF, the undersigned has executed this Release on July 26, 2022.

/s/ David Ruberg​ ​

David Ruberg

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 5, 2022

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 5, 2022

By:	/s/ANDREW P. POWER
	Andrew P. Power President & 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 5, 2022

By:	/s/ A. WILLIAM STEIN
	A. William SteinChief 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 5, 2022

By:	/s/ ANDREW P. POWER
	Andrew P. PowerPresident & 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, 2022 (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 5, 2022
	/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, 2022 (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 5, 2022
	/s/ ANDREW P. POWER
	Andrew P. Power
	President & 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, 2022 (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 5, 2022
	/s/ A. WILLIAM STEIN
	A. William Stein
	Chief Executive OfficerDigital Realty Trust, Inc., sole general partner ofDigital 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, 2022 (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 5, 2022
	/s/ ANDREW P. POWER
	Andrew P. Power
	President & Chief Financial OfficerDigital Realty Trust, Inc., sole general partner ofDigital 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, 2022	Aug. 03, 2022
Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-32336
Entity Registrant Name	DIGITAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0081711
Entity Address, Address Line One	5707 Southwest Parkway, Building 1, Suite 275
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	737
Local Phone Number	281-0101
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		287,407,842
Document Fiscal Year Focus	2022
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, 2022
Entity File Number	000-54023
Entity Registrant Name	DIGITAL REALTY TRUST, L.P.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-2402955
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	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 - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investments in real estate:
Investments in properties, net	$ 20,800,389	$ 20,762,241
Investments in unconsolidated entities	1,942,549	1,807,689
Net investments in real estate	22,742,938	22,569,930
Operating lease right-of-use assets, net	1,310,970	1,405,441
Cash and cash equivalents	99,226	142,698
Accounts and other receivables, net	797,208	671,721
Deferred rent, net	554,016	547,385
Goodwill	7,545,107	7,937,440
Customer relationship value, deferred leasing costs and intangibles, net	2,521,390	2,735,486
Other assets	385,202	359,459
Total assets	35,956,057	36,369,560
LIABILITIES AND EQUITY/CAPITAL
Global revolving credit facilities, net	1,440,040	398,172
Unsecured senior notes, net of discount	12,695,568	12,903,370
Secured and other debt, including premiums	158,699	146,668
Operating lease liabilities	1,418,540	1,512,187
Accounts payable and other accrued liabilities	1,619,222	1,543,623
Deferred tax liabilities, net	611,582	666,451
Accrued dividends and distributions		338,729
Security deposits and prepaid rents	341,140	336,578
Total liabilities	18,284,791	17,845,778
Redeemable noncontrolling interests	41,047	46,995
Commitments and contingencies
Stockholders' Equity:
Preferred stock/ units	731,690	731,690
Common Stock: $0.01 par value per share, 392,000 shares authorized; 284,734 and 284,415 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	2,824	2,824
Partners' capital:
Additional paid-in capital	21,091,364	21,075,863
Accumulated dividends in excess of earnings	(4,211,685)	(3,631,929)
Accumulated other comprehensive loss, net	(475,561)	(173,880)
Total stockholders' equity	17,138,632	18,004,568
Noncontrolling interests	491,587	472,219
Total equity	17,630,219	18,476,787
Total liabilities and equity/capital	35,956,057	36,369,560
Digital Realty Trust, L.P.
Investments in real estate:
Investments in properties, net	20,800,389	20,762,241
Investments in unconsolidated entities	1,942,549	1,807,689
Net investments in real estate	22,742,938	22,569,930
Operating lease right-of-use assets, net	1,310,970	1,405,441
Cash and cash equivalents	99,226	142,698
Accounts and other receivables, net	797,208	671,721
Deferred rent, net	554,016	547,385
Goodwill	7,545,107	7,937,440
Customer relationship value, deferred leasing costs and intangibles, net	2,521,390	2,735,486
Other assets	385,202	359,459
Total assets	35,956,057	36,369,560
LIABILITIES AND EQUITY/CAPITAL
Global revolving credit facilities, net	1,440,040	398,172
Unsecured senior notes, net of discount	12,695,568	12,903,370
Secured and other debt, including premiums	158,699	146,668
Operating lease liabilities	1,418,540	1,512,187
Accounts payable and other accrued liabilities	1,619,222	1,543,623
Deferred tax liabilities, net	611,582	666,451
Accrued dividends and distributions		338,729
Security deposits and prepaid rents	341,140	336,578
Total liabilities	18,284,791	17,845,778
Redeemable noncontrolling interests	41,047	46,995
Commitments and contingencies
Stockholders' Equity:
Preferred stock/ units	731,690	731,690
Partners' capital:
Common units, 284,734 and 284,415 units issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	16,882,503	17,446,758
Limited Partners, 6,299 and 5,932 units issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	446,937	432,902
Accumulated other comprehensive loss, net	(490,285)	(181,445)
Total partners' capital	17,570,845	18,429,905
Noncontrolling interests in consolidated entities	59,374	46,882
Total capital	17,630,219	18,476,787
Total liabilities and equity/capital	$ 35,956,057	$ 36,369,560

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	110,000	110,000
Liquidation preference	$ 755,000	$ 755,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, issued (shares)	30,200	30,200
Preferred stock, outstanding (shares)	30,200	30,200
Common stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Common stock, authorized (shares)	392,000	392,000
Common stock, shares, issued (shares)	284,734	284,415
Common stock, shares, outstanding (shares)	284,734	284,415
Digital Realty Trust, L.P.
Liquidation preference	$ 755,000	$ 755,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25.00	$ 25.00
Preferred units, issued (units)	30,200	30,200
Preferred units, outstanding (units)	30,200	30,200
Common units, issued (units)	284,734	284,415
Common units, outstanding (units)	284,734	284,415
Limited Partners' units, issued (units)	6,299	5,932
Limited Partners' units outstanding (units)	6,299	5,932

XML

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Revenues:
Operating Revenues	$ 1,139,322	$ 1,093,188	$ 2,266,644	$ 2,183,579
Operating Expenses:
Rental property operating and maintenance	421,502	383,216	857,095	744,995
Property taxes and insurance	51,049	48,498	101,273	101,001
Depreciation and amortization	376,967	368,981	759,099	738,714
General and administrative	105,776	97,492	204,289	197,486
Transactions and integration	13,586	7,075	25,554	21,195
Other	70	2,298	7,727	2,041
Total operating expenses	968,950	907,560	1,955,037	1,805,432
Operating income	170,372	185,628	311,607	378,147
Other Income (Expenses):
Equity in (loss) earnings of unconsolidated entities	(34,088)	52,143	26,870	29,112
Gain on disposition of properties, net		499	2,770	334,420
Other income (expenses), net	13,008	10,124	16,059	2,938
Interest expense	(69,023)	(75,014)	(135,748)	(150,667)
Loss from early extinguishment of debt			(51,135)	(18,347)
Income tax expense	(16,406)	(47,582)	(29,650)	(55,129)
Net income	63,863	125,798	140,773	520,474
Net (income) loss attributable to noncontrolling interests	(436)	(4,544)	(4,065)	(13,300)
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P.	63,427	121,254	136,708	507,174
Preferred stock dividends/Preferred units distribution	(10,181)	(11,885)	(20,362)	(25,399)
Gain on redemption of preferred stock/ units		18,000		18,000
Net income available to common stockholders	$ 53,246	$ 127,369	$ 116,346	$ 499,775
Net income per share/unit available to common stockholders/unitholders:
Basic (in dollars per share/unit)	$ 0.19	$ 0.45	$ 0.41	$ 1.78
Diluted (in dollars per share/unit)	$ 0.19	$ 0.45	$ 0.41	$ 1.77
Weighted average common shares/ units outstanding:
Basic (shares/units)	284,694	281,792	284,610	281,445
Diluted (shares/units)	285,110	282,434	284,980	282,076
Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	$ 1,139,322	$ 1,093,188	$ 2,266,644	$ 2,183,579
Operating Expenses:
Rental property operating and maintenance	421,502	383,216	857,095	744,995
Property taxes and insurance	51,049	48,498	101,273	101,001
Depreciation and amortization	376,967	368,981	759,099	738,714
General and administrative	105,776	97,492	204,289	197,486
Transactions and integration	13,586	7,075	25,554	21,195
Other	70	2,298	7,727	2,041
Total operating expenses	968,950	907,560	1,955,037	1,805,432
Operating income	170,372	185,628	311,607	378,147
Other Income (Expenses):
Equity in (loss) earnings of unconsolidated entities	(34,088)	52,143	26,870	29,112
Gain on disposition of properties, net		499	2,770	334,420
Other income (expenses), net	13,008	10,124	16,059	2,938
Interest expense	(69,023)	(75,014)	(135,748)	(150,667)
Loss from early extinguishment of debt			(51,135)	(18,347)
Income tax expense	(16,406)	(47,582)	(29,650)	(55,129)
Net income	63,863	125,798	140,773	520,474
Net (income) loss attributable to noncontrolling interests	1,064	(1,344)	(965)	(300)
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P.	64,927	124,454	139,808	520,174
Preferred stock dividends/Preferred units distribution	(10,181)	(11,885)	(20,362)	(25,399)
Gain on redemption of preferred stock/ units		18,000		18,000
Net income available to common stockholders	$ 54,746	$ 130,569	$ 119,446	$ 512,775
Net income per share/unit available to common stockholders/unitholders:
Basic (in dollars per share/unit)	$ 0.19	$ 0.45	$ 0.41	$ 1.78
Diluted (in dollars per share/unit)	$ 0.19	$ 0.45	$ 0.41	$ 1.77
Weighted average common shares/ units outstanding:
Basic (shares/units)	290,528	288,843	290,346	288,588
Diluted (shares/units)	290,944	289,485	290,716	289,219
Rental and other services
Operating Revenues:
Operating Revenues	$ 1,131,537	$ 1,089,395	$ 2,253,087	$ 2,177,301
Rental and other services | Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	1,131,537	1,089,395	2,253,087	2,177,301
Fee income and other
Operating Revenues:
Operating Revenues	7,785	3,793	13,557	6,278
Fee income and other | Digital Realty Trust, L.P.
Operating Revenues:
Operating Revenues	$ 7,785	$ 3,793	$ 13,557	$ 6,278

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income	$ 63,863	$ 125,798	$ 140,773	$ 520,474
Other comprehensive income (loss):
Foreign currency translation adjustments	(293,913)	111,678	(307,790)	(107,324)
Increase in fair value of interest rate swaps	356	226	(988)	563
Reclassification to interest expense from interest rate swaps	(41)	(353)	62	(712)
Other comprehensive (loss) income	(293,516)	112,257	(308,840)	(106,049)
Comprehensive (loss) income	(229,653)	238,055	(168,067)	414,425
Comprehensive loss (income) attributable to noncontrolling interests	6,362	(7,285)	3,093	(10,528)
Comprehensive (loss) income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P.	(223,291)	230,770	(164,974)	403,897
Digital Realty Trust, L.P.
Net income	63,863	125,798	140,773	520,474
Other comprehensive income (loss):
Foreign currency translation adjustments	(293,913)	111,678	(307,790)	(107,324)
Increase in fair value of interest rate swaps	356	226	(988)	563
Reclassification to interest expense from interest rate swaps	41	353	(62)	712
Other comprehensive (loss) income	(293,516)	112,257	(308,840)	(106,049)
Comprehensive (loss) income	(229,653)	238,055	(168,067)	414,425
Comprehensive loss (income) attributable to noncontrolling interests	1,064	(1,344)	(965)	(300)
Comprehensive (loss) income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P.	$ (228,589)	$ 236,711	$ (169,032)	$ 414,125

