Digital Realty Trust (DLR) 10-K risk factor changes: FY2019 vs FY2018

Please refer to the section entitled “Forward-Looking Statements” starting on page [removed: 37.][added: 50.]

A reduction in the demand for data center space, power or connectivity would have a greater adverse effect on our business and financial condition than if we owned a portfolio with a [removed: more diversified customer base or] less specialized use.

Any such slowdown or adverse development could lead to reduced [removed: corporate IT spending or reduced demand for data center space.]

[Index to Financial [removed: Statements](#s2B500944376E5624A4F2B8DC0C10B1C2)][added: Statements](#INDEX_423931)]

We may fail to provide such service as a result of numerous factors, including mechanical failure, power outage, human error, physical or electronic security breaches, war, terrorism, fire, earthquake, [added: pandemics,] hurricane, flood and other natural disasters, sabotage and vandalism.

Substantially all of our customer [removed: leases] [added: agreements] include terms requiring us to meet certain service level commitments to our customers.

Any failure to meet these or other commitments or any equipment damage in our data centers, including as a result of mechanical failure, power outage, human error or other reasons, could subject us to liability under [added: the terms of] our [removed: lease terms,] [added: customer agreements,] including service level credits against customer rent payments, monetary damages, or, in certain cases of repeated failures, the right by the customer to terminate the [removed: lease.][added: agreement.]

Service interruptions, equipment failures or security breaches may also expose us to additional legal liability and monetary [removed: damages and damage our brand and reputation, and could cause our customers to terminate or not renew their leases.]

Although our customers’ computing equipment resides in our buildings, we do not have access to, nor do we have knowledge of, what [added: applications and] data [removed: is] [added: are] being housed and processed on their equipment.

[removed: Similarly, new regulations such as] [added: For example,] the EU General Data Protection Regulation (GDPR) [added: and similar regulations] may have significant [removed: operational] impact on our operations.

As of December 31, [removed: 2018,] [added: 2019,] the 20 largest customers in our portfolio represented approximately [removed: 53.5%] [added: 53.2%] of the total annualized rent generated by our properties.

Our top three customers leased approximately 4.0 million square feet of net rentable space as of December 31, [removed: 2018,] [added: 2019,] representing approximately [removed: 19.4%] [added: 20.8%] of the total annualized rent generated by our properties.

In addition, 63 of our [removed: 214] [added: 225] data centers are occupied by single customers, including data centers occupied solely by our top three customers.

Many factors, including global economic conditions, may cause our customers to experience a downturn in their businesses or otherwise experience a lack of liquidity, which may weaken their financial condition and [added: impact our estimates as to the probability of collectability of payments, and ultimately] result in their failure to make timely rental and other payments or their default under their agreements with us.

[added: If any customer defaults or fails to make] timely rent or other payments, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment, which could adversely affect our financial condition and results of operations.

If any customer becomes a debtor in a case under the [removed: federal] [added: U.S.] Bankruptcy Code, we cannot evict the customer solely because of the bankruptcy.

[removed: Our claim against the customer for unpaid, future rent and other payments would be subject to a] statutory cap that might be substantially less than the remaining amounts actually owed under their agreements with us.

As of February [removed: 22, 2019,] [added: 27, 2020,] we had no material customers in bankruptcy.

Our ability to attract, grow and retain a diverse and balanced customer base, consisting of [removed: a variety of] enterprises, [removed: including] cloud service providers, network service providers, and digital economy customers, some of which we consider to be key magnets drawing in other customers, may affect our ability to maximize our revenues.

Dense and desirable customer concentrations within [removed: each] [added: a] facility enable us to better generate significant interconnection revenues, which in turn increases our overall revenues.

In addition, our development space will generally require substantial improvement to be suitable for data center [removed: use.]

At December 31, [removed: 2018,] [added: 2019,] we owned approximately [removed: 3.4] [added: 4.5] million square feet of space under active development and approximately [removed: 2.1] [added: 1.8] million square feet of space held for future development.

If we are not able to complete development in a timely manner or successfully lease the space that we develop, if development costs are higher than we currently estimate, or if [removed: lease] [added: rental] rates are lower than expected when we began the project or are otherwise undesirable, our financial condition, results of operations, cash flow, cash available for distribution and ability to satisfy our debt service obligations could be materially adversely affected.

In addition, as of December 31, [removed: 2018,] [added: 2019,] customer agreements representing [removed: 22.1%] [added: 19.9%] of the square footage of the properties in our portfolio, excluding month-to-month leases and space held for development, were scheduled to expire through [removed: 2020,] [added: 2021,] and an additional [removed: 11.6%] [added: 14.4%] of the net rentable square footage, excluding space held for development, was available to be leased.

Economic conditions, including market downturns, may further impact this long sales cycle by making it difficult for customers to plan future business activities, which could cause customers to slow spending or delay [removed: decision‑making.][added: decision-making.]

Our portfolio is located in [removed: 35] [added: 36] metropolitan areas.

As of December 31, [removed: 2018,] [added: 2019,] our portfolio, including the [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures, was geographically concentrated in the following metropolitan areas:

| [removed: Metropolitan Area] [added: Metropolitan Area] | [removed: Percentage of December 31, 2018 total] [added: ​ | Total] annualized rent [removed: (1)] [added: (1)] | |

| Northern Virginia | [removed: 23.2] | [added: 24.0 |] % |

| Silicon Valley | [removed: 9.0] | [added: 8.2 |] % |

| New York | [removed: 8.4] | [added: 8.1 |] % |

| London, United Kingdom | [removed: 8.4] | [added: 8.1 |] % |

| San Francisco | [removed: 2.6] | [added: 2.4 |] % |

| [removed: Sao] [added: São] Paulo, Brazil | [removed: 2.6] [added: ​] | [added: 4.3 |] % |

| Atlanta | [added: |] 2.1 | % |

| Amsterdam, Netherlands | [removed: 1.9] | [added: 1.6 |] % |

| [removed: Total] [added: Total] | [added: |] 100.0 | % |

| (1) | Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of December 31, [removed: 2018,] [added: 2019,] multiplied by 12. The aggregate amount of abatements for the year ended December 31, [removed: 2018] [added: 2019] was approximately [removed: $47.4] [added: $70.3] million. [added: Includes consolidated portfolio and unconsolidated joint ventures at the joint ventures’ 100% ownership level.] |

[removed: Any negative] changes in real estate, technology or economic conditions in these metropolitan areas in particular could negatively impact our performance.

We do not own [removed: 16] [added: 14] buildings [added: in our portfolio] that account for approximately [removed: 1.3] [added: 1.0] million rentable square feet, or approximately [removed: 4%] [added: 3%] of our total rentable square feet.

corporate IT spending or reduced demand for data center space.

[Index to Financial Statements](#INDEX_423931)

damages and damage our brand and reputation, and could cause our customers to terminate or not renew their agreements.

Our claim against the customer for unpaid, future rent and other payments would be subject to a

[Index to Financial Statements](#INDEX_423931)

[Index to Financial Statements](#INDEX_423931)

use.

[Index to Financial Statements](#INDEX_423931)

| ​ | ​ | ​ | ​ |

| --- | --- | --- | --- |

| ​ | | Percentage of | |

| ​ | ​ | December 31, 2019 | |

| Chicago | | 11.2 | % |

| Dallas | | 7.6 | % |

| Phoenix | | 3.2 | % |

| Singapore | | 3.1 | % |

| Seattle | | 2.4 | % |

| Los Angeles | | 1.7 | % |

| Other | | 12.0 | % |

Any negative

[Index to Financial Statements](#INDEX_423931)

[Index to Financial Statements](#INDEX_423931)

facilities that satisfy such requirements.

[Index to Financial Statements](#INDEX_423931)

telecommunications carriers and customers to our portfolio.

| --- | --- | --- |

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| | ● | differing employment practices and labor issues, including related to works councils, employee committees, labor unions and collective rights of action; |

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| | ● | risks related to bribery and corruption. |

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[Index to Financial Statements](#INDEX_423931)

Following a national referendum and enactment of legislation by the government of the United Kingdom, the United Kingdom formally withdrew from the European Union on January 31, 2020 and entered into a transition period during which it will continue its ongoing and complex negotiations with the European Union relating to the future trading relationship between the parties.

If any customer defaults or fails to make

| | | |

| Chicago | 11.8 | % |

| Dallas | 7.7 | % |

| Singapore | 3.6 | % |

| Phoenix | 3.6 | % |

| Seattle | 2.3 | % |

| Other | 12.8 | % |

| | |

| --- | --- |

locations.

adversely affect our results of operations.

| • | differing employment practices and labor issues; |

In June 2016, a majority of voters in the United Kingdom elected to withdraw from the European Union in a national referendum, referred to as Brexit.

The referendum was advisory, and the terms of any withdrawal are subject to continuing negotiation.

Nevertheless, the referendum has created significant uncertainty about the future relationship between the United Kingdom and the European Union, and has given rise to calls for the governments of other European Union member states to consider withdrawal.

If the United Kingdom and the European Union are unable to negotiate acceptable withdrawal terms or if other European Union member states pursue withdrawal, barrier-free access between the United Kingdom and other European Union member states or among the European economic area overall could be diminished or eliminated.

