Equity and Accumulated Other Comprehensive Loss, Net (Tables)

12 Months Ended

Dec. 31, 2019

Equity and Accumulated Other Comprehensive Loss, Net

Schedule of redeemable preferred stock

				Total
				Liquidation		Annual		Shares Outstanding as of		Balance (in thousands, net of
	Date(s)	Initial Date to		Value (in		Dividend		December 31,		issuance costs) as of December 31,
Preferred Stock (1)	Issued	Redeem (2)	Share Cap (3)	thousands) (4)		Rate (5)		2019	2018	2019		2018
6.625% Series C Cumulative Redeemable Perpetual Preferred Stock	Sep 14, 2017	May 15, 2021	0.6389035	$	201,250	$	1.65625	8,050,000	8,050,000	$	219,250	$	219,250
5.875% Series G Cumulative Redeemable Preferred Stock	Apr 9, 2013	Apr 9, 2018	0.7532000		250,000		1.46875	10,000,000	10,000,000		241,468		241,468
7.375% Series H Cumulative Redeemable Preferred Stock	Mar 26, 2014	Mar 26, 2019	0.9632000		—		1.84375	—	14,600,000		—		353,290
6.350% Series I Cumulative Redeemable Preferred Stock	Aug 24, 2015	Aug 24, 2020	0.7623100		250,000		1.58750	10,000,000	10,000,000		242,012		242,012
5.250% Series J Cumulative Redeemable Preferred Stock	Aug 7, 2017	Aug 7, 2022	0.4252100		200,000		1.31250	8,000,000	8,000,000		193,540		193,540
5.850% Series K Cumulative Redeemable Preferred Stock	Mar 13, 2019	Mar 13, 2024	0.4361100		210,000		1.46250	8,400,000	—		203,264		—
5.200% Series L Cumulative Redeemable Preferred Stock	Oct 10, 2019	Oct 10, 2024	0.3851800		345,000		1.30000	13,800,000	—		334,886		—
				$	1,456,250			58,250,000	50,650,000	$	1,434,420	$	1,249,560

(1) All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

(2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption.

(3) Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc.

(4) Liquidation preference is $25.00 per share.

(5) Dividends on preferred shares are cumulative and payable quarterly in arrears.

Ownership Interest In The Operating Partnership

	December 31, 2019			December 31, 2018
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	208,900,758	95.9	%	206,425,656	95.1	%
Noncontrolling interests consist of:
Common units held by third parties	6,820,201	3.1	%	6,297,272	2.9	%
Issuance of units in connection with Ascenty Acquisition	—	—	%	2,338,874	1.1	%
Incentive units held by employees and directors (see Note 15)	2,022,954	0.9	%	1,944,738	0.9	%
	217,743,913	100.0	%	217,006,540	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 years ended December 31, 2019, 2018 and 2017:

	Common Units	Incentive Units	Total
As of December 31, 2016	1,141,814	1,333,849	2,475,663
Common units issued in connection with the DFT Merger	6,111,770	—	6,111,770
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(354,490)	—	(354,490)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(208,092)	(208,092)
Incentive units issued upon achievement of market performance condition	—	390,795	390,795
Grant of incentive units to employees and directors	—	73,449	73,449
As of December 31, 2017	6,899,094	1,590,001	8,489,095
Common units issued in connection with the Ascenty Acquisition	2,338,874	—	2,338,874
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(601,822)	—	(601,822)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(110,070)	(110,070)
Incentive units issued upon achievement of market performance condition	—	357,956	357,956
Grant of incentive units to employees and directors	—	128,986	128,986
Cancellation / forfeitures of incentive units held by employees and directors	—	(22,135)	(22,135)
As of December 31, 2018	8,636,146	1,944,738	10,580,884
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)	(1,815,945)	—	(1,815,945)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(338,515)	(338,515)
Incentive units issued upon achievement of market performance condition	—	319,279	319,279
Grant of incentive units to employees and directors	—	120,368	120,368
Cancellation / forfeitures of incentive units held by employees and directors	—	(22,916)	(22,916)
As of December 31, 2019	6,820,201	2,022,954	8,843,155

(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

We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2019, 2018 and 2017 (in thousands):