XML

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	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	Total Noncontrolling Interests Interest Rate Swap	Total Noncontrolling Interests	Series C Cumulative Redeemable Perpetual Preferred Stock	Interest Rate Swap Digital Realty Trust, L.P.	Interest Rate Swap	Noncontrolling Interests in Consolidated Joint Ventures Digital Realty Trust, L.P.	Redeemable Interests Digital Realty Trust, L.P.	Digital Realty Trust, L.P.	Total
Beginning balance at Dec. 31, 2020	$ 42,011		$ 950,940	$ 2,788	$ 20,626,897		$ (3,997,938)		$ 135,010		$ 728,639							$ 18,446,336
Beginning balance (shares) at Dec. 31, 2020				280,289,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock				$ 13	111,384						(111,397)
Conversion of common units to common stock (shares)				1,340,675
Common stock and share-based awards issued in connection with InterXion combination				$ 1	18,269												$ 18,270	18,270
Common stock and share-based awards issued in connection with InterXion combination (in shares)				125,395
Issuance of common stock, net of costs				$ 5	75,433													75,438
Issuance of common stock, net of costs (shares)				477,762
Shares issued under employee stock purchase plan					3,427												3,427	3,427
Shares issued under employee stock purchase plan (shares)				29,475
Amortization of share-based compensation					49,851												49,851	49,851
Vesting of restricted stock, net (shares)				340,119
Net share settlement to satisfy tax withholding upon vesting				$ (1)	(15,848)												(15,849)	(15,849)
Reclassification of vested share-based awards					(22,870)						22,870
Redemption of preferred stock			(219,250)				18,000										(201,250)	(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 entities											72,735				$ 72,735	$ (2,150)	72,735	72,735
Net income	282						507,174				13,018				300	282	520,192	520,192
Other comprehensive income (loss)-foreign currency translation adjustments								$ (104,520)		$ (2,804)			$ (107,324)	$ (107,324)
Distributions to noncontrolling interests	(2,150)
Other comprehensive income (loss)-fair value of interest rate swaps									549		14						563	563
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense									(694)		(18)						712	(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 Dec. 31, 2020	42,011		950,940	$ 2,788	20,626,897		(3,997,938)		135,010		728,639							18,446,336
Beginning balance (shares) at Dec. 31, 2020				280,289,726
Ending balance at Dec. 31, 2021	46,995		731,690	$ 2,824	21,075,863		(3,631,929)		(173,880)		472,219							18,476,787
Ending balance (shares) at Dec. 31, 2021				284,415,013
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 costs				$ 5	75,665													75,670
Issuance of common stock, net of costs (shares)				477,762
Amortization of share-based compensation					21,063												21,063	21,063
Vesting of restricted stock, net (shares)				54,595
Net share settlement to satisfy tax withholding upon vesting				$ (1)	(6,130)												(6,131)	(6,131)
Reclassification of vested share-based awards					(2,322)						2,322
Redemption of preferred stock																	(201,250)
Redemption of 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)	(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 entities											41,055				41,055		41,055	41,055
Net income	73						121,254				4,471				1,344		125,725	125,725
Other comprehensive income (loss)-foreign currency translation adjustments									108,951		2,727						111,678	111,678
Other comprehensive income (loss)-fair value of interest rate swaps									221		5						226	226
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense									(344)		(9)						353	(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
Beginning balance at Dec. 31, 2021	46,995		731,690	$ 2,824	21,075,863		(3,631,929)		(173,880)		472,219							18,476,787
Beginning balance (shares) at Dec. 31, 2021				284,415,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock					1,459						(1,459)
Conversion of common units to common stock (shares)				17,297
Issuance of common units in connection with acquisition (shares)				259,424
Payment of offering costs and other					(3,813)													(3,813)
Shares issued under employee stock purchase plan					4,969												4,969	4,969
Shares issued under employee stock purchase plan (shares)				42,188
Amortization of share-based compensation					40,965												40,965	40,965
Net share settlement to satisfy tax withholding upon vesting					(7,143)												(7,143)	(7,143)
Reclassification of vested share-based awards					(28,277)						28,277
Adjustment to redeemable noncontrolling interests	(7,341)				7,341													7,341
Dividends declared on preferred stock							(20,362)										(20,362)	(20,362)
Dividends and distributions on common stock and common and incentive units	(380)						(696,102)				(15,813)							(711,915)
Contributions from noncontrolling interests in consolidated entities	1,703										11,527				11,527	1,703	11,527	11,527
Net income	70						136,708				3,995				965	70	140,703	140,703
Other comprehensive income (loss)-foreign currency translation adjustments									(300,656)		(7,134)						(307,790)	(307,790)
Other comprehensive income (loss)-fair value of interest rate swaps								$ (965)		$ (23)			$ (988)	$ (988)			(988)	(988)
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense									60		2						(62)	62
Ending balance at Jun. 30, 2022	41,047		731,690	$ 2,824	21,091,364		(4,211,685)		(475,561)		491,587							17,630,219
Ending balance (shares) at Jun. 30, 2022				284,733,922
Beginning balance at Mar. 31, 2022	42,734		731,690	$ 2,824	$ 21,069,391		(3,916,854)		(188,844)		$ 510,499							18,208,706
Beginning balance (shares) at Mar. 31, 2022				284,666,082
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of common units to common stock (shares)				2,436	201,000						(201,000)
Issuance of common stock, net of costs					$ 211													211
Amortization of unearned compensation on share-based awards					22,420													22,420
Amortization of share-based compensation																	22,420
Vesting of restricted stock, net (shares)				65,404
Net share settlement to satisfy tax withholding upon vesting					(981)												(981)	(981)
Reclassification of vested share-based awards					(1,746)						$ 1,746
Adjustment to redeemable noncontrolling interests	(1,868)				1,868													1,868
Dividends declared on preferred stock							(10,181)										(10,181)	(10,181)
Dividends and distributions on common stock and common and incentive units	(190)						(348,077)				(8,027)							(356,104)
Contributions from noncontrolling interests in consolidated entities	(336)
Net income	35						63,427				401				(1,064)	35	63,828	63,828
Other comprehensive income (loss)-foreign currency translation adjustments									(287,105)		(6,808)						(293,913)	(293,913)
Distributions to noncontrolling interests											(6,032)				$ (6,032)	$ 336	(6,032)	(6,032)
Other comprehensive income (loss)-fair value of interest rate swaps									347		9						356	356
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense									(41)								$ 41	(41)
Ending balance at Jun. 30, 2022	$ 41,047		$ 731,690	$ 2,824	$ 21,091,364		$ (4,211,685)		$ (475,561)		$ 491,587							$ 17,630,219
Ending balance (shares) at Jun. 30, 2022				284,733,922

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CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (units)			284,415,000
Common units and share-based awards issued in connection with Interxion combination				$ 18,270
Units issued in connection with employee stock purchase plan			$ 4,969	3,427
Units repurchased and retired to satisfy tax withholding upon vesting	$ (981)	$ (6,131)	(7,143)	(15,849)
Amortization of share-based compensation		21,063	40,965	49,851
Redemption of preferred units				(201,250)
Adjustment to redeemable noncontrolling interests	1,868	(1,501)	7,341	(1,709)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions		41,055	11,527	72,735
Cumulative effect adjustment from adoption of new accounting standard	17,630,219	18,164,247	17,630,219	18,164,247	$ 18,476,787
Net income	63,828	125,725	140,703	520,192
Other comprehensive income (loss)-foreign currency translation adjustments	(293,913)	111,678	(307,790)
Other comprehensive income (loss)-fair value of interest rate swaps	356	226	(988)	563
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense	$ (41)	(353)	$ 62	(712)
Ending balance (units)	284,734,000		284,734,000		284,415,000
Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss)-foreign currency translation adjustments				(107,324)
Other comprehensive income (loss)-fair value of interest rate swaps			$ (988)
Series C Cumulative Redeemable Perpetual Preferred Stock
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of preferred units		201,250
Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 18,208,706	18,345,324	18,476,787	18,446,336	$ 18,446,336
Common units and share-based awards issued in connection with Interxion combination				18,270
Issuance of common unit, net of offering costs				75,438
Payment of common unit offering costs and other, net	(211)	(75,670)	(3,813)
Units issued in connection with employee stock purchase plan			4,969	3,427
Units repurchased and retired to satisfy tax withholding upon vesting	(981)	(6,131)	(7,143)	(15,849)
Amortization of share-based compensation	22,420	21,063	40,965	49,851
Redemption of preferred units		(201,250)		(201,250)
Adjustment to redeemable partnership units	1,868	(1,501)		(1,709)
Adjustment to redeemable partnership units			7,341
Distributions	(366,285)	(347,965)	(732,277)	(697,145)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions		41,055	11,527	72,735
Net income	63,828	125,725	140,703	520,192
Other comprehensive income (loss)-foreign currency translation adjustments	(293,913)	111,678	(307,790)
Other comprehensive income (loss)-fair value of interest rate swaps	356	226	(988)	563
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense	41	353	(62)	712
Ending balance	17,630,219	18,164,247	17,630,219	18,164,247	18,476,787
Digital Realty Trust, L.P. | Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss)-foreign currency translation adjustments				(107,324)
Other comprehensive income (loss)-fair value of interest rate swaps			(988)
Redeemable Interests | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 42,734		46,995	42,011	42,011
Beginning balance (units)	30,200,000
Adjustment to redeemable partnership units	$ (1,868)			1,709
Adjustment to redeemable partnership units			(7,341)
Distributions	(190)		(380)	(362)
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions			1,703	(2,150)
Net income	35		70	282
Ending balance	$ 41,047	41,490	$ 41,047	41,490	46,995
Ending balance (units)	30,200,000		30,200,000
Preferred Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 731,690
Beginning balance (units)	284,666,082
Conversion of limited partner common units to general partner common units (units)	2,436
Vesting of restricted common units, net (units)	65,404
Ending balance	$ 731,690		$ 731,690
Ending balance (units)	284,733,922		284,733,922
Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 17,155,361
Beginning balance (units)	6,290,465
Conversion of limited partner common units to general partner common units	$ 201
Conversion of limited partner common units to general partner common units (units)	(2,436)
Issuance of common units, net of offering costs (in units)	11,449
Payment of common unit offering costs and other, net	$ (211)
Units repurchased and retired to satisfy tax withholding upon vesting	(981)
Amortization of share-based compensation	22,420
Reclassification of units to accounts payable and other accrued liabilities	(1,746)
Adjustment to redeemable partnership units	1,868
Distributions	(358,258)
Net income	63,427
Ending balance	$ 16,882,503		$ 16,882,503
Ending balance (units)	6,299,478		6,299,478
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ (196,769)	(83,506)	$ (181,445)	134,800	134,800
Other comprehensive income (loss)-foreign currency translation adjustments	(293,913)	111,678	(307,790)
Other comprehensive income (loss)-fair value of interest rate swaps	356	226		563
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense	41	353	(62)	712
Ending balance	(490,285)	28,751	(490,285)	28,751	(181,445)
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P. | Interest Rate Swap
Increase (Decrease) in Partners' Capital [Roll Forward]
Other comprehensive income (loss)-foreign currency translation adjustments				(107,324)
Other comprehensive income (loss)-fair value of interest rate swaps			(988)
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	66,470	150,295	46,882	119,659	119,659
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions		41,055	11,527	72,735
Net income	(1,064)	1,344	965	300
Ending balance	59,374	$ 192,694	59,374	$ 192,694	46,882
General Partner | Redeemable Interests | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of preferred units (in units)		(8,050,000)
Ending balance (units)		30,200,000		30,200,000
General Partner | Preferred Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 950,940	$ 731,690	$ 950,940	$ 950,940
Beginning balance (units)		38,250,000	30,200,000	38,250,000	38,250,000
Conversion of limited partner common units to general partner common units (units)		698,485
Payment of common unit offering costs and other, net (units)		477,762
Vesting of restricted common units, net (units)		54,595
Redemption of preferred units		$ (219,250)		$ (219,250)
Redemption of preferred units (in units)				(8,050,000)
Distributions		(11,885)		$ (25,399)
Net income		11,885		25,399
Ending balance	$ 731,690	$ 731,690	$ 731,690	$ 731,690	$ 731,690
Ending balance (units)	30,200,000	30,200,000	30,200,000	30,200,000	30,200,000
General Partner | Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 16,750,580	$ 17,446,758	$ 16,631,747	$ 16,631,747
Beginning balance (units)		281,372,310	284,415,013	280,289,726	280,289,726
Conversion of limited partner common units to general partner common units		$ 57,784	$ 1,459	$ 111,397
Conversion of limited partner common units to general partner common units (units)			17,297	1,340,675
Common units issued in connection with acquisition (in units)			259,424
Common units and share-based awards issued in connection with Interxion combination				$ 18,270
Common units and share-based awards issued in connection with Interxion combination (in units)				125,395
Issuance of common unit, net of offering costs				$ 75,438
Issuance of common units, net of offering costs (in units)				477,762
Payment of common unit offering costs and other, net		(75,670)	$ (3,813)
Units issued in connection with employee stock purchase plan			$ 4,969	$ 3,427
Units issued in connection with employee stock purchase plan (units)			42,188	29,475
Units repurchased and retired to satisfy tax withholding upon vesting		(6,131)	$ (7,143)	$ (15,849)
Amortization of share-based compensation		21,063	40,965	$ 49,851
Vesting of restricted common units, net (units)				340,119
Reclassification of vested share-based awards		(2,322)	(28,277)	$ 22,870
Redemption of preferred units		18,000		18,000
Adjustment to redeemable partnership units		(1,501)		(1,709)
Adjustment to redeemable partnership units			7,341
Distributions		(328,279)	(716,464)	(655,244)
Net income		109,369	136,708	481,775
Ending balance	$ 16,882,503	$ 16,694,233	$ 16,882,503	$ 16,694,233	$ 17,446,758
Ending balance (units)	284,733,922	282,603,152	284,733,922	282,603,152	284,415,013
Limited Partners | Redeemable Interests | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance		$ 40,097
Adjustment to redeemable partnership units		1,501
Distributions		(181)
Net income		73
Ending balance		41,490		$ 41,490
Limited Partners | Common Units | Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 451,954	$ 577,015	$ 432,902	$ 609,190	$ 609,190
Beginning balance (units)		7,741,271	5,931,771	8,046,267	8,046,267
Conversion of limited partner common units to general partner common units	(201)	$ (57,784)	$ (1,459)	$ (111,397)
Conversion of limited partner common units to general partner common units (units)		(698,485)	(17,297)	(1,340,675)
Common unit offering costs and other (in units)			385,004
Issuance of common units, net of forfeitures (units)				349,817
Issuance of common units, net of forfeitures (units)		12,623
Reclassification of units to accounts payable and other accrued liabilities	1,746
Reclassification of vested share-based awards		$ 2,322	$ 28,277	$ (22,870)
Distributions	(8,027)	(7,801)	(15,813)	(16,502)
Net income	1,465	3,127	3,030	12,718
Ending balance	$ 446,937	$ 516,879	$ 446,937	$ 516,879	$ 432,902
Ending balance (units)	6,299,478	7,055,409	6,299,478	7,055,409	5,931,771