Brexit could lead to legal uncertainty and potentially divergent national laws and regulations as the United Kingdom determines which European Union laws to replace and replicate.

This influence, as well as Brazilian political and economic conditions, could adversely affect us.

thresholds, a significant deductible or an aggregate cap on losses.

As of December 31, 2018, we have a $2.35

It is likely that we will need to refinance at least a portion of our outstanding debt as it matures.

Because a significant portion of our debt, including debt incurred under our global revolving credit facility, bears interest at variable rates, increases in interest rates could materially increase our interest expense.

Adverse changes in our Company’s credit ratings could negatively affect our financing activity.

Our global revolving credit facility, unsecured term loan facility and senior notes restrict our ability to engage in some business activities.

Our global revolving credit facility and unsecured term loan facility contain negative covenants and other financial and operating covenants that, among other things:

| • | restrict our ability to incur additional indebtedness; |

| • | restrict our ability to make certain investments; |

| • | restrict our ability to merge with another company; |

| • | restrict our ability to create, incur or assume liens; and |

| • | require us to maintain financial coverage ratios, including with respect to unencumbered assets. |

We seek to manage our exposure to interest rate volatility by using interest rate hedging arrangements, such as interest rate cap, forward or swap lock agreements.

better able to negotiate with customers.

flows from those properties.

dividends to Digital Realty Trust, Inc.’s stockholders and distributions to Digital Realty Trust, L.P.’s unitholders or that such costs or other remedial measures will not have a material adverse effect on our business, assets or results of operations.

Tax consequences upon sale or refinancing.

Digital Realty Trust, L.P.’s partnership agreement contains provisions that may delay, defer or prevent a change of control transaction.

The change of control conversion features of Digital Realty Trust, Inc.’s preferred stock may make it more difficult for a party to take over our Company or discourage a party from taking over our Company.

Digital Realty Trust, Inc. could increase or decrease the number of authorized shares of stock and issue stock without stockholder approval.

Certain provisions of Maryland law could inhibit changes in control.

[removed: The] [added: _The] following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report.

For a discussion of such risk factors, see the sections in this report entitled “Risk Factors” and “Forward-Looking [removed: Statements.”][added: Statements.”_]

[removed: Business] [added: _Business] and [removed: strategy.][added: strategy_.]

As of December 31, [removed: 2018,] [added: 2019,] our portfolio included [removed: 214] [added: 225] data centers, including [removed: 18] [added: 12 held-for-sale] data centers [added: and 41 data centers] held as investments in unconsolidated joint ventures, with approximately [removed: 34.5] [added: 36.6] million rentable square feet including approximately [removed: 3.4] [added: 4.5] million square feet of space under active development and approximately [removed: 2.1] [added: 1.8] million square feet of space held for development.

The [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures have an aggregate of approximately [removed: 2.5] [added: 5.0] million rentable square feet.

The [removed: 26] [added: 24] parcels of developable land we own comprised approximately [removed: 959] [added: 944] acres.

At December 31, [removed: 2018,] [added: 2019,] excluding non-managed joint ventures, approximately [removed: 2.8] [added: 4.1] million square feet was under construction for Turn-Key [removed: Flex®, colocation] [added: Flex®] and Powered Base Building® products, all of which are expected to be income producing on or after completion, in [removed: five] [added: seven] U.S. metropolitan areas, [removed: four] [added: five] European metropolitan areas, [removed: one Australian] [added: three Asian] metropolitan [removed: area,] [added: areas,] one [removed: Canadian] [added: Australian] metropolitan area and one [removed: Asian] [added: Canadian] metropolitan area, consisting of approximately [removed: 1.7] [added: 2.9] million square feet of base building construction and [removed: 1.1] [added: 1.2] million square feet of data center construction.

[Index to Financial [removed: Statements](#s2B500944376E5624A4F2B8DC0C10B1C2)][added: Statements](#INDEX_423931)]

We expect to continue to acquire additional assets as part of our growth [removed: strategy.]

As of December 31, [removed: 2018,] [added: 2019,] we operated [removed: 214] [added: 225] data centers through our Operating Partnership, including [removed: 18] [added: 12 held-for-sale] data centers [added: and 41 data centers] held as investments in unconsolidated joint ventures, and developable land.

These data centers are mainly located throughout North America, with [removed: 38] [added: 41] located in Europe, [removed: 16] [added: 19] in Latin America, [removed: seven] [added: 10] in Asia and five [removed: properties] in Australia.

The following table presents an overview of our portfolio of data centers, including the [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures, and developable land, based on information as of December 31, [removed: 2018.][added: 2019.]

| [removed: Metropolitan Area | | Data Center Buildings | |] [added: ​] | [removed: Net Rentable Square Feet (1)] [added: Data Center] | [added: ​] | [added: Net Rentable] | [removed: Space Under Active Development (2)] [added: ​] | [added: Active] | [added: ​] | [removed: Space] [added: Space] Held [removed: for Development (3) | |] [added: for] |

| [removed: North America | | | | | |] [added: North America] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] |

| Silicon Valley | [removed: | 19 |] [added: 20] | | 2,251,021 | | [removed: | — |] [added: 65,594] | | — | [removed: | |]

| Atlanta | [removed: | 5 | |] [added: 4] | [removed: 775,606] | [added: 525,414] | | — | | [removed: |] 313,581 | [removed: | |]

| Houston | [removed: |] 6 | [removed: |] [added: ​] | 392,816 | [removed: |] [added: ​] | — | [removed: |] [added: ​] | 13,969 | [removed: | |]

| Austin | [removed: |] 1 | | [removed: |] 85,688 | | [removed: |] — | | [removed: |] — | [removed: | |]

| Miami | [removed: |] 2 | | [removed: |] 226,314 | | [removed: |] — | | [removed: |] — | [removed: | |]

| Portland | [removed: | 1 |] [added: 2] | | 48,574 | | [removed: | — |] [added: 552,862] | | — | [removed: | |]

| [removed: Minneapolis/St. Paul |] [added: Minneapolis] | 1 | | [removed: |] 328,765 | | [removed: |] — | | [removed: |] — | [removed: | |]

| Charlotte | [removed: |] 3 | | [removed: |] 95,499 | | [removed: |] — | | [removed: |] — | [removed: | |]

| [removed: Europe | | | | | |] [added: Europe] | | | | | | | |

| Paris, France [removed: (6)] | [removed: | 3 |] [added: 4] | | 185,994 | | [removed: | — |] [added: 96,402] | | — | [removed: | |]

| Manchester, England [removed: (5)] | [removed: |] 1 | | [removed: |] 38,016 | | [removed: |] — | | [removed: |] — | [removed: | |]

| Geneva, Switzerland [removed: (6)] | [removed: |] 1 | [removed: |] [added: ​] | 59,190 | | [removed: |] — | | [removed: |] — | [removed: | |]

| [removed: Asia Pacific | | | | | |] [added: Asia Pacific] | | | | | | | |

| Singapore [removed: (7)] | [removed: | 2 |] [added: 3] | | 540,638 | | [removed: | — |] [added: 344,826] | | — | [removed: | |]

| Melbourne, Australia [removed: (8)] | [removed: |] 2 | [removed: |] [added: ​] | 146,570 | | [removed: |] — | | [removed: |] — | [removed: | |]

| [removed: Non-Data] [added: Non-Data] Center [removed: Properties |] [added: Properties] | — | | [removed: | 516,107 | | | — |] [added: 278,068] | | [removed: —] [added: —] | | [added: —] |

| [removed: Managed] [added: Managed] Unconsolidated Joint [removed: Ventures | | | | | |] [added: Ventures] | | | | | | | |

| Northern Virginia | | [removed: 4 | | | 546,572 | | | — | | | — |] [added: 24.0] | [added: %] |

| Silicon Valley | [removed: |] 4 | | [removed: |] 326,305 | | [removed: |] — | | [removed: |] — | [removed: | |]

| Dallas | [removed: |] 3 | | [removed: |] 319,876 | | [removed: |] — | | [removed: |] — | [removed: | |]

| New York | [removed: |] 1 | | [removed: |] 108,336 | | [removed: |] — | | [removed: |] — | [removed: | |]

| [removed: Non-Managed] [added: Non-Managed] Unconsolidated Joint [removed: Ventures | | | | | |] [added: Ventures] | | | | | | | |

| Seattle | [removed: |] 2 | | [removed: |] 451,369 | | [removed: |] — | | [removed: |] — | [removed: | |]

| [removed: Tokyo (9) |] [added: Tokyo, Japan] | 2 | | [removed: |] 430,277 | | [removed: |] — | | [removed: |] — | [removed: | |]

| (1) | Current net rentable square feet as of December 31, [removed: 2018,] [added: 2019,] which represents the current square feet under lease as specified in the applicable lease agreements plus management’s estimate of space available for lease based on engineering drawings. Includes customers’ proportional share of common areas and excludes space under active development and space held for development. |

As of December 31, [removed: 2018,] [added: 2019,] our portfolio, including the [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures, were approximately [removed: 89.0%] [added: 86.8%] leased excluding approximately [removed: 3.4] [added: 4.5] million square feet of space under active development and approximately [removed: 2.1] [added: 1.8] million square feet of space held for development.