		Series C			Series F			Series G		Series H			Series I		Series J			Series K			Series L
		Preferred			Preferred			Preferred		Preferred			Preferred		Preferred			Preferred			Preferred			Common
Date dividend declared	Dividend payment date	Stock			Stock			Stock		Stock			Stock		Stock			Stock			Stock			Stock
March 1, 2017	March 31, 2017	$	—		$	3,023		$	3,672	$	6,730		$	3,969	$	—		$	—		$	—		$	148,358	(1)
May 8, 2017	June 30, 2017		—			—	(2)		3,672		6,730			3,969		—			—			—			150,814	(1)
August 7, 2017	September 29, 2017		—			—			3,672		6,730			3,969		—			—			—			191,041	(1)
November 2, 2017	December 29, 2017 for Preferred Stock; January 12, 2018 for Common Stock		3,963	(3)		—			3,672		6,730			3,969		4,200	(3)		—			—			191,067	(1)
		$	3,963		$	3,023		$	14,688	$	26,920		$	15,876	$	4,200		$	—		$	—		$	681,280
March 1, 2018	March 30, 2018	$	3,333		$	—		$	3,672	$	6,730		$	3,969	$	2,625		$	—		$	—		$	208,015	(4)
May 8, 2018	June 29, 2018		3,333			—			3,672		6,730			3,969		2,625			—			—			208,071	(4)
August 14, 2018	September 28, 2018		3,333			—			3,672		6,730			3,969		2,625			—			—			208,166	(4)
November 12, 2018	December 31, 2018 for Preferred Stock; January 15, 2019 for Common Stock		3,333			—			3,672		6,730			3,969		2,625			—			—			208,415	(4)
		$	13,332		$	—		$	14,688	$	26,920		$	15,876	$	10,500		$	—		$	—		$	832,667
February 21, 2019	March 29, 2019	$	3,333			—		$	3,672	$	6,730		$	3,969	$	2,625		$	—		$	—		$	224,802	(5)
May 13, 2019	June 28, 2019		3,333			—			3,672		—	(6)		3,969		2,625			3,686	(7)		—			224,895	(5)
August 13, 2019	September 30, 2019		3,333			—			3,672		—			3,969		2,625			3,071			—			225,188	(5)
November 19, 2019	December 31, 2019 for Preferred Stock; January 15, 2020 for Common Stock		3,333			—			3,672		—			3,969		2,625			3,071			4,036	(8)		225,488	(5)
		$	13,332		$	—		$	14,688	$	6,730		$	15,876	$	10,500		$	9,828		$	4,036		$	900,373
Annual rate of dividend per share		$	1.65625		$	1.65625		$	1.46875	$	1.84375		$	1.58750	$	1.31250		$	1.46250		$	1.30000

(1) $3.720 annual rate of dividend per share.

(2) Redeemed on April 5, 2017 for $25.01840 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date of approximately $0.1 million in the aggregate. In connection with the redemption, the previously incurred offering costs of approximately $6.3 million were recorded as a reduction to net income available to common stockholders.

(3) Represents a pro rata dividend from and including the original issue date to and including December 31, 2017.

(4) $4.040 annual rate of dividend per share.

(5) $4.320 annual rate of dividend per share.

(6) Redeemed on April 1, 2019 for $25.00 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date. In connection with the redemption, the previously incurred offering costs of approximately $11.8 million were recorded as a reduction to net income available to common stockholders.

(7) Represents a pro rata dividend from and including the original issue date to and including June 30, 2019.

(8) Represents a pro rata dividend from and including the original issue date to and including December 31, 2019.

Schedule of Accumulated Other Comprehensive Income, Net

The accumulated balances for each item within other comprehensive income (loss), net are as follows (in thousands):

	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, 2017	$	(147,370)	$	13,200	$	25,738	$	(108,432)
Net current period change		(11,279)		7,890		—		(3,389)
Reclassification to interest expense from interest rate swaps		—		(3,826)		—		(3,826)
Balance as of December 31, 2018	$	(158,649)	$	17,264	$	25,738	$	(115,647)
Net current period change		22,015		(8,839)		—		13,176
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty		21,687		—		—		21,687
Reclassification to interest expense from interest rate swaps		—		(7,138)		—		(7,138)
Balance as of December 31, 2019	$	(114,947)	$	1,287	$	25,738	$	(87,922)