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 140,773	$ 520,474
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(2,770)	(334,420)
Equity in (earnings) of unconsolidated entities	(26,870)	(29,112)
Distributions from unconsolidated entities	22,972	57,631
Depreciation and amortization	759,099	738,714
Amortization of share-based compensation	40,965	47,668
Loss from early extinguishment of debt	51,135	18,347
Straight-lined rents and amortization of above and below market leases	(16,885)	(14,908)
Amortization of deferred financing costs and debt discount / premium	9,359	9,571
Other items, net	17,024	30,586
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(248,310)	(126,688)
Increase in accounts payable and other liabilities	37,086	(67,372)
Net cash provided by operating activities	783,578	850,491
Cash flows from investing activities:
Improvements to investments in real estate	(1,067,027)	(1,081,446)
Cash paid for assets acquired	(97,205)	(168,439)
Proceeds from unconsolidated entities, net		6,131
(Investment in) unconsolidated entities, net	(199,945)
Proceeds from sale of real estate		703,936
Other investing activities, net	(63,655)	(18,827)
Net cash (used in) investing activities	(1,427,832)	(558,645)
Cash flows from financing activities:
Net proceeds from credit facilities	1,077,719	508,169
Borrowings on secured / unsecured debt	1,125,451	1,218,650
Repayments on secured / unsecured debt	(450,737)	(886,963)
Premium paid for early extinguishment of debt	(49,662)	(16,482)
Capital contributions from noncontrolling interests, net	17,977	70,585
Proceeds from issuance of common stock, net		75,438
Redemption of preferred stock		(201,250)
Payments of dividends and distributions	(1,071,386)	(1,021,893)
Other financing activities, net	(16,271)	(21,602)
Net cash provided by (used in) financing activities	633,091	(275,348)
Net (decrease) increase in cash, cash equivalents and restricted cash	(11,163)	16,498
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(31,101)	(11,637)
Cash, cash equivalents and restricted cash at beginning of period	151,485	123,652
Cash, cash equivalents and restricted cash at end of period	109,221	128,513
Digital Realty Trust, L.P.
Cash flows from operating activities:
Net income	140,773	520,474
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(2,770)	(334,420)
Equity in (earnings) of unconsolidated entities	(26,870)	(29,112)
Distributions from unconsolidated entities	22,972	57,631
Depreciation and amortization	759,099	738,714
Amortization of share-based compensation	40,965	47,668
Loss from early extinguishment of debt	51,135	18,347
Amortization of acquired above-market leases and acquired below-market leases, net	(16,885)	(14,908)
Amortization of deferred financing costs and debt discount / premium	9,359	9,571
Other items, net	17,024	30,586
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(248,310)	(126,688)
Increase in accounts payable and other liabilities	37,086	(67,372)
Net cash provided by operating activities	783,578	850,491
Cash flows from investing activities:
Improvements to investments in real estate	(1,067,027)	(1,081,446)
Cash paid for assets acquired	(97,205)	(168,439)
Proceeds from unconsolidated entities, net		6,131
(Investment in) unconsolidated entities, net	(199,945)
Proceeds from sale of real estate		703,936
Other investing activities, net	(63,655)	(18,827)
Net cash (used in) investing activities	(1,427,832)	(558,645)
Cash flows from financing activities:
Net proceeds from credit facilities	1,077,719	508,169
Borrowings on secured / unsecured debt	1,125,451	1,218,650
Repayments on secured / unsecured debt	(450,737)	(886,963)
Premium paid for early extinguishment of debt	(49,662)	(16,482)
Capital contributions from noncontrolling interests, net	17,977	70,585
General partner contributions		75,438
General partner distributions		(201,250)
Payments of dividends and distributions	(1,071,386)	(1,021,893)
Other financing activities, net	(16,271)	(21,602)
Net cash provided by (used in) financing activities	633,091	(275,348)
Net (decrease) increase in cash, cash equivalents and restricted cash	(11,163)	16,498
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(31,101)	(11,637)
Cash, cash equivalents and restricted cash at beginning of period	151,485	123,652
Cash, cash equivalents and restricted cash at end of period	$ 109,221	$ 128,513

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General

6 Months Ended

Jun. 30, 2022

General

General

1. General

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

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

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

Accounting Principles and Basis of Presentation. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed with the SEC, and other filings with the SEC.

Management Estimates and Assumptions. U.S. GAAP requires that we make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the consolidated financial statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.

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

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Investments in Properties

6 Months Ended

Jun. 30, 2022

Investments in Properties

Investments in Properties

2. Investments in Properties

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

Property Type	As of June 30, 2022		As of December 31, 2021
Land	$	1,033,770	$	1,019,723
Acquired ground lease		6,051		6,721
Buildings and improvements		22,319,146		21,914,091
Tenant improvements		706,966		684,915
		24,065,933		23,625,450
Accumulated depreciation and amortization		(6,665,118)		(6,210,281)
Investments in operating properties, net		17,400,815		17,415,169
Construction in progress and space held for development		3,362,114		3,213,389
Land held for future development		37,460		133,683
Investments in properties, net	$	20,800,389	$	20,762,241

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Leases

6 Months Ended

Jun. 30, 2022

Leases

Leases

3. Leases

Lessor Accounting

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

Lessee Accounting

We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of June 30, 2022, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of June 30, 2022, the termination dates of these ground leases generally range from 2049 to 2108. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2022 to 2028. The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements amounted to approximately $35.6 million and $37.4 million for the three months ended June 30, 2022 and 2021, respectively, and approximately $73.0 million for each of the six months ended June 30, 2022 and 2021.

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Receivables

6 Months Ended

Jun. 30, 2022

Receivables

Receivables

4. Receivables

Accounts and Other Receivables, Net

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

	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2022		December 31, 2021
Accounts receivable – trade, net	$	493,754	$	399,029
Allowance for doubtful accounts		(37,799)		(28,574)
Accounts receivable, net		455,955		370,455
Accounts receivable – customer recoveries		160,577		131,538
Value-added tax receivables		81,849		104,036
Accounts receivable – installation fees		50,482		43,626
Other receivables		48,345		22,066
Accounts and other receivables, net	$	797,208	$	671,721

Deferred Rent

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

	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2022		December 31, 2021
Deferred rent receivables	$	577,723	$	556,251
Allowance for deferred rent receivables		(23,707)		(8,866)
Deferred rent receivables, net	$	554,016	$	547,385

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Investments in Unconsolidated Entities

6 Months Ended

Jun. 30, 2022

Investments in Unconsolidated Entities.

Investments in Unconsolidated Entities

5. Investments in Unconsolidated Entities

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

	Year	Metropolitan			Balance as of		Balance as of
Entity	Entity Formed	Area of Properties	% Ownership			June 30, 2022		December 31, 2021
Digital Core REIT (DCRU)	2021	U.S. / Canada	35	%	$	342,464	$	343,317
Ownership interest in DCRU operating properties	2021	U.S. / Canada	10	%		140,499		144,050
Ascenty	2019	Brazil / Chile / Mexico	51	%		645,184		553,031
Mapletree	2019	Northern Virginia	20	%		166,507		172,465
Mitsubishi	Various	Osaka / Tokyo	50	%		399,786		401,509
Lumen	2012	Hong Kong	50	%		69,144		68,854
Other	Various	U.S. / India / Nigeria	Various			178,965		124,463
Total					$	1,942,549	$	1,807,689

DCREIT – Digital Core REIT is a standalone real estate investment trust publicly-traded on the Singapore Exchange under the ticker symbol “DCRU”. Digital Core REIT owns 10 operating data center properties. The Company’s ownership interest in the units of DCRU, as well as its ownership interest in the operating properties of DCRU are collectively referred to as the Company’s investment in DCREIT. As of June 30, 2022, the Company held 35% of the outstanding DCRU units and separately owned a 10% retained interest in the underlying operating properties. The Company’s 35% interest in DCRU consisted of 392 million units and 390 million units as of June 30, 2022 and December 31, 2021, respectively. Based on the closing price per unit of $0.77 as of June 30, 2022, the fair value of the units the Company owns in DCRU was approximately $302 million. Based on the closing price per unit of $1.16 as of December 31, 2021, the fair value of the units the Company owns in DCRU was approximately $453 million. This value does not include the value of the Company’s 10% interest in the operating properties of DCRU, because the associated ownership interests are not publicly traded. The Company accounts for its investment in DCREIT as an equity method investment (and not at fair value) based on the significant influence it is able to exert on DCREIT. The Company determined that the decline in fair value of the investment in DCRU as compared to the Company’s book basis as of June 30, 2022 was temporary in nature.

Pursuant to contractual agreements with the DCRU and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCRU or in cash. During the three and six months ended June 30, 2022, the Company earned fees pursuant to these contractual agreements of approximately $2.8 million and $5.1 million, respectively, which is recorded as fee income and other on the condensed consolidated income statement.

Ascenty – The Company’s ownership interest in Ascenty includes an approximate 2% interest held by one of the Company’s non-controlling interest holders. This 2% interest had a carrying value of approximately $22.6 million and $20.9 million as of June 30, 2022 and December 31, 2021, respectively. Ascenty is a variable interest entity (“VIE”) and the Company’s maximum exposure to loss related to this VIE is limited to our equity investment in the entity.

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

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Goodwill

6 Months Ended

Jun. 30, 2022

Goodwill.

Goodwill

6. Goodwill

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at June 30, 2022 as compared to December 31, 2021 were driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies – primarily the devaluation of the Euro as compared to the U.S. dollar.

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Acquired Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2022

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

7. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:

	Balance as of
	June 30, 2022						December 31, 2021
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,735,560	$	(789,285)	$	1,946,275	$	2,838,842	$	(721,983)	$	2,116,859
Acquired in-place lease value		1,267,777		(1,016,192)		251,585		1,278,012		(995,883)		282,129
Other		94,121		(20,059)		74,062		101,869		(14,688)		87,181
Acquired above-market leases		265,367		(250,626)		14,741		268,724		(247,135)		21,589
Acquired below-market leases		(347,781)		252,627		(95,154)		(351,052)		247,877		(103,175)

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $57.3 million and $66.4 million for the three months ended June 30, 2022 and 2021 respectively, and approximately $118.9 million and $134.1 million for the six months ended June 30, 2022 and 2021, respectively.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $0.3 million and a decrease of $(1.1) million for the three months ended June 30, 2022 and 2021, respectively and $0.6 million and $(2.6) million for the six months ended June 30, 2022 and 2021, respectively.

Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2022 is as follows:

(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other (1)		Acquired above-market leases		Acquired below-market leases
Remainder of 2022	$	81,641	$	24,499	$	4,560	$	4,363	$	(6,683)
2023		162,614		43,327		3,021		4,758		(12,507)
2024		162,034		37,709		1,677		2,584		(11,214)
2025		161,532		34,679		1,638		1,452		(10,225)
2026		161,097		30,619		1,442		684		(8,663)
Thereafter		1,217,357		80,752		19,941		900		(45,862)
Total	$	1,946,275	$	251,585	$	32,279	$	14,741	$	(95,154)

(1) Excludes power grid rights in the amount of approximately $41.8 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.