_Our Company_.

strategy.

_Revenue base_.

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| ​ | ​ | | ​ | | Space Under | | ​ |

| Metropolitan Area | Buildings | ​ | Square Feet (1) | ​ | Development (2) | ​ | Development (3) |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Northern Virginia | 23 | | 5,332,240 | | 717,918 | | 81,195 |

| Chicago | 10 | | 3,040,208 | | 386,604 | | 148,650 |

| New York | 12 | | 2,048,955 | | 34,010 | | 137,018 |

| Dallas | 20 | | 3,354,328 | | 182,589 | | 49,646 |

| Phoenix | 3 | | 795,687 | | — | | 227,274 |

| San Francisco | 4 | | 787,083 | | 61,210 | | — |

| Los Angeles | 4 | | 818,479 | | — | | — |

| Toronto | 2 | | 232,980 | | 583,029 | | — |

| Boston | 4 | ​ | 467,519 | ​ | — | ​ | 50,649 |

| North America Total | 121 | | 20,831,571 | | 2,583,816 | | 1,021,982 |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| London, United Kingdom | 16 | | 1,456,352 | | 136,921 | | 99,175 |

| Amsterdam, Netherlands | 10 | | 599,591 | | 48,490 | | 95,262 |

| Dublin, Ireland | 5 | | 265,430 | | 26,646 | | 64,750 |

| Frankfurt, Germany | 4 | | 222,261 | | 185,814 | | — |

| Europe Total | 41 | | 2,826,835 | | 494,273 | | 259,187 |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Sydney, Australia | 3 | | 225,728 | | 88,629 | | — |

| Osaka, Japan | 1 | | — | | 193,535 | | — |

| Tokyo, Japan | 1 | ​ | — | | 406,664 | | — |

| Asia Pacific Total | 10 | | 912,936 | | 1,033,654 | | — |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Held for Sale | 12 | ​ | 1,377,405 | | — | | — |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

[Index to Financial Statements](#INDEX_423931)

| Hong Kong | 1 | | 182,488 | | — | | 3,812 |

| --- | --- | --- | --- | --- | --- | --- | --- |

| ​ | 16 | | 2,187,424 | | — | | 3,812 |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| São Paulo, Brazil | 15 | ​ | 739,373 | | 219,118 | | 394,988 |

| Osaka, Japan | 2 | | 207,464 | | 93,748 | | 30,874 |

| Fortaleza, Brazil | 1 | ​ | 94,205 | | — | | — |

Our Company.

On December 20, 2018, the Operating Partnership and Stellar Participações Ltda., a Brazilian subsidiary of the Operating Partnership (“Acquisition Sub”), completed the acquisition of Ascenty, a leading data center provider in Brazil, for cash and equity consideration of approximately $2.0 billion.

We refer to this transaction as the Ascenty Acquisition.

On September 14, 2017, we completed the acquisition of DuPont Fabros Technology, Inc., in an all-stock merger, which we refer to as the DFT Merger, for equity consideration of approximately $6.2 billion.

We believe this transaction expanded our reach with a complementary footprint in top U.S. metropolitan areas while enhancing our ability to meet the growing demand for hyper-scale and public cloud solutions and solidifying our blue-chip customer base.

As part of the DFT Merger, we acquired 15 data centers, 14 of which are located in the United States and one is located in Canada.

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.

Revenue base.

| | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Northern Virginia | | 30 | | | 5,718,180 | | | 1,425,029 | | | 84,852 | | |

| Chicago | | 10 | | | 2,963,850 | | | 459,250 | | | 152,362 | | |

| New York | | 12 | | | 1,980,040 | | | — | | | 240,157 | | |

| Dallas | | 21 | | | 3,435,188 | | | 132,310 | | | 81,206 | | |

| Phoenix | | 4 | | | 990,385 | | | — | | | 108,926 | | |

| San Francisco | | 4 | | | 834,540 | | | 13,753 | | | — | | |

| Los Angeles | | 4 | | | 806,934 | | | 11,545 | | | — | | |

| Boston | | 5 | | | 534,249 | | | — | | | 50,649 | | |

| Toronto, Canada (4) | | 3 | | | 326,591 | | | 60,506 | | | 511,969 | | |

| Denver | | 2 | | | 371,500 | | | — | | | — | | |

| Seattle | | 1 | | | 40,564 | | | — | | | 75,382 | | |

| North America Total / Weighted Average | | 134 | | | 22,206,304 | | | 2,102,393 | | | 1,633,053 | | |

| London, United Kingdom (5) | | 16 | | | 1,430,107 | | | 92,560 | | | 104,606 | | |

| Amsterdam, Netherlands (6) | | 9 | | | 474,303 | | | 91,859 | | | 68,185 | | |

| Dublin, Ireland (6) | | 5 | | | 330,180 | | | 26,646 | | | — | | |

| Frankfurt, Germany (6) | | 3 | | | 83,981 | | | 157,056 | | | — | | |

| Europe Total / Weighted Average | | 38 | | | 2,601,771 | | | 368,121 | | | 172,791 | | |

| Sydney, Australia (8) | | 3 | | | 196,665 | | | 117,692 | | | — | | |

| Osaka, Japan (9) | | 1 | | | — | | | 239,999 | | | — | | |

| Asia Pacific Total / Weighted Average | | 8 | | | 883,873 | | | 357,691 | | | — | | |

| Ascenty Acquisition (10) | | 16 | | | 473,251 | | | 522,643 | | | 243,160 | | |

| Hong Kong (11) | | 1 | | | 114,883 | | | — | | | 71,417 | | |

| | | 13 | | | 1,479,594 | | | — | | | 7,795 | | |

| Osaka (9) | | 1 | | | 92,087 | | | — | | | — | | |

| | | 5 | | | 973,733 | | | — | | | — | | |

| Total | | 214 | | | 29,134,633 | | | 3,350,848 | | | 2,056,799 | | |

| | |

| --- | --- |

| (4) | Rental amounts were calculated based on the exchange rate in effect on December 31, 2018 of $0.73 to 1.00 CAD. |

As of December 31, [removed: 2018,] [added: 2019,] our consolidated debt was as follows (in millions):

| [removed: | Carrying Value] [added: ​] | [added: ​] | [added: Carrying Value] | | [removed: Estimated Fair Value] | [added: Value] | |

| Fixed rate debt | [removed: $] [added: ​] | [removed: 7,487.4] [added: $] | [added: 9,042.5] | [added: ​] | $ | [removed: 7,542.2 |] [added: 9,698.5] |

| Variable rate debt subject to interest rate swaps | [removed: 783.1 |] [added: ​] | | [added: 479.8] | [removed: 783.1] [added: ​] | | [added: 479.8] |

| Total fixed rate debt (including interest rate swaps) | [removed: 8,270.5 |] [added: ​] | | [added: 9,522.3] | [removed: 8,325.3] [added: ​] | | [added: 10,178.3] |

| Variable rate debt | [removed: 2,911.4 |] [added: ​] | | [added: 683.1] | [removed: 2,911.4] [added: ​] | | [added: 683.1] |

| Total outstanding debt | [removed: $] [added: ​] | [removed: 11,181.9] [added: $] | [added: 10,205.4] | [added: ​] | $ | [removed: 11,236.7 |] [added: 10,861.4] |

Interest rate derivatives and their fair values as of December 31, [removed: 2018] [added: 2019] and December 31, [removed: 2017] [added: 2018] were as follows (in thousands):

| [removed: Notional Amount | | |] [added: Notional Amount] | | | | | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [removed: Fair Value at Significant Other Observable] [added: Observable] Inputs (Level [removed: 2) | |] [added: 2)] | | | | |

| [removed: As of December 31, 2018 | | | | As of December 31, 2017 |] [added: December 31,] | | [added: ​] | [removed: Type of Derivative] [added: December 31,] | | [removed: Strike Rate] [added: ​] | [added: Type of] | [added: ​] | [removed: Effective Date] [added: Strike] | [added: ​] | [removed: Expiration Date] [added: Effective] | [added: ​] | [removed: As of December 31, 2018] [added: Expiration] | [added: ​] | [added: December 31,] | | [removed: As of December 31, 2017] [added: ​] | [added: December 31,] | |

| [removed: Currently-paying contracts | | | | |] [added: Currently-paying contracts] | | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] |

| $ | [removed: 206,000 |] [added: —] | [removed: (1)] [added: ​] | $ | 206,000 | [removed: |] [added: (1)​] | Swap | | 1.611 | [removed: |] [added: ​] | Jun 15, 2017 | [added: ​] | Jan 15, 2020 | [added: ​] | $ | [removed: 1,976 |] [added: —] | [added: ​] | $ | [removed: 1,409 |] [added: 1,976] |

| [removed: 54,905] [added: ​] | [added: —] | [added: ​] | [removed: (1)] | 54,905 | [removed: | |] [added: (1)​] | Swap | | 1.605 | [removed: |] [added: ​] | Jun 6, 2017 | [added: ​] | Jan 6, 2020 | [removed: | 517 |] [added: ​] | | [added: —] | [removed: 374] [added: ​] | | [added: 517] |