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Debt of the Operating Partnership

6 Months Ended

Jun. 30, 2022

Debt of the Operating Partnership

Debt of the Operating Partnership

8. Debt of the Operating Partnership

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

	June 30, 2022				December 31, 2021
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	1.95	%	$	1,458,730	0.96	%	$	415,116
Unsecured senior notes	2.12	%		12,792,422	2.26	%		13,000,042
Secured and other debt	3.64	%		159,024	3.47	%		147,082
Total	2.12	%	$	14,410,176	2.23	%	$	13,562,240

The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt.

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

	June 30, 2022				December 31, 2021
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,590,903	24.9	%	$	3,141,951	23.2	%
British pound sterling (£)		1,887,590	13.1	%		2,117,758	15.6	%
Euro (€)		7,789,612	54.1	%		7,532,057	55.5	%
Other		1,142,071	7.9	%		770,474	5.7	%
Total	$	14,410,176			$	13,562,240

The table below summarizes our debt maturities and principal payments as of June 30, 2022 (in thousands):

	Global Revolving		Unsecured		Secured and
	Credit Facilities (1)		Senior Notes		Other Debt		Total Debt
2022	$	—	$	629,040	$	—	$	629,040
2023		—		104,725		3,081		107,806
2024		—		933,490		—		933,490
2025		—		1,168,580		—		1,168,580
2026		—		1,415,023		—		1,415,023
Thereafter		1,458,730		8,541,564		155,943		10,156,237
Subtotal	$	1,458,730	$	12,792,422	$	159,024	$	14,410,176
Unamortized net discounts		—		(36,026)		—		(36,026)
Unamortized deferred financing costs		(18,690)		(60,828)		(325)		(79,843)
Total	$	1,440,040	$	12,695,568	$	158,699	$	14,294,307

(1) Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”).

Unsecured Senior Notes

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

	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date	June 30, 2022		December 31, 2021
Floating rate notes due 2022	€	300,000	$	349,800	Sep 23, 2022	$	314,520	$	341,100
0.125% notes due 2022	€	300,000		332,760	Oct 15, 2022		314,520		341,100
0.600% notes due 2023	CHF	100,000		108,310	Oct 02, 2023		104,725		-
2.625% notes due 2024	€	600,000		677,040	Apr 15, 2024		629,040		682,200
2.750% notes due 2024	£	250,000		324,925	Jul 19, 2024		304,450		338,300
4.250% notes due 2025	£	400,000		634,480	Jan 17, 2025		487,120		541,280
0.625% notes due 2025	€	650,000		720,980	Jul 15, 2025		681,460		739,050
4.750% notes due 2025	$	450,000		450,000	Oct 01, 2025		-		450,000
2.500% notes due 2026	€	1,075,000		1,224,640	Jan 16, 2026		1,127,030		1,222,275
0.200% notes due 2026	CHF	275,000		298,404	Dec 15, 2026		287,993		301,419
1.700% notes due 2027	CHF	150,000		162,465	Mar 30, 2027		157,087		-
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		524,200		568,500
4.450% notes due 2028	$	650,000		650,000	Jul 15, 2028		650,000		650,000
0.550% notes due 2029	CHF	270,000		292,478	Apr 16, 2029		282,757		295,938
3.600% notes due 2029	$	900,000		900,000	Jul 01, 2029		900,000		900,000
3.300% notes due 2029	£	350,000		454,895	Jul 19, 2029		426,230		473,620
1.500% notes due 2030	€	750,000		831,900	Mar 15, 2030		786,300		852,750
3.750% notes due 2030	£	550,000		719,825	Oct 17, 2030		669,790		744,260
1.250% notes due 2031	€	500,000		560,950	Feb 01, 2031		524,200		568,500
0.625% notes due 2031	€	1,000,000		1,220,700	Jul 15, 2031		1,048,400		1,137,000
1.000% notes due 2032	€	750,000		874,500	Jan 15, 2032		786,300		852,750
1.375% notes due 2032	€	750,000		849,375	Jul 18, 2032		786,300		-
						$	12,792,422	$	13,000,042
Unamortized discounts, net of premiums							(36,026)		(33,612)
Deferred financing costs, net							(60,828)		(63,060)
Total unsecured senior notes, net of discount and deferred financing costs						$	12,695,568	$	12,903,370

Restrictive Covenants in Unsecured Senior Notes

The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At June 30, 2022, we were in compliance with each of these financial covenants.

Early Extinguishment of Unsecured Senior Notes

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

● During the six months ended June 30, 2022: $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022.

● During the six months ended June 30, 2021: $18.3 million primarily due to redemption of the 2.750% Notes due 2023 in February 2021.

Global Revolving Credit Facility Amendment

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

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Earnings per Common Share or Unit

6 Months Ended

Jun. 30, 2022

Earnings per Common Share or Unit

Earnings per Common Share or Unit

9. Earnings per Common Share or Unit

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

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income available to common stockholders	$	53,246	$	127,369	$	116,346	$	499,775
Weighted average shares outstanding—basic		284,694		281,792		284,610		281,445
Potentially dilutive common shares:
Unvested incentive units		178		177		183		168
Unvested restricted stock		49		165		62		143
Market performance-based awards		189		300		125		320
Weighted average shares outstanding—diluted		285,110		282,434		284,980		282,076
Income per share:
Basic	$	0.19	$	0.45	$	0.41	$	1.78
Diluted	$	0.19	$	0.45	$	0.41	$	1.77

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income available to common unitholders	$	54,746	$	130,569	$	119,446	$	512,775
Weighted average units outstanding—basic		290,528		288,843		290,346		288,588
Potentially dilutive common units:
Unvested incentive units		178		177		183		168
Unvested restricted units		49		165		62		143
Market performance-based awards		189		300		125		320
Weighted average units outstanding—diluted		290,944		289,485		290,716		289,219
Income per unit:
Basic	$	0.19	$	0.45	$	0.41	$	1.78
Diluted	$	0.19	$	0.45	$	0.41	$	1.77

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Shares subject to Forward Equity Offering	6,250	—	6,250	—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	5,834	7,051	5,735	7,143
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	—	689	—	1,082
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,536	1,317	1,494	1,390
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,615	1,385	1,571	1,461
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,649	2,272	2,577	2,397
Total	17,884	12,714	17,627	13,473

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Equity and Capital

6 Months Ended

Jun. 30, 2022

Equity and Capital

Equity and Capital

10. Equity and Capital

Equity Distribution Agreement

Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were parties to an at-the-market (ATM) equity offering sales agreement dated January 4, 2019, as amended in 2020 (the “2020 Sales Agreement”). Pursuant to the 2020 Sales Agreement, Digital Realty Trust, Inc. was able to issue and sell common stock having an aggregate offering price of up to $1.0 billion through various named agents from time to time. The 2020 Sales Agreement was terminated on April 1, 2022 when Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into a new ATM equity offering sales agreement dated April 1, 2022 (the “2022 Sales Agreement”). At the time of the termination, $577.6 million remained unsold under the 2020 Sales Agreement. Pursuant to the 2022 Sales Agreement , Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time. For the six months ended June 30, 2022, we had no sales under the 2022 Sales Agreement and $1.5 billion is still available.

Forward Equity Sale

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

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

We account for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. As of June 30, 2022, none of our forward equity sales agreements were deemed to be liabilities as they did not embody obligations to repurchase our shares, nor did they embody obligations to issue a variable number of shares for which the monetary value was predominantly fixed, varied with something other than the fair value of our shares, or varied inversely in relation to our shares. We also evaluated whether the agreements met the derivatives and hedging guidance scope exception to be accounted for as equity instruments and concluded that the agreements could be classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

Noncontrolling Interests in Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022			December 31, 2021
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	284,734	97.8	%	284,415	98.0	%
Noncontrolling interests consist of:
Common units held by third parties	4,387	1.5	%	4,389	1.5	%
Incentive units held by employees and directors (see Note 12. "Incentive Plan")	1,912	0.7	%	1,543	0.5	%
	291,033	100.0	%	290,347	100.0	%

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

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $765.8 million and $1,074.7 million based on the closing market price of Digital Realty Trust, Inc. common stock on June 30, 2022 and December 31, 2021, respectively.

The following table shows activity for the noncontrolling interests in the Operating Partnership for the six months ended June 30, 2022 (in thousands):

	Common Units	Incentive Units	Total
As of December 31, 2021	4,389	1,542	5,931
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(2)	—	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(15)	(15)
Incentive units issued upon achievement of market performance condition	—	221	221
Grant of incentive units to employees and directors	—	167	167
Cancellation / forfeitures of incentive units held by employees and directors	—	(3)	(3)
As of June 30, 2022	4,387	1,912	6,299

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

Dividends and Distributions

Digital Realty Trust, Inc. Dividends

We have declared and paid the following dividends on our common and preferred stock for the six months ended June 30, 2022 (in thousands, except per share data):

		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Common
Date dividend declared	Dividend payment date	Stock		Stock		Stock		Stock
March 3, 2022	March 31, 2022	$	2,625	$	3,071	$	4,485	$	348,025
May 24, 2022	June 30, 2022		2,625		3,071		4,485		348,077
		$	5,250	$	6,142	$	8,970	$	696,102
Annual rate of dividend per share		$	1.31250	$	1.46250	$	1.30000	$	4.88000

Digital Realty Trust, L.P. Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the six months ended June 30, 2022 (in thousands, except for per unit data):

		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Common
Date distribution declared	Distribution payment date	Units		Units		Units		Units
March 3, 2022	March 31, 2022	$	2,625	$	3,071	$	4,485	$	355,812
May 24, 2022	June 30, 2022		2,625		3,071		4,485		355,885
		$	5,250	$	6,142	$	8,970	$	711,697
Annual rate of distribution per unit		$	1.31250	$	1.46250	$	1.30000	$	4.88000

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Accumulated Other Comprehensive Income (Loss), Net

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net.

Accumulated Other Comprehensive Income (Loss), Net

11. Accumulated Other Comprehensive Income (Loss), Net

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

Digital Realty Trust, Inc.

	Foreign currency		Cash flow		Foreign currency net		Accumulated other
	translation		hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss), net
Balance as of December 31, 2021	$	(212,653)	$	(107)	$	38,880	$	(173,880)
Net current period change		(300,656)		(965)		—		(301,621)
Reclassification to interest expense from interest rate swaps		—		(60)		—		(60)
Balance as of June 30, 2022	$	(513,309)	$	(1,132)	$	38,880	$	(475,561)

Digital Realty Trust, L.P.

	Foreign currency		Cash flow		Foreign currency net		Accumulated other
	translation		hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss)
Balance as of December 31, 2021	$	(219,882)	$	(1,240)	$	39,677	$	(181,445)
Net current period change		(307,790)		(988)		—		(308,778)
Reclassification to interest expense from interest rate swaps		—		(62)		—		(62)
Balance as of June 30, 2022	$	(527,672)	$	(2,290)	$	39,677	$	(490,285)

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Incentive Plans

6 Months Ended

Jun. 30, 2022

Incentive Plans

Incentive Plans

12. Incentive Plans

2014 Incentive Award Plan

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

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

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

Performance-Based Awards (“the Performance Awards”): Performance Awards in the form of Class D units of the Operating Partnership and Restricted Stock Units covering shares of Digital Realty Trust, Inc.’s common stock may be issued to officers and employees of the Company. Depending on the award, the total number of units that qualify to fully

vest is determined based on either a market performance criterion (“Market-Based Performance Awards”) or financial performance criterion (“Financial-Based Performance Awards”).

Market-Based Performance Awards.

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

Achievement of the market performance condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS as is shown in the subsequent table (the “RMS Relative Market Performance”).

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

If the RMS Relative Market Performance falls between the levels specified in the above table, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels.

2019 Awards

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

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

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

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

The grant date fair value of the Market-Based Performance Awards was approximately $12.3 million and $25.0 million for the six months ended June 30, 2022 and 2021, respectively. This amount will be recognized as compensation expense on a straight-line basis over the expected service period of approximately four years.

Financial-Based Performance Awards.

On March 4, 2022, the Company granted Financial-Based Performance Awards, based on growth in core funds from operation (“Core FFO”) during the three-year period commencing on January 1, 2022. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards is $12.3 million, based on the Company’s closing stock price at the grant date.

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

As of June 30, 2022, approximately 5.0 million shares of common stock, including awards that can be converted to or exchanged for shares of common stock, remained available for future issuance under the Incentive Plan.

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

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

													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned
	Three Months Ended June 30,								June 30,		December 31,		compensation
Type of incentive award	2022		2021		2022		2021		2022		2021		(in years)
Long-term incentive units	$	6.4	$	2.8	$	0.0	$	—	$	33.9	$	19.8	2.3
Performance-based awards		5.6		6.4		0.1		0.1		46.9		39.2	2.3
Service-based restricted stock units		6.8		5.3		1.4		0.9		68.8		44.5	2.8
Interxion awards		1.1		4.1		—		—		4.6		8.5	1.1
	Six Months Ended June 30,
	2022		2021		2022		2021
Long-term incentive units	$	11.6	$	6.0	$	0.1	$	0.1
Performance-based awards		10.6		14.9		0.3		0.5
Service-based restricted stock units		12.1		9.2		2.4		1.6
Interxion awards		2.0		14.6		—		—

Activity for LTIP Units and service-based Restricted Stock Units for the six months ended June 30, 2022 is shown below.

		Weighted-Average
		Grant Date Fair
Unvested LTIP Units	Units	Value
Unvested, beginning of period	250,468	$	132.66
Granted	167,326		154.09
Vested	(127,117)		130.32
Cancelled or expired	—		—
Unvested, end of period	290,677	$	146.02

		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock Units	Shares	Value
Unvested, beginning of period	509,369	$	129.52
Granted	312,244		138.35
Vested	(169,630)		124.32
Cancelled or expired	(44,828)		133.37
Unvested, end of period	607,155	$	135.23

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Derivative Instruments

6 Months Ended

Jun. 30, 2022

Derivative Instruments

Derivative Instruments

13. Derivative Instruments

We had no material outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of June 30, 2022.

Amounts reported in accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of June 30, 2022, we had no material interest rate swap agreements outstanding.

The derivative instruments the Company enters into typically contain provisions that would declare the Company as being in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to any default on the indebtedness. As of June 30, 2022, we did not have any material derivatives outstanding.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2022

Fair Value of Financial Instruments

Fair Value of Financial Instruments

14. Fair Value of Financial Instruments

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

As of June 30, 2022 and December 31, 2021, the carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our global revolving credit facilities approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2022 and December 31, 2021 as compared to those in effect when the debt was issued or assumed.

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

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

	Categorization	As of June 30, 2022				As of December 31, 2021
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	1,458,730	$	1,458,730	$	415,116	$	415,116
Unsecured senior notes (1)	Level 2		11,262,417		12,792,422		13,580,262		13,000,042
Secured and other debt (1)	Level 2		153,543		159,024		152,511		147,082
		$	12,874,690	$	14,410,176	$	14,147,889	$	13,562,240

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

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies.

Commitments and Contingencies

15. Commitments and Contingencies

Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements including ground up construction. From time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At June 30, 2022, we had open commitments, including amounts reimbursable by customers of approximately $55.1 million, related to construction contracts of approximately $1.9 billion.

In the ordinary course of our business, we may become subject to various legal proceedings. As of June 30, 2022, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

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Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Information

Supplemental Cash Flow Information

16. Supplemental Cash Flow Information

Cash, cash equivalents, and restricted cash balances as of June 30, 2022, and December 31, 2021:

	Balance as of
(Amounts in thousands)	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	99,226	$	142,698
Restricted cash (included in other assets)		9,995		8,787
Total	$	109,221	$	151,485

We paid $144.1 million and $151.7 million for interest, net of amounts capitalized, for the six months ended June 30, 2022 and 2021, respectively.

We paid $8.8 million and $12.7 million for income taxes, net of refunds, for the six months ended June 30, 2022 and 2021, respectively.

Accrued construction related costs totaled $469.6 million and $370.3 million as of June 30, 2022 and 2021, respectively.

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Segment and Geographic Information

6 Months Ended

Jun. 30, 2022

Segment and Geographic Information

Segment and Geographic Information

17. Segment and Geographic Information

Most of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. The Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations to best address the needs of its global customers. In this regard, the Company manages customer relationships on a global basis in order to achieve consistent sales and delivery experience of our products for our customers. In order to best accommodate the needs of our current and potential global customers, the Company manages its operations as a single global business – with one operating segment and, therefore, one reporting segment. A breakout of the Company’s Operating Revenues, Investments in Properties, net, and Operating lease right-of-use assets, net by geography is shown below.

	Operating Revenues
	Three Months Ended June 30,						Six Months Ended June 30,
(Amounts in millions)	2022			2021			2022			2021
Inside the United States	$	679.7		$	686.4		$	1,344.8		$	1,377.3
Outside the United States		459.7			406.8			921.8			806.3
Revenue Outside of U.S. %		40.3	%		37.2	%		40.7	%		36.9	%
	Investments in Properties, net						Operating lease right-of-use assets, net
	As of June 30,			As of December 31,			As of June 30,			As of December 31,
(Amounts in millions)	2022			2021			2022			2021
Inside the United States	$	11,197.9		$	11,167.9		$	692.6		$	719.1
Outside the United States		9,602.5			9,594.3			618.4			686.4
Net Assets in Foreign Operations	$	2,990.5		$	3,865.4

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Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events

Subsequent Events

18. Subsequent Events

On August 1, 2022, we completed the acquisition of a 55% majority interest in Teraco, a leading carrier-neutral data center and interconnection services provider in South Africa. The total purchase price was $1.7 billion cash, funded by our global revolving credit facility and a partial settlement of the forward sale agreements.

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General (Policies)

6 Months Ended

Jun. 30, 2022

General

Organization and Description of Business

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

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

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

Accounting Principles and Basis of Presentation

Accounting Principles and Basis of Presentation. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as filed with the SEC, and other filings with the SEC.

Management Estimates and Assumptions

Management Estimates and Assumptions. U.S. GAAP requires that we make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the consolidated financial statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.

New Accounting Pronouncements

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

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Investments in Properties (Tables)

6 Months Ended

Jun. 30, 2022

Investments in Properties

Schedule of Investments in Properties

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

Property Type	As of June 30, 2022		As of December 31, 2021
Land	$	1,033,770	$	1,019,723
Acquired ground lease		6,051		6,721
Buildings and improvements		22,319,146		21,914,091
Tenant improvements		706,966		684,915
		24,065,933		23,625,450
Accumulated depreciation and amortization		(6,665,118)		(6,210,281)
Investments in operating properties, net		17,400,815		17,415,169
Construction in progress and space held for development		3,362,114		3,213,389
Land held for future development		37,460		133,683
Investments in properties, net	$	20,800,389	$	20,762,241

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Receivables (Tables)

6 Months Ended

Jun. 30, 2022

Receivables

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

	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2022		December 31, 2021
Accounts receivable – trade, net	$	493,754	$	399,029
Allowance for doubtful accounts		(37,799)		(28,574)
Accounts receivable, net		455,955		370,455
Accounts receivable – customer recoveries		160,577		131,538
Value-added tax receivables		81,849		104,036
Accounts receivable – installation fees		50,482		43,626
Other receivables		48,345		22,066
Accounts and other receivables, net	$	797,208	$	671,721

Schedule of deferred rent

	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2022		December 31, 2021
Deferred rent receivables	$	577,723	$	556,251
Allowance for deferred rent receivables		(23,707)		(8,866)
Deferred rent receivables, net	$	554,016	$	547,385

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Investments in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2022

Investments in Unconsolidated Entities.

Summary of Financial Information for Unconsolidated Entities

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

	Year	Metropolitan			Balance as of		Balance as of
Entity	Entity Formed	Area of Properties	% Ownership			June 30, 2022		December 31, 2021
Digital Core REIT (DCRU)	2021	U.S. / Canada	35	%	$	342,464	$	343,317
Ownership interest in DCRU operating properties	2021	U.S. / Canada	10	%		140,499		144,050
Ascenty	2019	Brazil / Chile / Mexico	51	%		645,184		553,031
Mapletree	2019	Northern Virginia	20	%		166,507		172,465
Mitsubishi	Various	Osaka / Tokyo	50	%		399,786		401,509
Lumen	2012	Hong Kong	50	%		69,144		68,854
Other	Various	U.S. / India / Nigeria	Various			178,965		124,463
Total					$	1,942,549	$	1,807,689

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Acquired Intangible Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Acquired Intangible Assets and Liabilities

Summary of Acquired Intangible Assets and Liabilities

	Balance as of
	June 30, 2022						December 31, 2021
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,735,560	$	(789,285)	$	1,946,275	$	2,838,842	$	(721,983)	$	2,116,859
Acquired in-place lease value		1,267,777		(1,016,192)		251,585		1,278,012		(995,883)		282,129
Other		94,121		(20,059)		74,062		101,869		(14,688)		87,181
Acquired above-market leases		265,367		(250,626)		14,741		268,724		(247,135)		21,589
Acquired below-market leases		(347,781)		252,627		(95,154)		(351,052)		247,877		(103,175)

Schedule of Estimated Annual Amortization of Acquired of Intangible Assets

(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other (1)		Acquired above-market leases		Acquired below-market leases
Remainder of 2022	$	81,641	$	24,499	$	4,560	$	4,363	$	(6,683)
2023		162,614		43,327		3,021		4,758		(12,507)
2024		162,034		37,709		1,677		2,584		(11,214)
2025		161,532		34,679		1,638		1,452		(10,225)
2026		161,097		30,619		1,442		684		(8,663)
Thereafter		1,217,357		80,752		19,941		900		(45,862)
Total	$	1,946,275	$	251,585	$	32,279	$	14,741	$	(95,154)

(1) Excludes power grid rights in the amount of approximately $41.8 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.

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Debt of the Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2022

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership

	June 30, 2022				December 31, 2021
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	1.95	%	$	1,458,730	0.96	%	$	415,116
Unsecured senior notes	2.12	%		12,792,422	2.26	%		13,000,042
Secured and other debt	3.64	%		159,024	3.47	%		147,082
Total	2.12	%	$	14,410,176	2.23	%	$	13,562,240

Schedule of Debt In Functional Currencies

	June 30, 2022				December 31, 2021
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,590,903	24.9	%	$	3,141,951	23.2	%
British pound sterling (£)		1,887,590	13.1	%		2,117,758	15.6	%
Euro (€)		7,789,612	54.1	%		7,532,057	55.5	%
Other		1,142,071	7.9	%		770,474	5.7	%
Total	$	14,410,176			$	13,562,240

Schedule of Debt Maturities and Principal Maturities

The table below summarizes our debt maturities and principal payments as of June 30, 2022 (in thousands):

	Global Revolving		Unsecured		Secured and
	Credit Facilities (1)		Senior Notes		Other Debt		Total Debt
2022	$	—	$	629,040	$	—	$	629,040
2023		—		104,725		3,081		107,806
2024		—		933,490		—		933,490
2025		—		1,168,580		—		1,168,580
2026		—		1,415,023		—		1,415,023
Thereafter		1,458,730		8,541,564		155,943		10,156,237
Subtotal	$	1,458,730	$	12,792,422	$	159,024	$	14,410,176
Unamortized net discounts		—		(36,026)		—		(36,026)
Unamortized deferred financing costs		(18,690)		(60,828)		(325)		(79,843)
Total	$	1,440,040	$	12,695,568	$	158,699	$	14,294,307

(1) Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”).