| [removed: 75,000] [added: ​] | [added: 29,000] | [added: (1)​] | [removed: (1)] | 75,000 | [removed: | | (1)] [added: (1)​] | Swap | | 1.016 | [removed: |] [added: ​] | Apr 6, 2016 | [added: ​] | Jan 6, 2021 | [removed: | 2,169 |] [added: ​] | | [added: 175] | [removed: 2,260] [added: ​] | | [added: 2,169] |

| [removed: 75,000] [added: ​] | [added: 75,000] | [added: (1)​] | [removed: (1)] | 75,000 | [removed: | | (1)] [added: (1)​] | Swap | | 1.164 | [removed: |] [added: ​] | Jan 15, 2016 | [added: ​] | Jan 15, 2021 | [removed: | 1,970 |] [added: ​] | | [added: 345] | [removed: 1,947] [added: ​] | | [added: 1,970] |

| [removed: 300,000] [added: ​] | [added: 300,000] | [added: (1)​] | [removed: (1)] | 300,000 | [removed: | | (1)] [added: (1)​] | Swap | | 1.435 | [removed: |] [added: ​] | Jan 15, 2016 | [added: ​] | Jan 15, 2023 | [removed: | 11,463 |] [added: ​] | | [added: 945] | [removed: 9,978] [added: ​] | | [added: 11,463] |

| [removed: 72,220 | |] [added: ​] | [removed: (3)] [added: 75,825] | [removed: 78,357] [added: (2)​] | | [added: 72,220] | [removed: (3)] [added: (2)​] | Swap | | 0.779 | [removed: |] [added: ​] | Jan 15, 2016 | [added: ​] | Jan 15, 2021 | [removed: | 2,024 |] [added: ​] | | [added: 931] | [removed: 3,034] [added: ​] | | [added: 2,024] |

| (2) | Represents debt which bears interest based on one-month [removed: GBP LIBOR.] [added: CDOR.] Translation to U.S. dollars is based on exchange [removed: rate] [added: rates] of [removed: $1.35] [added: $0.77] to [removed: £1.00] [added: 1.00 CAD] as of December 31, [removed: 2017.] [added: 2019 and $0.73 to 1.00 CAD as of December 31, 2018.] |

[Index to Financial [removed: Statements](#s2B500944376E5624A4F2B8DC0C10B1C2)][added: Statements](#INDEX_423931)]

The following table shows the effects if assumed changes in interest rates occurred, based on fair values and interest expense as of December 31, [removed: 2018:][added: 2019:]

| [removed: Assumed event |] [added: Assumed event] | [removed: Change ($ millions)] [added: ​] | [added: ($ millions)] | |

| Increase in fair value of interest rate swaps following an assumed 10% increase in interest rates | [added: ​] | $ | [removed: 4.3 |] [added: 1.7] |

| Decrease in fair value of interest rate swaps following an assumed 10% decrease in interest rates | [removed: | (4.3] [added: ​] | | [removed: )] [added: (1.7)] |

| 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 | [removed: | 7.0] [added: ​] | | [added: 1.1] |

| 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 | [removed: | (7.0] [added: ​] | | [removed: )] [added: (1.1)] |

| Increase in fair value of fixed rate debt following a 10% decrease in interest rates | [removed: | 97.8] [added: ​] | | [added: 93.1] |

| Decrease in fair value of fixed rate debt following a 10% increase in interest rates | [removed: | (90.7] [added: ​] | | [removed: )] [added: (88.1)] |

For the years ended December 31, [removed: 2018, 2017] [added: 2019, 2018] and [removed: 2016,] [added: 2017,] we had foreign operations in the United Kingdom, Ireland, France, Germany, the Netherlands, Switzerland, Canada, Singapore, Australia, [removed: Japan and] [added: Japan,] Hong Kong [removed: as well as Brazil in the year ended December 31, 2018.][added: and Brazil.]

Our foreign operations are conducted in the British pound sterling, Euro, [added: Canadian dollar, Brazilian real,] Australian dollar, Singapore dollar, [removed: Canadian dollar,] Hong Kong [removed: dollar, Brazilian real] [added: dollar] and the Japanese yen.

[removed: We attempt to mitigate a] portion of the risk of currency fluctuation by financing our investments in the local currency denominations and we may also hedge well-defined transactional exposures with foreign currency forwards or options, although there can be no assurances that these will be effective.

For the years ended December 31, [removed: 2018, 2017] [added: 2019, 2018] and [removed: 2016,] [added: 2017,] operating revenues from properties outside the United States contributed [removed: $564.4] [added: $627.4] million, [removed: $515.2] [added: $564.4] million and [removed: $442.9] [added: $515.2] million, respectively, which represented [removed: 18.5%, 21.0%] [added: 19.5%, 18.5%] and 21.0% of our operating revenues, respectively.

Net investment in properties outside the United States was [removed: $3.8] [added: $3.7] billion and [removed: $3.1] [added: $3.8] billion as of December 31, [removed: 2018] [added: 2019] and December 31, [removed: 2017,] [added: 2018,] respectively.

Net assets in foreign operations were approximately [removed: $0.2] [added: $(1.4)] billion and [removed: $0.3] [added: $0.2] billion as of December 31, [removed: 2018] [added: 2019] and December 31, [removed: 2017,] [added: 2018,] respectively.

In [removed: 2016,] [added: 2019,] we entered into a power purchase agreement to secure the renewable energy attributes from a [removed: wind] [added: solar] farm in [removed: Texas.][added: Virginia.]

| ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| --- | --- | --- | --- | --- | --- | --- |

| ​ | | ​ | ​ | | Estimated Fair | |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at Significant Other | | | | |

| As of | | ​ | As of | | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | As of | | ​ | As of | |

| 2019 | | | 2018 | | | Derivative | | Rate | | Date | | Date | | 2019 | | | 2018 | |

| $ | 479,825 | ​ | $ | 783,125 | | | | | ​ | | ​ | | ​ | $ | 2,396 | ​ | $ | 20,119 |

| ​ | ​ | ​ | ​ |

| --- | --- | --- | --- |

| ​ | | Change | |

As a result of the Ascenty joint venture and deconsolidation of Ascenty in March 2019, 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 joint venture's operations and financial position.

We attempt to mitigate a

[Index to Financial Statements](#INDEX_423931)

The decrease was a result of the issuance of the 2026 Notes in January 2019 and March 2019, the proceeds of which were used to pay down the 5.875% Notes due 2020 and U.S. dollar borrowings on the global revolving credit facility.

​

[Index to Financial Statements](#INDEX_423931)

| | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| — | | | | 229,012 | | | (2) | Swap | | 0.792 | | | Jan 15, 2016 | | Jan 15, 2019 | | — | | | | (430 | | ) |

| $ | 783,125 | | | $ | 1,018,274 | | | | | | | | | | | | $ | 20,119 | | | $ | 18,572 | |

| | |

| --- | --- |

| (3) | Represents debt which bears interest based on one-month CDOR. Translation to U.S. dollars is based on exchange rates of $0.73 to 1.00 CAD as of December 31, 2018 and $0.80 to 1.00 CAD as of December 31, 2017. |

| | | | | |

| --- | --- | --- | --- | --- |

[removed: We are] [added: Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership) and the subsidiaries of the Operating Partnership, (collectively, we, our, us or the Company) is] a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals ranging from cloud and information technology services, [added: communications and] social networking [removed: and communications] to financial services, manufacturing, energy, healthcare, and consumer products.

Digital Realty Trust, Inc. operates as a [removed: real estate investment trust, or REIT,] [added: REIT] for federal income tax purposes.

As of December 31, [removed: 2018,] [added: 2019,] our portfolio consisted of [removed: 214] [added: 225] data centers (including [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures), of which [removed: 145] [added: 147] are located in the United States, [removed: 38] [added: 41] are located in Europe, [removed: 16] [added: 19] are located in Latin America, [removed: seven] [added: 10] are located in Asia, [removed: five] [added: 5] are located in Australia and [removed: three] [added: 3] are located in Canada.

Digital Realty Trust, L.P., a Maryland limited partnership, is the entity through which Digital Realty Trust, Inc., a Maryland corporation, conducts its business of [added: owning,] acquiring, [removed: developing, owning] [added: developing] and operating data centers.

On December 20, 2018, [removed: our Brazilian subsidiary,] [added: the Operating Partnership and] Stellar Participações [removed: Ltda.,] [added: S.A. (formerly Stellar Participações Ltda.), a Brazilian subsidiary of the Operating Partnership,] completed the acquisition of Ascenty, a leading data center provider in Brazil, [removed: from private] [added: for cash and] equity [removed: firm Great Hill Partners in a transaction valued at] [added: consideration of] approximately [removed: $1.8] [added: $2.0] billion, [removed: net of] [added: including] cash [removed: purchased.][added: assumed.]

[Index to Financial [removed: Statements](#s2B500944376E5624A4F2B8DC0C10B1C2)][added: Statements](#INDEX_423931)]

[removed: We] [added: As the infrastructure for this growing digital economy, we] believe the data center industry is poised for sustainable growth.