Schedule of Unsecured Senior Notes

	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date	June 30, 2022		December 31, 2021
Floating rate notes due 2022	€	300,000	$	349,800	Sep 23, 2022	$	314,520	$	341,100
0.125% notes due 2022	€	300,000		332,760	Oct 15, 2022		314,520		341,100
0.600% notes due 2023	CHF	100,000		108,310	Oct 02, 2023		104,725		-
2.625% notes due 2024	€	600,000		677,040	Apr 15, 2024		629,040		682,200
2.750% notes due 2024	£	250,000		324,925	Jul 19, 2024		304,450		338,300
4.250% notes due 2025	£	400,000		634,480	Jan 17, 2025		487,120		541,280
0.625% notes due 2025	€	650,000		720,980	Jul 15, 2025		681,460		739,050
4.750% notes due 2025	$	450,000		450,000	Oct 01, 2025		-		450,000
2.500% notes due 2026	€	1,075,000		1,224,640	Jan 16, 2026		1,127,030		1,222,275
0.200% notes due 2026	CHF	275,000		298,404	Dec 15, 2026		287,993		301,419
1.700% notes due 2027	CHF	150,000		162,465	Mar 30, 2027		157,087		-
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		524,200		568,500
4.450% notes due 2028	$	650,000		650,000	Jul 15, 2028		650,000		650,000
0.550% notes due 2029	CHF	270,000		292,478	Apr 16, 2029		282,757		295,938
3.600% notes due 2029	$	900,000		900,000	Jul 01, 2029		900,000		900,000
3.300% notes due 2029	£	350,000		454,895	Jul 19, 2029		426,230		473,620
1.500% notes due 2030	€	750,000		831,900	Mar 15, 2030		786,300		852,750
3.750% notes due 2030	£	550,000		719,825	Oct 17, 2030		669,790		744,260
1.250% notes due 2031	€	500,000		560,950	Feb 01, 2031		524,200		568,500
0.625% notes due 2031	€	1,000,000		1,220,700	Jul 15, 2031		1,048,400		1,137,000
1.000% notes due 2032	€	750,000		874,500	Jan 15, 2032		786,300		852,750
1.375% notes due 2032	€	750,000		849,375	Jul 18, 2032		786,300		-
						$	12,792,422	$	13,000,042
Unamortized discounts, net of premiums							(36,026)		(33,612)
Deferred financing costs, net							(60,828)		(63,060)
Total unsecured senior notes, net of discount and deferred financing costs						$	12,695,568	$	12,903,370

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Earnings per Common Share or Unit (Tables)

6 Months Ended

Jun. 30, 2022

Earnings per Common Share or Unit

Summary of Basic and Diluted Earnings Per Share and Unit

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

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income available to common stockholders	$	53,246	$	127,369	$	116,346	$	499,775
Weighted average shares outstanding—basic		284,694		281,792		284,610		281,445
Potentially dilutive common shares:
Unvested incentive units		178		177		183		168
Unvested restricted stock		49		165		62		143
Market performance-based awards		189		300		125		320
Weighted average shares outstanding—diluted		285,110		282,434		284,980		282,076
Income per share:
Basic	$	0.19	$	0.45	$	0.41	$	1.78
Diluted	$	0.19	$	0.45	$	0.41	$	1.77

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income available to common unitholders	$	54,746	$	130,569	$	119,446	$	512,775
Weighted average units outstanding—basic		290,528		288,843		290,346		288,588
Potentially dilutive common units:
Unvested incentive units		178		177		183		168
Unvested restricted units		49		165		62		143
Market performance-based awards		189		300		125		320
Weighted average units outstanding—diluted		290,944		289,485		290,716		289,219
Income per unit:
Basic	$	0.19	$	0.45	$	0.41	$	1.78
Diluted	$	0.19	$	0.45	$	0.41	$	1.77

Schedule of Antidilutive Securities Excluded from Calculations

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Shares subject to Forward Equity Offering	6,250	—	6,250	—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	5,834	7,051	5,735	7,143
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	—	689	—	1,082
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,536	1,317	1,494	1,390
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,615	1,385	1,571	1,461
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,649	2,272	2,577	2,397
Total	17,884	12,714	17,627	13,473

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Equity and Capital (Tables)

6 Months Ended

Jun. 30, 2022

Class of Stock

Ownership Interest In The Operating Partnership

	June 30, 2022			December 31, 2021
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	284,734	97.8	%	284,415	98.0	%
Noncontrolling interests consist of:
Common units held by third parties	4,387	1.5	%	4,389	1.5	%
Incentive units held by employees and directors (see Note 12. "Incentive Plan")	1,912	0.7	%	1,543	0.5	%
	291,033	100.0	%	290,347	100.0	%

Summary of Activity for Noncontrolling Interests in the Operating Partnership

The following table shows activity for the noncontrolling interests in the Operating Partnership for the six months ended June 30, 2022 (in thousands):

	Common Units	Incentive Units	Total
As of December 31, 2021	4,389	1,542	5,931
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(2)	—	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(15)	(15)
Incentive units issued upon achievement of market performance condition	—	221	221
Grant of incentive units to employees and directors	—	167	167
Cancellation / forfeitures of incentive units held by employees and directors	—	(3)	(3)
As of June 30, 2022	4,387	1,912	6,299

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

Schedule of Dividends and Distributions

We have declared and paid the following dividends on our common and preferred stock for the six months ended June 30, 2022 (in thousands, except per share data):

		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Common
Date dividend declared	Dividend payment date	Stock		Stock		Stock		Stock
March 3, 2022	March 31, 2022	$	2,625	$	3,071	$	4,485	$	348,025
May 24, 2022	June 30, 2022		2,625		3,071		4,485		348,077
		$	5,250	$	6,142	$	8,970	$	696,102
Annual rate of dividend per share		$	1.31250	$	1.46250	$	1.30000	$	4.88000

Digital Realty Trust, L.P.

Class of Stock

Schedule of Dividends and Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the six months ended June 30, 2022 (in thousands, except for per unit data):

		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Common
Date distribution declared	Distribution payment date	Units		Units		Units		Units
March 3, 2022	March 31, 2022	$	2,625	$	3,071	$	4,485	$	355,812
May 24, 2022	June 30, 2022		2,625		3,071		4,485		355,885
		$	5,250	$	6,142	$	8,970	$	711,697
Annual rate of distribution per unit		$	1.31250	$	1.46250	$	1.30000	$	4.88000

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

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net.

Schedule of Accumulated Other Comprehensive Income (Loss), Net

Digital Realty Trust, Inc.

	Foreign currency		Cash flow		Foreign currency net		Accumulated other
	translation		hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss), net
Balance as of December 31, 2021	$	(212,653)	$	(107)	$	38,880	$	(173,880)
Net current period change		(300,656)		(965)		—		(301,621)
Reclassification to interest expense from interest rate swaps		—		(60)		—		(60)
Balance as of June 30, 2022	$	(513,309)	$	(1,132)	$	38,880	$	(475,561)

Digital Realty Trust, L.P.

	Foreign currency		Cash flow		Foreign currency net		Accumulated other
	translation		hedge		investment hedge		comprehensive
	adjustments		adjustments		adjustments		income (loss)
Balance as of December 31, 2021	$	(219,882)	$	(1,240)	$	39,677	$	(181,445)
Net current period change		(307,790)		(988)		—		(308,778)
Reclassification to interest expense from interest rate swaps		—		(62)		—		(62)
Balance as of June 30, 2022	$	(527,672)	$	(2,290)	$	39,677	$	(490,285)

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Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2022

Incentive Plans

Market Performance Based Awards

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

Schedule of compensation expense and unearned compensation

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

													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned
	Three Months Ended June 30,								June 30,		December 31,		compensation
Type of incentive award	2022		2021		2022		2021		2022		2021		(in years)
Long-term incentive units	$	6.4	$	2.8	$	0.0	$	—	$	33.9	$	19.8	2.3
Performance-based awards		5.6		6.4		0.1		0.1		46.9		39.2	2.3
Service-based restricted stock units		6.8		5.3		1.4		0.9		68.8		44.5	2.8
Interxion awards		1.1		4.1		—		—		4.6		8.5	1.1
	Six Months Ended June 30,
	2022		2021		2022		2021
Long-term incentive units	$	11.6	$	6.0	$	0.1	$	0.1
Performance-based awards		10.6		14.9		0.3		0.5
Service-based restricted stock units		12.1		9.2		2.4		1.6
Interxion awards		2.0		14.6		—		—

Summary of Long-Term Incentive Unit Activity

		Weighted-Average
		Grant Date Fair
Unvested LTIP Units	Units	Value
Unvested, beginning of period	250,468	$	132.66
Granted	167,326		154.09
Vested	(127,117)		130.32
Cancelled or expired	—		—
Unvested, end of period	290,677	$	146.02

Summary of Restricted Stock Activity

		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock Units	Shares	Value
Unvested, beginning of period	509,369	$	129.52
Granted	312,244		138.35
Vested	(169,630)		124.32
Cancelled or expired	(44,828)		133.37
Unvested, end of period	607,155	$	135.23

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value of Financial Instruments

Estimated Fair Value And Carrying Amounts

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

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

	Categorization	As of June 30, 2022				As of December 31, 2021
	under the fair value	Estimated Fair				Estimated Fair
	hierarchy	Value		Carrying Value		Value		Carrying Value
Global revolving credit facilities	Level 2	$	1,458,730	$	1,458,730	$	415,116	$	415,116
Unsecured senior notes (1)	Level 2		11,262,417		12,792,422		13,580,262		13,000,042
Secured and other debt (1)	Level 2		153,543		159,024		152,511		147,082
		$	12,874,690	$	14,410,176	$	14,147,889	$	13,562,240

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

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Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Information

Schedule of cash, cash equivalents, and restricted cash

	Balance as of
(Amounts in thousands)	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	99,226	$	142,698
Restricted cash (included in other assets)		9,995		8,787
Total	$	109,221	$	151,485

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Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment and Geographic Information

Schedule of Investment and operating revenues of geographical areas

	Operating Revenues
	Three Months Ended June 30,						Six Months Ended June 30,
(Amounts in millions)	2022			2021			2022			2021
Inside the United States	$	679.7		$	686.4		$	1,344.8		$	1,377.3
Outside the United States		459.7			406.8			921.8			806.3
Revenue Outside of U.S. %		40.3	%		37.2	%		40.7	%		36.9	%
	Investments in Properties, net						Operating lease right-of-use assets, net
	As of June 30,			As of December 31,			As of June 30,			As of December 31,
(Amounts in millions)	2022			2021			2022			2021
Inside the United States	$	11,197.9		$	11,167.9		$	692.6		$	719.1
Outside the United States		9,602.5			9,594.3			618.4			686.4
Net Assets in Foreign Operations	$	2,990.5		$	3,865.4

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Investments in Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investments in Properties
Land	$ 1,033,770	$ 1,019,723
Acquired ground lease	6,051	6,721
Buildings and improvements	22,319,146	21,914,091
Tenant improvements	706,966	684,915
Total investments in operating properties	24,065,933	23,625,450
Accumulated depreciation and amortization	(6,665,118)	(6,210,281)
Investments in operating properties, net	17,400,815	17,415,169
Construction in progress and space held for development	3,362,114	3,213,389
Land held for future development	37,460	133,683
Investments in properties, net	$ 20,800,389	$ 20,762,241

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Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases
Rent expense	$ 35.6	$ 37.4	$ 73.0	$ 73.0

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Receivables - Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables
Accounts receivable -- trade	$ 493,754	$ 399,029
Allowance for doubtful accounts	(37,799)	(28,574)
Accounts receivable, net	455,955	370,455
Accounts receivable -- customer recoveries	160,577	131,538
Value-added tax receivables	81,849	104,036
Accounts receivable -- installation fees	50,482	43,626
Other receivables	48,345	22,066
Accounts and other receivables, net	$ 797,208	$ 671,721

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Receivables - Deferred rent (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Receivables
Deferred rent receivables	$ 577,723	$ 556,251
Allowance for deferred rent receivables	(23,707)	(8,866)
Deferred rent receivables, net	$ 554,016	$ 547,385

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Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 1,942,549	$ 1,807,689
Digital Core REIT (DCRU) | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	35.00%
Investments in unconsolidated joint ventures	$ 342,464	343,317
Ownership interest in DCRU operating properties | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	10.00%
Investments in unconsolidated joint ventures	$ 140,499	144,050
Ascenty | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	51.00%
Investments in unconsolidated joint ventures	$ 645,184	553,031
Ascenty | Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest	2.00%
Noncontrolling interests in consolidated entities	$ 22,600	20,900
Mapletree | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Investments in unconsolidated joint ventures	$ 166,507	172,465
Mitsubishi | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Investments in unconsolidated joint ventures	$ 399,786	401,509
Lumen | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Investments in unconsolidated joint ventures	$ 69,144	68,854
Other | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 178,965	$ 124,463

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Investments in Unconsolidated Entities - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares
Schedule of Equity Method Investments [Line Items]
Operating Revenues	$ 1,139,322	$ 1,093,188	$ 2,266,644	$ 2,183,579
Fee income and other
Schedule of Equity Method Investments [Line Items]
Operating Revenues	$ 7,785	$ 3,793	$ 13,557	$ 6,278
Digital Core REIT (DCRU)
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership	35.00%		35.00%
Ownership interest in operating properties	10.00%		10.00%
Number of units owned | shares	392		392		390
Closing price per unit | $ / shares	$ 0.77		$ 0.77		$ 1.16
Fair value of shares	$ 302,000		$ 302,000		$ 453,000
Digital Core REIT (DCRU) | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	35.00%		35.00%
Digital Core REIT (DCRU) | Fee income and other
Schedule of Equity Method Investments [Line Items]
Fees earned pursuant to these contractual agreements	$ 2,800		$ 5,100
Ascenty | Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest	2.00%		2.00%
Noncontrolling interests in consolidated entities	$ 22,600		$ 22,600		$ 20,900
Ascenty | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	51.00%		51.00%
Ownership interest in DCRU operating properties | Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures	10.00%		10.00%
Digital Core REIT (DCRU)
Schedule of Equity Method Investments [Line Items]
Number Of Data Centers | property			10

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Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Customer Relationship Value
Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 2,735,560	$ 2,838,842
Accumulated amortization	(789,285)	(721,983)
Total	1,946,275	2,116,859
Acquired in-place lease value
Finite-Lived Intangible Assets [Line Items]
Gross amount	1,267,777	1,278,012
Accumulated amortization	(1,016,192)	(995,883)
Total	251,585	282,129
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross amount	94,121	101,869
Accumulated amortization	(20,059)	(14,688)
Total	74,062	87,181
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross amount	265,367	268,724
Accumulated amortization	(250,626)	(247,135)
Total	14,741	21,589
Below-Market Leases
Finite-Lived Intangible Assets [Line Items]
Below-market lease, gross amount	(347,781)	(351,052)
Below-market lease, accumulated amortization	252,627	247,877
Total	$ (95,154)	$ (103,175)

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Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Customer Relationship Value, Acquired In-Place Lease Value and Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible assets	$ 57.3	$ 66.4	$ 118.9	$ 134.1
Rental and other services | Below-Market Leases, Net of Above-Market Leases
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in revenue	$ 0.3	$ (1.1)	$ 0.6	$ (2.6)

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Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Customer Relationship Value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 81,641
2023	162,614
2024	162,034
2025	161,532
2026	161,097
Thereafter	1,217,357
Total	1,946,275	$ 2,116,859
Acquired in-place lease value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	24,499
2023	43,327
2024	37,709
2025	34,679
2026	30,619
Thereafter	80,752
Total	251,585	282,129
Other (excludes power grid rights)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	4,560
2023	3,021
2024	1,677
2025	1,638
2026	1,442
Thereafter	19,941
Total	32,279
Power grid rights
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Total	41,800
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	4,363
2023	4,758
2024	2,584
2025	1,452
2026	684
Thereafter	900
Total	14,741	$ 21,589
Below-Market Leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	(6,683)
2022	(12,507)
2023	(11,214)
2024	(10,225)
2025	(8,663)
Thereafter	(45,862)
Total	$ (95,154)

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Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted-average interest rate	2.12%	2.23%
Amount Outstanding	$ 14,410,176	$ 13,562,240
Global revolving credit facilities
Debt Instrument [Line Items]
Weighted-average interest rate	1.95%	0.96%
Amount Outstanding	$ 1,458,730	$ 415,116
Unsecured term loans
Debt Instrument [Line Items]
Amount Outstanding	$ 12,792,422
Unsecured senior notes
Debt Instrument [Line Items]
Weighted-average interest rate	2.12%	2.26%
Amount Outstanding	$ 12,792,422	$ 13,000,042
Secured and other debt
Debt Instrument [Line Items]
Weighted-average interest rate	3.64%	3.47%
Amount Outstanding	$ 159,024	$ 147,082
Digital Realty Trust, L.P. | Unsecured senior notes
Debt Instrument [Line Items]
Amount Outstanding	$ 12,792,422	$ 13,000,042

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Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amount Outstanding	$ 14,410,176	$ 13,562,240
% of Total	2.12%	2.23%
U.S. dollar
Debt Instrument [Line Items]
Amount Outstanding	$ 3,590,903	$ 3,141,951
% of Total	24.90%	23.20%
British pound sterling
Debt Instrument [Line Items]
Amount Outstanding	$ 1,887,590	$ 2,117,758
% of Total	13.10%	15.60%
Euro
Debt Instrument [Line Items]
Amount Outstanding	$ 7,789,612	$ 7,532,057
% of Total	54.10%	55.50%
Other currency
Debt Instrument [Line Items]
Amount Outstanding	$ 1,142,071	$ 770,474
% of Total	7.90%	5.70%

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Debt of the Operating Partnership - Schedule of Debt Maturities And Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
2022	$ 629,040
2023	107,806
2024	933,490
2025	1,168,580
2026	1,415,023
Thereafter	10,156,237
Subtotal	14,410,176	$ 13,562,240
Unamortized net discounts	(36,026)
Unamortized deferred financing costs	(79,843)
Total	14,294,307
Global revolving credit facilities
Debt Instrument
Thereafter	1,458,730
Subtotal	1,458,730	$ 415,116
Unamortized deferred financing costs	(18,690)
Total	1,440,040
Unsecured term loans
Debt Instrument
2022	629,040
2023	104,725
2024	933,490
2025	1,168,580
2026	1,415,023
Thereafter	8,541,564
Subtotal	12,792,422
Unamortized net discounts	(36,026)
Unamortized deferred financing costs	(60,828)
Total	12,695,568
Senior Notes.
Debt Instrument
2023	3,081
Thereafter	155,943
Subtotal	159,024
Unamortized deferred financing costs	(325)
Total	$ 158,699

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Debt of the Operating Partnership - Unsecured Senior Notes (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 CHF (SFr)	Jun. 30, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Jun. 30, 2021
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	$ 14,410,176				$ 13,562,240
Deferred financing costs	(79,843)
Senior Notes.
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	159,024
Deferred financing costs	(325)
Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	12,792,422				13,000,042
Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Long-term Debt, Gross	12,792,422				13,000,042
Unamortized discounts, net of premiums	(36,026)				(33,612)
Deferred financing costs	(60,828)				(63,060)
Total unsecured senior notes, net of discount and deferred financing costs	12,695,568				12,903,370
Floating Rate Notes due 2022 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Aggregate principal amount	349,800	€ 300,000
Long-term Debt, Gross	$ 314,520				341,100
0.125% notes due 2022 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.125%	0.125%	0.125%	0.125%
Aggregate principal amount	$ 332,760	€ 300,000
Long-term Debt, Gross	$ 314,520				341,100
0.600% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.60%	0.60%	0.60%	0.60%
Aggregate principal amount	$ 108,310		SFr 100,000
Long-term Debt, Gross	$ 104,725
2.750% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate						2.75%
2.625% notes due 2024 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.625%	2.625%	2.625%	2.625%
Aggregate principal amount	$ 677,040	€ 600,000
Long-term Debt, Gross	$ 629,040				682,200
2.750% notes due 2024 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.75%	2.75%	2.75%	2.75%
Aggregate principal amount	$ 324,925			£ 250,000
Long-term Debt, Gross	$ 304,450				338,300
4.250% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.25%	4.25%	4.25%	4.25%
Aggregate principal amount	$ 634,480			£ 400,000
Long-term Debt, Gross	$ 487,120				541,280
0.625% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%	0.625%
Aggregate principal amount	$ 720,980	€ 650,000
Long-term Debt, Gross	$ 681,460				739,050
4.750% Notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.75%	4.75%	4.75%	4.75%
Aggregate principal amount	$ 450,000
Long-term Debt, Gross					450,000
2.500% notes due 2026 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.50%	2.50%	2.50%	2.50%
Aggregate principal amount	$ 1,224,640	€ 1,075,000
Long-term Debt, Gross	$ 1,127,030				1,222,275
0.200% notes due 2026 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.20%	0.20%	0.20%	0.20%
Aggregate principal amount	$ 298,404		SFr 275,000
Long-term Debt, Gross	$ 287,993				301,419
1.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.70%	1.70%	1.70%	1.70%
Aggregate principal amount	$ 162,465		SFr 150,000
Long-term Debt, Gross	$ 157,087
3.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.70%	3.70%	3.70%	3.70%
Aggregate principal amount	$ 1,000,000
Long-term Debt, Gross	$ 1,000,000				1,000,000
1.125% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.125%	1.125%	1.125%	1.125%
Aggregate principal amount	$ 548,550	€ 500,000
Long-term Debt, Gross	$ 524,200				568,500
4.450% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.45%	4.45%	4.45%	4.45%
Aggregate principal amount	$ 650,000
Long-term Debt, Gross	$ 650,000				650,000
0.550% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.55%	0.55%	0.55%	0.55%
Aggregate principal amount	$ 292,478		SFr 270,000
Long-term Debt, Gross	$ 282,757				295,938
3.300% notes due 2029 | Digital Realty Trust, L.P.
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.30%	3.30%	3.30%	3.30%
3.300% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Aggregate principal amount	$ 454,895			£ 350,000
Long-term Debt, Gross	$ 426,230				473,620
3.600% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.60%	3.60%	3.60%	3.60%
Aggregate principal amount	$ 900,000
Long-term Debt, Gross	$ 900,000				900,000
1.500% Notes due 2030 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.50%	1.50%	1.50%	1.50%
Aggregate principal amount	$ 831,900	€ 750,000
Long-term Debt, Gross	$ 786,300				852,750
3.750% notes due 2030 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.75%	3.75%	3.75%	3.75%
Aggregate principal amount	$ 719,825			£ 550,000
Long-term Debt, Gross	$ 669,790				744,260
1.250% Notes due 2031 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.25%	1.25%	1.25%	1.25%
Aggregate principal amount	$ 560,950	€ 500,000
Long-term Debt, Gross	$ 524,200				568,500
0.625% notes due 2031 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%	0.625%
Aggregate principal amount	$ 1,220,700	€ 1,000,000
Long-term Debt, Gross	$ 1,048,400				1,137,000
1.000% Notes due 2032 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.00%	1.00%	1.00%	1.00%
Aggregate principal amount	$ 874,500	€ 750,000
Long-term Debt, Gross	$ 786,300				$ 852,750
4.750% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.75%	4.75%	4.75%	4.75%
1.375% notes due 2032 | Digital Realty Trust, L.P. | Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.375%	1.375%	1.375%	1.375%
Aggregate principal amount	$ 849,375	€ 750,000
Long-term Debt, Gross	$ 786,300

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Debt of the Operating Partnership - Narrative (Details) SFr in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 CHF (SFr)	Apr. 05, 2022 USD ($)	Dec. 31, 2021 USD ($)
Unsecured senior notes | Digital Realty Trust, L.P. | Maximum
Debt Instrument
Leverage ratio	60.00%
Secured debt leverage ratio, maximum	40.00%
Unsecured senior notes | Digital Realty Trust, L.P. | Minimum
Debt Instrument
Interest coverage ratio	1.50
Total unencumbered assets	150.00%
Unsecured senior notes | 2.750% notes due 2023 | Digital Realty Trust, L.P.
Debt Instrument
Stated interest rate		2.75%
Early extinguishment charge		$ 18,300
Unsecured senior notes | 4.750% notes due 2025 | Digital Realty Trust, L.P.
Debt Instrument
Stated interest rate	4.75%		4.75%
Early extinguishment charge	$ 51,100
Unsecured senior notes | 0.600% notes due 2023 | Digital Realty Trust, L.P.
Debt Instrument
Aggregate principal amount	$ 108,310		SFr 100,000
Stated interest rate	0.60%		0.60%
Unsecured senior notes | 1.700% notes due 2027 | Digital Realty Trust, L.P.
Debt Instrument
Aggregate principal amount	$ 162,465		SFr 150,000
Stated interest rate	1.70%		1.70%
Global revolving credit facilities
Debt Instrument
Line of credit facility maximum borrowing capacity					$ 3,000,000
Global Revolving Credit Facility Amendment
Debt Instrument
Line of credit facility maximum borrowing capacity				$ 3,750,000

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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, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock
Net income available to common stockholders	$ 53,246	$ 127,369	$ 116,346	$ 499,775
Weighted average units outstanding-basic (shares/units)	284,694	281,792	284,610	281,445
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	178	177	183	168
Unvested restricted stock (shares/units)	49	165	62	143
Market performance-based awards (shares/units)	189	300	125	320
Weighted average shares/units outstanding-diluted (shares/units)	285,110	282,434	284,980	282,076
Income per share/unit:
Basic (in dollars per share/unit)	$ 0.19	$ 0.45	$ 0.41	$ 1.78
Diluted (in dollars per share/unit)	$ 0.19	$ 0.45	$ 0.41	$ 1.77
Digital Realty Trust, L.P.
Class of Stock
Net income available to common stockholders	$ 54,746	$ 130,569	$ 119,446	$ 512,775
Weighted average units outstanding-basic (shares/units)	290,528	288,843	290,346	288,588
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	178	177	183	168
Unvested restricted stock (shares/units)	49	165	62	143
Market performance-based awards (shares/units)	189	300	125	320
Weighted average shares/units outstanding-diluted (shares/units)	290,944	289,485	290,716	289,219
Income per share/unit:
Basic (in dollars per share/unit)	$ 0.19	$ 0.45	$ 0.41	$ 1.78
Diluted (in dollars per share/unit)	$ 0.19	$ 0.45	$ 0.41	$ 1.77