The demand for data center infrastructure is being driven by [removed: many factors, including] [added: this digital transformation which is contributing to] the explosive growth of data, rapid growth of cloud adoption and greater demand for IT outsourcing.

The Internet of Things, 5G, autonomous vehicles and artificial intelligence, among other technological advancements, are driving unprecedented growth of the digital [removed: economy, and data centers play an important role.][added: economy.]

These diverse and secular industry dynamics are driving greater demand for data center capacity not only from global cloud service providers, but also from businesses [removed: as diverse as] [added: across all industries, including] disaster recovery [removed: firms and] [added: firms,] IT service [removed: firms.][added: firms and financial services.]

As companies focus on their core competencies and rely on outsourcing to meet their needs, they are [removed: also] prioritizing colocation for their data center solutions [added: for various reasons, including] to reduce latency in data [removed: transfer.][added: transfer and increase global presence and connectivity.]

[removed: By providing a global real estate and technology platform that enables our customers and partners to connect with each other and service their own customers, we] [added: We] represent an important part of the digital economy that we believe will benefit from powerful, long-term growth drivers.

[removed: Our] [added: Fundamentally, our] platform brings together foundational real estate and innovative technology expertise to deliver a comprehensive, [removed: highly] specialized product suite to meet customers’ [removed: scale, colocation, and connectivity] [added: global infrastructure] needs.

We believe that the growth trends in the data center market, the cloud, Internet traffic and Internet-based services, combined with cost advantages in outsourcing data center requirements, provide attractive growth opportunities for us as a [removed: service provider and are only beginning to penetrate the] data center [removed: market.][added: solutions provider.]

Leveraging deep expertise in technology and real estate, we have an expansive global footprint, impressive scale and a full-spectrum [added: fit for purpose] product offering in key metropolitan areas around the world.

[removed: Global,] [added: Global,] Local and [removed: Interconnected][added: Interconnected]

Our data centers are [removed: hyper-connected-hubs,] [added: hyper-connected hubs,] strategically located in [removed: 35] [added: 36] key metro areas [removed: around] [added: across] the world.

Our data centers provide high-performance access to one of the largest [removed: ecosystem] [added: ecosystems] of interconnected networks, critical data center and cloud services, customers and partners.

Our record of resiliency, 12 consecutive years of “five-nines” (99.999%) uptime for facilities owned and operated by us, and our award-winning sustainability program ensure our customers’ high-performance networks are effective and [added: environmentally conscious.]

We provide the critical digital foundations [added: for our customers] to store, manage, and connect [removed: our customers’ data, allowing them to focus on performance, innovation and accelerating] their [removed: business growth.][added: data when, where and how they need it.]

[removed: Trusted Partner][added: Trusted Partner]

We are a trusted partner for [added: our customers, which include] many of the most digitally ambitious companies in the world, helping safeguard their digital capital and driving their growth.

Whether designing and delivering dedicated data center [removed: facilities,] [added: facilities] or solving cloud connectivity issues, our dedicated team of technical experts strives to ensure customer success through consistency in operations, customer care and ease of doing business.

Our portfolio of high-quality data centers provides secure, [removed: highly-connected] [added: highly connected] and continuously available environments for the exchange, processing and storage of critical electronic information.

Our global [removed: real estate and technology] platform provides access to a network of [removed: 214] [added: 225] state-of-the-art, interconnected data centers, concentrated in [removed: 35] [added: 36] major metropolitan areas across [removed: 12] [added: 13] countries on five continents.

Northern Virginia represented [removed: 22%] [added: 24%] of total revenue for the year ended December 31, [removed: 2018,] [added: 2019,] followed by Chicago with 13% of total revenue.

[removed: ][added: Description automatically generated](https://www.sec.gov/Archives/edgar/data/1297996/000155837020001906/dlr-20191231x10kabe894007.jpg)]

The locations of and improvements to our data centers, the network density, interconnection infrastructure and connectivity-centric customers in certain of our facilities, and our comprehensive product offerings are critical to our [added: customers’ businesses, which we believe results in high occupancy levels, longer average lease terms and customer relationships, as well as lower turnover.]

[removed: In addition, our strategically] located global data center campuses offer our customers the ability to expand their global footprint as their businesses grow, while our connectivity offerings on our campuses enhance the capabilities and attractiveness of these facilities.

Our portfolio contains a total of approximately [removed: 34.5] [added: 36.6] million square feet, including approximately [removed: 3.4] [added: 4.5] million square feet of space under active development and approximately [removed: 2.1] [added: 1.8] million square feet of space held for future development.

The [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures have an aggregate of approximately [removed: 2.5] [added: 4.7] million rentable square feet.

The [removed: 26] [added: 24] parcels of developable land we own comprise approximately [removed: 959] [added: 944] acres.

As of December 31, [removed: 2018,] [added: 2019,] our portfolio, including the [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures and excluding space under active development and space held for future development, was approximately [removed: 89.0%] [added: 86.8%] leased.

Our data centers and comprehensive suite of product offerings are scalable to meet our customers’ needs, from a single rack or [removed: cabinet,] [added: cabinet] up to multi-megawatt deployments, along with connectivity, interconnection and solutions to support their hybrid cloud architecture requirements.

We [removed: are now one of the only data center providers with] [added: offer] a comprehensive global product offering that covers the spectrum from single rack colocation to multiple megawatt deployments and connectivity around the world to suit our customers’ current needs and to enable their future growth.

| [removed: Product Types & Names] [added: Product] | | [removed: Description] [added: Description] |

| Colocation [added: ​] | | Small (one cabinet) to medium (75 cabinets) deployments Provides agility to quickly deploy in days Contract length generally 2-3 years Consistent designs, operational environment, power expenses |

[removed: Our] [added: The PlatformDIGITAL solution model is available in our] colocation and Turn-Key Flex® data [removed: centers] [added: centers, which] are move-in ready, physically secure facilities with the power and cooling capabilities to support customers requiring a single rack or cabinet up to [removed: mission-critical IT enterprise applications.][added: multi-megawatt deployments.]

| [removed: Product] [added: Product] | | [removed: Description] [added: Description] |

| Internet Exchange | | Peering with major carrier, content, and wireless networks on a single, [removed: highly-availability] [added: high-availability] service platform |

The information found on, or otherwise accessible through, our website is not incorporated by reference into, nor does it form a part of, this Annual Report on Form 10-K.

On October 29, 2019, Digital Realty Trust, Inc., Digital Intrepid Holding B.V., an indirect subsidiary of Digital Realty Trust, Inc., which we refer to as the Buyer, and InterXion Holding N.V., which we refer to as InterXion, entered into a purchase agreement, or the Purchase Agreement, pursuant to which, subject to the terms and conditions of the Purchase Agreement, the Buyer will commence an exchange offer, or the Offer, to purchase all of the outstanding ordinary shares of InterXion, or InterXion Shares, in exchange for shares of common stock of Digital Realty Trust, Inc., or the Offer Consideration.

The transaction is expected to close in 2020 and is subject to customary closing conditions.

We refer to the transactions contemplated by the Purchase Agreement as the InterXion Combination or the InterXion Transactions.

On November 1, 2019, we closed the joint venture with Mapletree Investments and Mapletree Industrial Trust, which we refer to collectively as Mapletree, on three existing Turn-Key Flex® data centers located in Ashburn, Virginia.

The Company retained a 20% ownership interest in the joint venture, and Mapletree acquired the remaining 80% stake for approximately $0.8 billion.

We will continue to operate and manage these facilities.

The second tranche of the Mapletree transaction, the sale of 10 fully-leased Powered Base Building® properties for $557 million, closed in January 2020.

We refer to this transaction as the Ascenty Acquisition.

In March 2019, we formed a joint venture with Brookfield Infrastructure, an affiliate of Brookfield Asset Management, one of the largest owners and operators of infrastructure assets globally.

Brookfield invested approximately $702 million in exchange for approximately 49% of the total equity interests in the joint venture which owns and operates Ascenty.

A subsidiary of the Operating Partnership retained the remaining equity interest in the Ascenty joint venture.

As of March 27, 2019, we deconsolidated Ascenty and recorded our retained interest as an investment in unconsolidated joint ventures due to shared control with Brookfield.

The digital economy continues to grow and change how enterprises across all industries create and deliver value.

Companies increasingly need to operate ubiquitously, on-demand and with real-time intelligence serving customers, partners and employees across multiple channels, business functions and points of business presence.

We believe that data centers will continue to play a critical role in the digital economy and enabling business transformation strategies.

We believe cloud solutions and, in particular, hybrid cloud solutions will remain significant drivers of demand for data infrastructure.

The hybrid cloud, which combines public and private cloud solutions, has gained traction because it enables corporate enterprises to achieve efficiencies and contain costs as well as scale and secure their most sensitive information.

Data center providers that can solve global coverage, capacity and ecosystem connectivity needs, and coordinate and aggregate diverse customer and application demand, are poised to benefit from these cloud-specific industry drivers.

[Index to Financial Statements](#INDEX_423931)

We solve global coverage, capacity, and ecosystem connectivity needs for companies of all sizes through PlatformDIGITALTM, our global platform for centers of data exchange, interconnection, and colocation solutions.

Our global, fit for purpose data center platform enables companies to scale their digital business with a controlled, connected, and optimized network architecture designed to address their specific requirements.

We offer a Pervasive Data Center (PDxTM) architecture that integrates the physical and virtual worlds within proximity to centers of data exchange, interconnected to digital ecosystems and tailored to business needs.

Our solutions support increasing requirements for a decentralized infrastructure to accommodate the growing need for distributed workflows that vary by type of customer, application, data and location.

This platform allows our customers and partners to connect with each other and their own customers and partners.

Resilient Foundations

Our global footprint and network enable our customers to connect with other parties in the way they need.

[Index to Financial Statements](#INDEX_423931)

![A picture containing text, map

In addition, our strategically

[Index to Financial Statements](#INDEX_423931)

We provide a flexible, global data center platform that allows our customers to tailor infrastructure deployments and controls matched to their business needs.

[Index to Financial Statements](#INDEX_423931)

PlatformDIGITAL Solution Model. The PlatformDIGITAL solution model is based on our Pervasive Datacenter™ architecture strategy, which brings users, networks, clouds, controls and systems to the data, removing barriers, creating centers of data exchange to accommodate distributed workflows and scaling digital business.

| Network Hub | | Consolidates and localizes traffic into ingress/egress points to optimize network performance and cost |

| Control Hub | | Hosts adjacent security and IT controls to improve security posture and IT operations |

| Data Hub ​ | | Localizes data aggregation, staging, analytics, streaming and data management to optimize data |

| SX Fabric | ​ | Adds SDN overlay to service chain multi-cloud and B2B application ecosystems Connects hubs across metros and regions to enable secure and performant distributed workflows |

Capacity

[Index to Financial Statements](#INDEX_423931)

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 believe this transaction, which we refer to as the Ascenty Acquisition, represented a significant extension of our global platform and established us as the premier data center solutions provider in the Latin America region.

Separately, we entered into an independent bilateral equity commitment letter with Brookfield Infrastructure, an affiliate of Brookfield Asset Management, one of the largest owners and operators of infrastructure assets globally, under which Brookfield has committed to fund approximately $700 million, excluding Brookfield's share of transaction costs, in exchange for 49% of the total equity interests in a joint venture entity expected to ultimately own Ascenty.

The agreement with Brookfield is subject to certain closing conditions and is expected to close in the first quarter of 2019.

We believe cloud adoption represents the next generation of corporate IT outsourcing and remains a significant driver of demand for data infrastructure.

The cloud is gaining traction because it enables corporate enterprises to achieve efficiencies and contain costs.

Large data centers that deploy computational resources and accompanying power, security and other services at significantly lower cost per unit than smaller ones, and coordinate and aggregate diverse customer, geographic and application demand, are poised to benefit from these cloud-specific industry drivers.

Technology-Enabled Solutions Provider

Our global real estate and technology platform provides comprehensive, customizable solutions and global scale to meet customers’ constantly evolving and expanding data center needs.

We provide the trusted foundation for the digital economy, powering our customers’ digital ambitions and supporting their growth.

Resiliency

environmentally conscious.

customers’ businesses, which we believe results in high occupancy levels, longer average lease terms and customer relationships, as well as lower turnover.

We provide flexible, customer-centric data center solutions designed to meet the needs of companies of all sizes across multiple industry verticals around the world.

Colocation, Scale and Hyper-Scale Platform.

Interconnection and Cloud-Enablement Platform

Global Customer Base across a Wide Variety of Industry Sectors.

| IBM | Facebook, Inc. | Verizon |

| Cyxtera Technologies | LinkedIn | Comcast Corporation |

| Oracle America, Inc. | JPMorgan Chase & Co. | CenturyLink |

| Equinix | | China Telecommunications Corporation |

Proven Experience Attracting and Retaining Customers.

existing customers continue to grow and expand their utilization of our technology-enabled services to support a greater portion of their IT needs.

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| New | 1.9 | | | $ | 255 | | | 1.9 | | (1) | $ | 240 | | (1) |

| Renewals | 2.0 | | | $ | 312 | | | 2.0 | | | $ | 330 | | |

| | |

| --- | --- |

Superior Risk-Adjusted Returns.

At December 31, 2018, we had

Prudently Allocate Capital.

Leverage Technology to Develop Comprehensive and Diverse Products.

Accelerate Global Reach and Scale.

We have strategically pursued international expansion since our IPO in 2004 and now operate across five continents.

Drive Revenue Growth and Operating Efficiencies.

Leverage Strong Industry Relationships.

Our sustainability platform includes the following:

| • | We manage our data centers so that they offer high degrees of operational efficiencies for our customers. We benchmark and certify certain data centers in accordance with the U.S. Environmental Protection Agency, or EPA, Energy Star program, LEEDTM, BREEAM, as well as other recognized third-party rating standards. A portion of our U.S. portfolio is enrolled in the U.S. Department of Energy’s Better Buildings Challenge for Data Centers. |

| • | We have developed solutions to help our customers efficiently utilize energy and water, and to help them procure renewable energy. |

As of December 31, [removed: 2018,] [added: 2019,] we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

[Index to Financial [removed: Statements](#s2B500944376E5624A4F2B8DC0C10B1C2)][added: Statements](#INDEX_423931)]

[removed: UNITED STATES][added: UNITED STATES]

[removed: SECURITIES] [added: SECURITIES] AND EXCHANGE [removed: COMMISSION][added: COMMISSION]

[removed: WASHINGTON,] [added: WASHINGTON,] D.C. [removed: 20549][added: 20549]

[removed: FORM 10-K][added: FORM 10-K]

| [removed: x] [added: ☒] | [removed: Annual] [added: Annual] Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of [removed: 1934] [added: 1934] |

[removed: For] [added: | ​ | For] the fiscal year [removed: ended December] [added: ended December] 31, [removed: 2018][added: 2019 |]

| [removed: ¨] [added: ☐] | [removed: Transition] [added: Transition] Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of [removed: 1934] [added: 1934] |

[removed: For] [added: | ​ | For] the Transition Period From to [removed: .][added: . |]

| [removed: Commission] [added: Commission] file [removed: number] [added: number] | | [removed: 001-32336 (Digital] [added: 001-32336 (Digital] Realty Trust, [removed: Inc.)] [added: Inc.)] |

| [added: ​] | [added: ​] | [removed: 000-54023 (Digital] [added: 000-54023 (Digital] Realty Trust, [removed: L.P.)] [added: L.P.)] |

[removed: DIGITAL] [added: DIGITAL] REALTY TRUST, [removed: INC.][added: INC.]

[removed: DIGITAL] [added: DIGITAL] REALTY TRUST, [removed: L.P.][added: L.P.]

[removed: (Exact] [added: (Exact] name of registrant as specified in its [removed: charter)][added: charter)]

| [removed: Maryland (Digital] [added: Maryland (Digital] Realty Trust, [removed: Inc.) Maryland (Digital] [added: Inc.) Maryland (Digital] Realty Trust, [removed: L.P.)] [added: L.P.)] | [removed: 26-0081711 20-2402955] [added: 26-0081711 20-2402955] |

| [removed: (State] [added: (State] or other jurisdiction of incorporation or [removed: organization)] [added: organization)] | [removed: (IRS] [added: (IRS] employer identification [removed: number)] [added: number)] |

| [removed: Four] [added: Four] Embarcadero Center, Suite [removed: 3200 San Francisco, CA] [added: 3200 San Francisco, CA] | [removed: 94111] [added: 94111] |

| [removed: (Address] [added: (Address] of principal executive [removed: offices)] [added: offices)] | [removed: (Zip Code)] [added: (Zip Code)] |

[removed: (415) 738-6500][added: (415) 738-6500]

[removed: (Registrant’s] [added: (Registrant’s] telephone number, including area [removed: code)][added: code)]

[removed: Securities] [added: Securities] registered pursuant to Section 12(b) of the [removed: Act:][added: Act:]

| [added: ​] | [removed: Title] [added: | Title] of each [removed: class] [added: class] | [removed: Name] [added: ​ | ​ | Trading Symbols(s) | | Name] of each exchange on which [removed: registered] [added: registered] |

| Digital Realty Trust, Inc. | [added: ​ |] Common Stock, $0.01 par value per share | [added: ​ | ​ | DLR | ​ |] New York Stock Exchange |

| [added: ​] | [added: ​ |] Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | [added: ​ | ​ | DLR Pr C | ​ |] New York Stock Exchange |

| [added: ​] | [added: ​ |] Series G Cumulative Redeemable Preferred Stock, $0.01 par value per share | [added: ​ | ​ | DLR Pr G | ​ |] New York Stock Exchange |

| [added: ​] | [added: ​ |] Series [removed: H] [added: I] Cumulative Redeemable Preferred Stock, $0.01 par value per share | [added: ​ | ​ | DLR Pr I | ​ |] New York Stock Exchange |

| [added: ​] | [added: ​ |] Series [removed: I] [added: J] Cumulative Redeemable Preferred Stock, $0.01 par value per share | [added: ​ | ​ | DLR Pr J | ​ |] New York Stock Exchange [added: ​] |

| [added: ​] | [added: ​ |] Series [removed: J] [added: K] Cumulative Redeemable Preferred Stock, $0.01 par value per share | [added: ​ | ​ | DLR Pr K | ​ |] New York Stock Exchange [added: ​] |

| Digital Realty Trust, L.P. | [added: ​ |] None | [added: ​ | ​ |] None | [added: ​ | None |]