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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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	17,884	12,714	17,627	13,473
Shares subject to Forward Equity Offering
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	6,250,000		6,250,000
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	5,834,000	7,051,000	5,735,000	7,143,000
Series C Cumulative Redeemable Perpetual Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)		689,000		1,082,000
Series J Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,536,000	1,317,000	1,494,000	1,390,000
Series K Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,615,000	1,385,000	1,571,000	1,461,000
Series L Cumulative Redeemable Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	2,649,000	2,272,000	2,577,000	2,397,000

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Equity and Capital - Equity Distribution Agreement (Details) - USD ($) $ in Millions		6 Months Ended
	Apr. 01, 2022	Jun. 30, 2022	Dec. 31, 2020
2020 Sales Agreement
Class of Stock [Line Items]
Aggregate maximum offering price			$ 1,000.0
Aggregate gross sales price unsold	$ 577.6
2022 Sales Agreement
Class of Stock [Line Items]
Aggregate maximum offering price	$ 1,500.0
Amount of shares reserved for future issuance		$ 1,500.0
Aggregate gross sales price unsold		$ 0.0

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Equity and Capital - Forward Equity Sale (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 13, 2021	Jun. 30, 2022
Class of Stock [Line Items]
Forward equity sales agreement deemed to be liabilities		$ 0
Underwritten Public Offering
Class of Stock [Line Items]
Issuance of common stock, net of costs (shares)	6,250,000
Gross proceeds	$ 1,000,000
Offering price	$ 155.69

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Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Class of Stock
Number of units (units)	284,734	284,415
Percentage of total	97.80%	98.00%
Common stock conversion ratio	1
Digital Realty Trust, L.P.
Class of Stock
Redeemable noncontrolling interests - operating partnership	$ 765.8	$ 1,074.7
Common units held by third parties
Class of Stock
Common units held by third parties (units)	4,387	4,389
Percentage of total	1.50%	1.50%
Incentive units held by employees and directors (see Note 14)
Class of Stock
Incentive units held by employees and directors (units)	1,912	1,543
Percentage of total	0.70%	0.50%
Noncontrolling Interests in Operating Partnership
Class of Stock
Number of units (units)	291,033	290,347
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) shares in Thousands	6 Months Ended
	Jun. 30, 2022 shares
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	5,931
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units)	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(15)
Incentive units issued upon achievement of market performance condition (units)	221
Grant of incentive units to employees and directors (units)	167
Cancellation / forfeitures of incentive units held by employees and directors (units)	(3)
Ending balance (units)	6,299
Common Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	4,389
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units)	(2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	0
Incentive units issued upon achievement of market performance condition (units)	0
Grant of incentive units to employees and directors (units)	0
Cancellation / forfeitures of incentive units held by employees and directors (units)	0
Ending balance (units)	4,387
Incentive Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	1,542
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units)	0
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(15)
Incentive units issued upon achievement of market performance condition (units)	221
Grant of incentive units to employees and directors (units)	167
Cancellation / forfeitures of incentive units held by employees and directors (units)	(3)
Ending balance (units)	1,912

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Equity and Capital - Schedule of Dividends and Distributions (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares
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	$ 696,102
Common stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 4.88000
March 3, 2022 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 2,625
March 3, 2022 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
March 3, 2022 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
March 3, 2022 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, common stock/units	348,025
May 24, 2022 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
May 24, 2022 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
May 24, 2022 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
May 24, 2022 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	348,077
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	$ 711,697
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares	$ 4.88000
Digital Realty Trust, L.P. | March 3, 2022 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 2,625
Digital Realty Trust, L.P. | March 3, 2022 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | March 3, 2022 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | March 3, 2022 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	355,812
Digital Realty Trust, L.P. | May 24, 2022 | Series J Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	2,625
Digital Realty Trust, L.P. | May 24, 2022 | Series K Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	3,071
Digital Realty Trust, L.P. | May 24, 2022 | Series L Preferred Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	4,485
Digital Realty Trust, L.P. | May 24, 2022 | Common Units
Dividends Payable [Line Items]
Dividends/Distributions, preferred units	$ 355,885

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Accumulated Other Comprehensive Income (Loss), Net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	$ (212,653)
Net current period change	(300,656)
Ending balance	(513,309)
Cash flow hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(107)
Net current period change	(965)
Reclassification to interest expense from interest rate swaps	(60)
Ending balance	(1,132)
Foreign currency net investment hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	38,880
Ending balance	38,880
Accumulated other comprehensive income (loss), net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(173,880)
Net current period change	(301,621)
Reclassification to interest expense from interest rate swaps	(60)
Ending balance	(475,561)
Digital Realty Trust, L.P.
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	18,476,787
Ending balance	17,630,219
Digital Realty Trust, L.P. | Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(219,882)
Net current period change	(307,790)
Ending balance	(527,672)
Digital Realty Trust, L.P. | Cash flow hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(1,240)
Net current period change	(988)
Reclassification to interest expense from interest rate swaps	(62)
Ending balance	(2,290)
Digital Realty Trust, L.P. | Foreign currency net investment hedge adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	39,677
Ending balance	39,677
Digital Realty Trust, L.P. | Accumulated other comprehensive income (loss), net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(181,445)
Net current period change	(308,778)
Reclassification to interest expense from interest rate swaps	(62)
Ending balance	$ (490,285)

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Incentive Plan - Market-Based Performance Awards (Details) - USD ($) $ in Millions				1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Feb. 27, 2023	Mar. 04, 2022	Feb. 27, 2022	Jan. 31, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Market-based performance awards | 2014 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period						3 years
Market-based performance awards | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period						4 years	4 years
Market-based performance awards | Below Threshold Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						0.00%
Performance Threshold						(500.00%)		(500.00%)
Market-based performance awards | Threshold Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%
Performance Threshold						(500.00%)		(500.00%)
Market-based performance awards | Target Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						50.00%
Performance Threshold					0.00%			0.00%
Market-based performance awards | High Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						100.00%
Performance Threshold						500.00%		500.00%
Market-based performance awards | First Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						50.00%
Market-based performance awards | First Vesting Period | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
Market-based performance awards | Second Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						50.00%
Market-based performance awards | Second Vesting Period | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Class D Units | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)				239,436				18,966
Share-based compensation arrangement by share-based payment award, grant date fair value						$ 12.3
Restricted Stock Units | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)				70,721
Share-based compensation arrangement by share-based payment award, grant date fair value							$ 25.0
Financial-based performance awards | 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period		3 years
Share-based compensation arrangement by share-based payment award, grant date fair value		$ 12.3
Financial-based performance awards | 2019 Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period						2 years
Financial-based performance awards | 2019 Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period						3 years

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Incentive Plan - Schedule of Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Long-term incentive units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 6.4	$ 2.8	$ 11.6	$ 6.0
Deferred compensation, capitalized	0.0		0.1	0.1
Unearned Compensation	33.9		$ 33.9		$ 19.8
Expected period to recognize unearned compensation (in years)			2 years 3 months 18 days
Market-based performance awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	5.6	6.4	$ 10.6	14.9
Deferred compensation, capitalized	0.1	0.1	0.3	0.5
Unearned Compensation	46.9		$ 46.9		39.2
Expected period to recognize unearned compensation (in years)			2 years 3 months 18 days
Service Based Restricted Stock Units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed			$ 12.1	9.2
Deferred compensation, capitalized			2.4	1.6
Interxion awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	1.1	4.1	2.0	$ 14.6
Unearned Compensation	4.6		$ 4.6		8.5
Expected period to recognize unearned compensation (in years)			1 year 1 month 6 days
Restricted Stock Units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	6.8	5.3
Deferred compensation, capitalized	1.4	$ 0.9
Unearned Compensation	$ 68.8		$ 68.8		$ 44.5
Expected period to recognize unearned compensation (in years)			2 years 9 months 18 days

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Incentive Plan - Summary of Long-Term Incentive Units (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Units
Granted (shares)	167,000
Long-term incentive units
Units
Unvested beginning of period (shares)	250,468
Granted (shares)	167,326
Vested (shares)	(127,117)
Unvested end of period (shares)	290,677
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 132.66
Granted (in dollars per share) | $ / shares	154.09
Vested (in dollars per share) | $ / shares	130.32
Unvested, end of period (in dollars per share) | $ / shares	$ 146.02
Long-term incentive units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Long-term incentive units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted stock
Units
Unvested beginning of period (shares)	509,369
Granted (shares)	312,244
Vested (shares)	(169,630)
Cancelled or expired (shares)	(44,828)
Unvested end of period (shares)	607,155
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 129.52
Granted (in dollars per share) | $ / shares	138.35
Vested (in dollars per share) | $ / shares	124.32
Cancelled or expired (in dollars per share) | $ / shares	133.37
Unvested, end of period (in dollars per share) | $ / shares	$ 135.23

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Incentive Plan - Summary of activity for Service-Based Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Units
Granted (shares)	167,000
Restricted stock
Units
Unvested beginning of period (shares)	509,369
Granted (shares)	312,244
Vested (shares)	(169,630)
Cancelled or expired (shares)	(44,828)
Unvested end of period (shares)	607,155
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 129.52
Granted (in dollars per share) | $ / shares	138.35
Vested (in dollars per share) | $ / shares	124.32
Cancelled or expired (in dollars per share) | $ / shares	133.37
Unvested, end of period (in dollars per share) | $ / shares	$ 135.23

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Incentive Plan - Narrative (Details) shares in Millions	6 Months Ended
	Jun. 30, 2022 shares
2014 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining for issuance under Incentive Plan (shares)	5.0
Long-term incentive units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Long-term incentive units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Service Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Service Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years

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Derivative Instruments - Outstanding Interest Rate Derivatives (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Level 2
Currently-paying contracts
Fair value of derivatives	$ 0

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Fair Value of Financial Instruments - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 12,874,690	$ 14,147,889
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	14,410,176	13,562,240
Level 2 | Global revolving credit facilities | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,458,730	415,116
Level 2 | Global revolving credit facilities | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	1,458,730	415,116
Level 2 | Unsecured senior notes | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	11,262,417	13,580,262
Level 2 | Unsecured senior notes | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	12,792,422	13,000,042
Level 2 | Secured and Other Debt | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	153,543	152,511
Level 2 | Secured and Other Debt | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	$ 159,024	$ 147,082

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Commitments and Contingencies - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Reimbursable amount of commitments related to construction contracts	$ 55.1
Commitments related to construction contracts	$ 1,900.0

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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Information
Cash and cash equivalents	$ 99,226		$ 142,698
Restricted cash (included in other assets)	9,995		8,787
Total	109,221	$ 128,513	$ 151,485	$ 123,652
Interest, net of amounts capitalized	144,100	151,700
Income taxes, net of refunds	8,800	12,700
Accrued construction related costs	$ 469,600	$ 370,300

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Segment and Geographic Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment			1
Number of Reportable Segments | segment			1
Operating Revenues	$ 1,139,322,000	$ 1,093,188,000	$ 2,266,644,000	$ 2,183,579,000
Investments in Properties, net	22,742,938,000		22,742,938,000		$ 22,569,930,000
Operating lease right-of-use assets, net	1,310,970,000		1,310,970,000		1,405,441,000
Net Assets in Foreign Operations	2,990,500,000		2,990,500,000		3,865,400,000
Outside the United States
Segment Reporting Information [Line Items]
Operating Revenues	459,700,000	$ 406,800,000	921,800,000	$ 806,300,000
Investments in Properties, net	9,602,500,000		9,602,500,000		9,594,300,000
Operating lease right-of-use assets, net	$ 618,400,000		618,400,000		686,400,000
Outside the United States | Revenue | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Operating Revenues			40.7
Concentration risk	40.30%	37.20%		36.90%
United States
Segment Reporting Information [Line Items]
Operating Revenues	$ 679,700,000	$ 686,400,000	1,344,800,000	$ 1,377,300,000
Investments in Properties, net	11,197,900,000		11,197,900,000		11,167,900,000
Operating lease right-of-use assets, net	$ 692,600,000		$ 692,600,000		$ 719,100,000

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Subsequent Events (Details) - USD ($) $ in Millions		6 Months Ended
	Aug. 01, 2022	Jun. 30, 2022	Apr. 01, 2022	Dec. 31, 2021
2022 Sales Agreement
Subsequent Events
Aggregate maximum offering price			$ 1,500.0
Aggregate gross sales price unsold		$ 0.0
Global revolving credit facilities
Subsequent Events
Line of credit facility maximum borrowing capacity				$ 3,000.0
Subsequent Event | Teraco
Subsequent Events
Percentage of interest acquired	55.00%
Total purchase consideration	$ 1,700.0