[removed: Securities] [added: Securities] registered pursuant to Section 12(g) of the [removed: Act:][added: Act:]

| Digital Realty Trust, L.P. | [added: ​] | Common Units of Partnership Interest |

| Digital Realty Trust, Inc. | Yes [removed: x] [added: ⌧] No [removed: o] [added: ◻] |

| Digital Realty Trust, L.P. | Yes [removed: o] [added: ⌧] No [removed: x] [added: ◻] |

| Digital Realty Trust, Inc. | Yes [removed: o] [added: ◻] No [removed: x] [added: ⌧] |

| Digital Realty Trust, L.P. | Yes [removed: x] [added: ◻] No [removed: o] [added: ⌧] |

| Large accelerated filer | [removed: x] [added: ⌧] | Accelerated filer | [removed: o] [added: ◻] |

| Non-accelerated filer | [removed: o] [added: ◻] | Smaller reporting company | [removed: o] [added: ☐] |

| [added: ​] | [added: ​] | Emerging growth company | [removed: o] [added: ☐] |

| Large accelerated filer | [removed: o] [added: ◻] | Accelerated filer | [removed: o] [added: ◻] |

| Non-accelerated filer | [removed: x] [added: ⌧] | Smaller reporting company | [removed: o] [added: ☐] |

​

​

| ​ | ​ |

| ​ | ​ | ​ |

| ​ ​ | ​ ​ |

| ​ | ​ |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| --- | --- | --- | --- | --- | --- | --- | --- |

| ​ | ​ | Series L Cumulative Redeemable Preferred Stock, $0.01 par value per share | ​ | ​ | DLR Pr L | ​ | New York Stock Exchange ​ |

| ​ | ​ | ​ |

| ​ | ​ |

| ​ | ​ |

| ​ | ​ |

| Digital Realty Trust, Inc. | Yes ⌧ No ◻ |

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

[Index to Financial Statements](#INDEX_423931)

| ​ | ​ |

| Digital Realty Trust, Inc. | Yes ⌧ No ◻ |

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

| ​ | ​ | ​ | ​ |

| ​ | ​ | ​ | ​ |

| ​ | ​ | Emerging growth company | ☐ |

| ​ | ​ |

| ​ | ​ |

| Digital Realty Trust, Inc. | Yes ☐ No ⌧ |

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

| ​ | ​ | ​ | ​ |

| --- | --- | --- | --- |

[Index to Financial Statements](#INDEX_423931)

[Index to Financial Statements](#INDEX_423931)

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

| --- | --- | --- |

In this report, “global revolving credit facility” refers to our Operating Partnership’s $2.35 billion senior unsecured revolving credit facility and global senior credit agreement; “term loan facility” or “unsecured term loans” refers to our Operating Partnership’s senior unsecured multi-currency term loan facility and term loan agreement, which governs a $300 million five-year senior unsecured term loan and a $512 million five-year senior unsecured term loan; “Yen revolving credit facility” refers to our Operating Partnership’s ¥33,285,000,000 (approximately $306 million based on exchange rates at December 31, 2019) senior unsecured revolving credit facility and Yen credit agreement; and “revolving credit facilities” or “global revolving credit facilities” refer to our global revolving credit facility and our Yen revolving credit facility, collectively.

10-K 1 dlrq412311810kss.htm 10-K

| | |

| --- | --- |

| | | |

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

| | | | |

| [PART I.](#s8EE952ECE5E85B008F413C7026D42BBD) | | |

| [PART III.](#s674C1063AF4E5AD0825219720EC274FD) | | |

| [PART IV.](#sCCE1F79703885780BEB253A5E028E8E9) | | |

| [SIGNATURES](#s559AFCDA7C3D5A2A8F7533029A05A238) | | [200](#s559AFCDA7C3D5A2A8F7533029A05A238) |

As of December 31, [removed: 2018,] [added: 2019,] our portfolio consisted of [removed: 214] [added: 225] data centers, including [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures, and contain a total of approximately [removed: 34.5] [added: 36.6] million rentable square feet, including [removed: 3.4] [added: 4.5] million square feet of space under active development and [removed: 2.1] [added: 1.8] million square feet of space held for development.

The following table presents an overview of our portfolio of properties, including the [removed: 18] [added: 41] data centers held as investments in unconsolidated joint ventures and developable land, based on information as of December 31, [removed: 2018] [added: 2019] (dollar amounts in thousands).

Please refer to Note 8 in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for a description of all applicable encumbrances as of December 31, [removed: 2018.][added: 2019.]

| [removed: Metropolitan Area | | Data Center Buildings |] [added: ​] | [added: ​] | [removed: Net Rentable Square Feet (1)] [added: Data Center] | [added: ​] | [added: Net Rentable] | [removed: Space Under Active Development (2)] [added: ​] | [added: Active] | [added: ​] | [removed: Space] [added: Space] Held [removed: for Development (3) | |] [added: for] | [removed: Annualized Rent (4)] [added: ​] | [added: Annualized] | | [added: ​] | [removed: Occupancy Percentage (5)] [added: Occupancy] | |

| [removed: North America | | | | |] [added: North America] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] | [added: ​] |

| Houston | [added: ​] | 6 | [removed: |] [added: ​] | 392,816 | [removed: |] [added: ​] | — | [removed: |] [added: ​] | 13,969 | [removed: | | 19,537] [added: ​] | [added: ​] | [added: 19,691] | [added: ​] | [removed: 84.6] [added: 81.8] | % |

| Miami | | 2 | | [removed: |] 226,314 | | [removed: |] — | | [removed: |] — | [removed: | | 7,172] [added: ​] | | [added: 7,805] | | [removed: 87.2] [added: 89.3] | % |

| [removed: Minneapolis/St. Paul] [added: Minneapolis] | | 1 | | [removed: |] 328,765 | | [removed: |] — | | [removed: |] — | [removed: | | 5,644] [added: ​] | | [added: 5,798] | | 100.0 | % |

[Index to Financial [removed: Statements](#s2B500944376E5624A4F2B8DC0C10B1C2)][added: Statements](#INDEX_423931)]

| [removed: Europe | | | | |] [added: Europe] | | | | | | | | | [added: ​] | | | | | [added: ​] |

| Paris, France [removed: (8)] | [removed: | 3] [added: (8)] | [added: 4] | | 185,994 | | [removed: | — |] [added: 96,402] | | — | [removed: | | 7,077] [added: ​] | | [added: 7,086] | | 100.0 | % |

| Manchester, England [removed: (7)] | [added: (7)] | 1 | | [removed: |] 38,016 | | [removed: |] — | | [removed: |] — | [removed: | | 1,754] [added: ​] | | [added: 1,815] | | 100.0 | % |

| Geneva, Switzerland [removed: (8)] | [added: (8)] | 1 | [removed: |] [added: ​] | 59,190 | | [removed: |] — | | [removed: |] — | [removed: | | 1,772] [added: ​] | | [added: 1,783] | | 100.0 | % |

| [removed: Asia Pacific | | | | |] [added: Asia Pacific] | | | | | | | | | [added: ​] | | | | | [added: ​] |

| Melbourne, Australia [removed: (10)] | [added: (10)] | 2 | [removed: |] [added: ​] | 146,570 | | [removed: |] — | | [removed: |] — | [removed: | | 16,789] [added: ​] | | [added: 18,489] | | [removed: 79.3] [added: 85.8] | % |

| [removed: Non-Data] [added: Non-Data] Center [removed: Properties] [added: Properties] | | — | | [removed: | 516,107 | | | — |] [added: 278,068] | | [removed: —] [added: —] | | [added: —] | [removed: 4,591] [added: ​] | | [added: 1,240] | | [removed: 100.0] [added: 100.0] | [removed: %] [added: %] |

| [removed: Managed] [added: Managed] Unconsolidated Joint [removed: Ventures | | | | |] [added: Ventures] | | | | | | | | | [added: ​] | | | | | [added: ​] |

| Silicon Valley | | 4 | | [removed: |] 326,305 | | [removed: |] — | | [removed: |] — | [removed: | | 12,942] [added: ​] | | [added: 13,318] | | 100.0 | % |

| Dallas | | 3 | | [removed: |] 319,876 | | [removed: |] — | | [removed: |] — | [removed: | | 7,739] [added: ​] | | [added: 5,419] | | [removed: 100.0] [added: 82.4] | % |

| New York | | 1 | | [removed: |] 108,336 | | [removed: |] — | | [removed: |] — | [added: ​] | | 3,460 | | [removed: | |] 100.0 | % |

| [removed: Non-Managed] [added: Non-Managed] Unconsolidated Joint [removed: Ventures | | | | |] [added: Ventures] | | | | | | | | | [added: ​] | | | | | [added: ​] |

| Seattle | | 2 | | [removed: |] 451,369 | | [removed: |] — | | [removed: |] — | [removed: | | 55,779] [added: ​] | | [added: 61,267] | | [removed: 97.9] [added: 97.3] | % |

| (4) | Annualized rent represents the monthly contractual rent (defined as cash base rent before abatements) under existing leases as of December 31, [removed: 2018] [added: 2019] multiplied by 12. |

| (6) | Rental amounts were calculated based on the exchange rate in effect on December 31, [removed: 2018] [added: 2019] of [removed: $0.73] [added: $0.77] to 1.00 CAD. |

| (7) | Rental amounts were calculated based on the exchange rate in effect on December 31, [removed: 2018] [added: 2019] of [removed: $1.27] [added: $1.33] to £1.00. |

| (8) | Rental amounts were calculated based on the exchange rate in effect on December 31, [removed: 2018] [added: 2019] of [removed: $1.14] [added: $1.12] to €1.00. |

| (9) | Rental amounts were calculated based on the exchange rate in effect on December 31, [removed: 2018] [added: 2019] of [removed: $0.73] [added: $0.74] to 1.00 SGD. |

| (10) | Rental amounts were calculated based on the exchange rate in effect on December 31, [removed: 2018] [added: 2019] of $0.70 to 1.00 AUD. |

| (11) | Rental amounts were calculated based on the exchange rate in effect on December 31, [removed: 2018] [added: 2019] of $0.01 to 1.00 JPY. |

| [removed: (12)] [added: (13)] | Rental amounts were calculated based on the exchange rate in effect on December 31, [removed: 2018] [added: 2019] of [removed: $0.26] [added: $0.25] to 1.00 BRL. |

| [removed: (13)] [added: (12)] | Rental amounts were calculated based on the exchange rate in effect on December 31, [removed: 2018] [added: 2019] of $0.13 to 1.00 HKD. |

We have ground leases on Paul van Vlissingenstraat 16 [removed: that expires] [added: (expires] in [removed: 2054,] [added: 2054),] Chemin de l’Epinglier 2 [removed: that expires] [added: (expires] in [removed: 2074,] [added: 2074),] Clonshaugh Industrial Estate I and II [removed: that expires] [added: (expires] in [removed: 2981,] [added: 2981),] Manchester Technopark [removed: that expires] [added: (expires] in [removed: 2125,] [added: 2125),] 29A International Business Park [removed: that expires] [added: (expires] in [removed: 2038,] [added: 2038),] Gyroscoopweg 2E-2F, which has a continuous ground lease and will be adjusted on January 1, 2042, and Naritaweg 52, which has a continuous ground lease.

As part of the Telx Acquisition and European Portfolio Acquisition, leases relating to operating facilities, offices, and equipment under various lease agreements [added: expired or will] expire during the years ending December [removed: 2018] [added: 2019] through June 2047.

As of December 31, [removed: 2018,] [added: 2019,] our portfolio was leased to over [removed: 2,300] [added: 2,000] companies, many of which are internationally recognized firms.

The following table sets forth information regarding the 20 largest customers in our portfolio based on annualized rent as of December 31, [removed: 2018] [added: 2019] (dollar amounts in thousands).

[removed: Note:] [added: Note:] Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.

| (1) | Occupied square footage is defined as leases that commenced on or before December 31, [removed: 2018.] [added: 2019.] For some of our properties, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. |

| (2) | Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, [removed: 2018] [added: 2019] multiplied by 12. |

| [removed: (3)] [added: (4)] | Represents leases with former CenturyLink, Inc. affiliates, which are our direct customers. Cyxtera Technologies, Inc. acquired the data center and colocation business, including such direct customers, of CenturyLink, Inc. in 2Q 2017. |

| [removed: (4)] [added: (3)] | Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| ​ | | ​ | | ​ | | Space Under | | ​ | | ​ | ​ | | ​ | |

| Metropolitan Area | ​ | Buildings | ​ | Square Feet (1) | ​ | Development (2) | ​ | Development (3) | ​ | Rent (4) | | ​ | Percentage (5) | |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Northern Virginia | | 23 | | 5,332,240 | | 717,918 | | 81,195 | ​ | $ | 520,222 | | 90.4 | % |

| Chicago | | 10 | | 3,040,208 | | 386,604 | | 148,650 | ​ | | 288,526 | | 86.6 | % |

| New York | | 12 | | 2,048,955 | | 34,010 | | 137,018 | ​ | | 205,297 | | 82.1 | % |

| Silicon Valley | | 20 | | 2,251,021 | | 65,594 | | — | ​ | | 199,952 | | 95.3 | % |

| Dallas | | 20 | | 3,354,328 | | 182,589 | | 49,646 | ​ | | 190,385 | | 82.0 | % |

| Phoenix | | 3 | | 795,687 | | — | | 227,274 | ​ | | 79,344 | | 73.5 | % |

| San Francisco | | 4 | | 787,083 | | 61,210 | | — | ​ | | 62,224 | | 72.1 | % |

| Atlanta | | 4 | | 525,414 | | — | | 313,581 | ​ | | 48,921 | | 93.0 | % |

| Los Angeles | | 4 | | 818,479 | | — | | — | ​ | | 42,932 | | 86.1 | % |

| Toronto | (6) | 2 | | 232,980 | | 583,029 | | — | ​ | | 22,960 | | 92.8 | % |

| Boston | ​ | 4 | ​ | 467,519 | ​ | — | ​ | 50,649 | ​ | ​ | 22,347 | ​ | 55.2 | % |

| Austin | | 1 | | 85,688 | | — | | — | ​ | | 8,869 | | 65.0 | % |

| Portland | | 2 | | 48,574 | | 552,862 | | — | ​ | | 6,606 | | 91.4 | % |

| Charlotte | | 3 | | 95,499 | | — | | — | ​ | | 4,696 | | 88.0 | % |

| North America Total | | 121 | | 20,831,571 | | 2,583,816 | | 1,021,982 | ​ | | 1,736,575 | | 85.9 | % |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| London, United Kingdom | (7) | 16 | | 1,456,352 | | 136,921 | | 99,175 | ​ | | 210,569 | | 87.5 | % |

| Amsterdam, Netherlands | (8) | 10 | | 599,591 | | 48,490 | | 95,262 | ​ | | 42,160 | | 65.9 | % |

| Dublin, Ireland | (8) | 5 | | 265,430 | | 26,646 | | 64,750 | ​ | | 22,021 | | 75.1 | % |

| Frankfurt, Germany | (8) | 4 | | 222,261 | | 185,814 | | — | ​ | | 24,231 | | 82.6 | % |

| Europe Total | | 41 | | 2,826,835 | | 494,273 | | 259,187 | ​ | | 309,665 | | 82.6 | % |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Singapore | (9) | 3 | | 540,638 | | 344,826 | | — | ​ | | 79,196 | | 85.0 | % |

| Sydney, Australia | (10) | 3 | | 225,728 | | 88,629 | | — | ​ | | 19,848 | | 67.4 | % |

| Osaka, Japan | (11) | 1 | | — | | 193,535 | | — | ​ | | — | | NA | ​ |

| Tokyo, Japan | (11) | 1 | ​ | — | | 406,664 | | — | ​ | | — | | NA | ​ |

| Asia Pacific Total | | 10 | | 912,936 | | 1,033,654 | | — | ​ | | 117,533 | | 80.8 | % |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Held for Sale | ​ | 12 | ​ | 1,377,405 | | — | | — | ​ | | 35,979 | | 100.0 | % |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Northern Virginia | | 7 | | 1,250,419 | | — | | — | ​ | | 91,232 | | 100.0 | % |

| Hong Kong | (12) | 1 | | 182,488 | | — | | 3,812 | ​ | | 17,422 | | 76.3 | % |

| ​ | | 16 | | 2,187,424 | | — | | 3,812 | ​ | | 130,851 | | 95.5 | % |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

Information for Ascenty is only included in the Our Portfolio table in this Item, otherwise all other tables exclude tenant and leasing data related to Ascenty.

| | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Northern Virginia | | 30 | | | 5,718,180 | | | 1,425,029 | | | 84,852 | | | $ | 549,446 | | | 95.4 | % |

| Chicago | | 10 | | | 2,963,850 | | | 459,250 | | | 152,362 | | | 291,599 | | | | 89.5 | % |

| New York | | 12 | | | 1,980,040 | | | — | | | 240,157 | | | 206,251 | | | | 83.5 | % |

| Silicon Valley | | 19 | | | 2,251,021 | | | — | | | — | | | 208,195 | | | | 97.1 | % |

| Dallas | | 21 | | | 3,435,188 | | | 132,310 | | | 81,206 | | | 183,814 | | | | 80.4 | % |

| Phoenix | | 4 | | | 990,385 | | | — | | | 108,926 | | | 89,365 | | | | 66.4 | % |

| San Francisco | | 4 | | | 834,540 | | | 13,753 | | | — | | | 65,257 | | | | 71.8 | % |

| Atlanta | | 5 | | | 775,606 | | | — | | | 313,581 | | | 52,632 | | | | 90.6 | % |

| Los Angeles | | 4 | | | 806,934 | | | 11,545 | | | — | | | 41,231 | | | | 90.7 | % |