Debt of the Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2011

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership

Indebtedness	Interest Rate at June 30, 2011	Maturity Date	Principal Outstanding June 30, 2011			Principal Outstanding December  31, 2010
Revolving credit facility	Various (1)	Aug. 31, 2011 (2)	$	341,417	(3)	$	333,534	(3)
Unsecured senior notes:
Prudential Shelf Facility:
Series A	7.000%	Jul. 24, 2011		25,000			25,000
Series B	9.320%	Nov. 5, 2013		33,000			33,000
Series C	9.680%	Jan. 6, 2016		25,000			25,000
Series D	4.570%	Jan. 20, 2015		50,000			50,000
Series E	5.730%	Jan. 20, 2017		50,000			50,000
Series F	4.500%	Feb. 3, 2015		17,000			17,000
Total Prudential Shelf Facility				200,000			200,000
Senior Notes:
4.50% notes due 2015	4.500%	Jul. 15, 2015		375,000			375,000
5.875% notes due 2020	5.875%	Feb. 1, 2020		500,000			500,000
5.25% notes due 2021	5.250%	Mar. 15, 2021		400,000			—
Unamortized discounts				(9,413	)		(8,970	)
Total senior notes, net of discount				1,265,587			866,030
Total unsecured senior notes, net of discount				1,465,587			1,066,030
Exchangeable senior debentures:
4.125% exchangeable senior debentures due 2026	4.125%	Aug. 15, 2026 (4)		48,301			88,758
5.50% exchangeable senior debentures due 2029	5.50%	Apr. 15, 2029 (5)		266,400			266,400
Unamortized discount				(113	)		(1,456	)
Total exchangeable senior debentures, net of discount				314,588			353,702

Indebtedness	Interest Rate at June 30, 2011	Maturity Date	Principal Outstanding June 30, 2011			Principal Outstanding December  31, 2010
Mortgage loans:
Secured Term Debt (6)(7)	5.65%	Nov. 11, 2014		140,186			141,465
3 Corporate Place (7)(8)	6.72%	Aug. 1, 2011		—	(15)		80,000
200 Paul Avenue 1-4 (7)	5.74%	Oct. 8, 2015		75,325			76,179
2045 & 2055 LaFayette Street (7)	5.93%	Feb. 6, 2017		65,995			66,437
Mundells Roundabout	3-month GBP LIBOR + 1.20% (9)	Nov. 30, 2013		68,747	(10)		66,858	(10)
600 West Seventh Street	5.80%	Mar. 15, 2016		53,443			54,157
34551 Ardenwood Boulevard 1-4 (7)	5.95%	Nov. 11, 2016		53,967			54,306
1100 Space Park Drive (7)	5.89%	Dec. 11, 2016		53,954			54,296
1350 Duane Avenue/3080 Raymond Street (7)	5.42%	Oct. 1, 2012		52,800			52,800
150 South First Street (7)	6.30%	Feb. 6, 2017		51,832			52,154
114 Rue Ambroise Croizat	3-month EURIBOR + 1.35% (9)	Jan. 18, 2012		44,534	(11)		41,430	(11)
Clonshaugh Industrial Estate II (8)	3-month EURIBOR + 4.50% (9)	Sep. 4, 2014		43,506	(11)		40,152	(11)
1500 Space Park Drive (7)	6.15%	Oct. 5, 2013		38,921			39,941
2334 Lundy Place (7)	5.96%	Nov. 11, 2016		39,250			39,496
Unit 9, Blanchardstown Corporate Park	3-month EURIBOR + 1.35% (9)	Jan. 18, 2012		38,289	(11)		35,620	(11)
Cressex 1 (13)	5.68%	Oct. 16, 2014		28,944	(10)		28,388	(10)
6 Braham Street (8)	3-month GBP LIBOR + 0.90% (9)	Apr. 10, 2011		—	(15)		19,515	(10)
1201 Comstock Street (7)(8)	1-month LIBOR + 3.50% (9)	Jun. 24, 2012 (2)		16,576			16,976
Datacenter Park — Dallas	5.00%	Sep. 15, 2011		—	(15)		16,150
Paul van Vlissingenstraat 16	3-month EURIBOR + 1.60% (9)	Jul. 18, 2013		15,024	(11)		13,978	(11)
Chemin de l'Epinglier 2	3-month EURIBOR + 1.50% (9)	Jul. 18, 2013		10,870	(11)		10,113	(11)
800 Central Expressway (7)	1-month LIBOR + 4.75%	Jun. 9, 2013		10,000			10,000
Gyroscoopweg 2E-2F (12)	3-month EURIBOR + 1.50% (9)	Oct. 18, 2013		9,566	(11)		8,900	(11)
1125 Energy Park Drive (7)	7.62% (14)	Mar. 1, 2032		8,983			9,060
Manchester Technopark (13)	5.68%	Oct. 16, 2014		8,805	(10)		8,636	(10)
731 East Trade Street	8.22%	Jul. 1, 2020		4,946			5,080
Unamortized net premiums				1,022			1,101
Total mortgage loans, net of premiums				935,485			1,043,188
Other secured loan:
800 Central Expressway Mezzanine (7)	1-month LIBOR + 8.50%	Jun. 9, 2013		10,500			10,500
Total other secured loan				10,500			10,500
Total indebtedness			$	3,067,577		$	2,806,954

(1) The interest rate under our revolving credit facility equals either (i) US LIBOR, EURIBOR and GBP LIBOR (ranging from 1- to 6-month maturities) plus a margin of between 1.10% and 2.00% or (ii) the greater of (x) the base rate announced by the lender and (y) 1/2 of 1% per annum above the federal funds rate, plus a margin of between 0.100%-—1.000%. In each case, the margin is based on our total leverage ratio. We incur a fee ranging from 0.125% to 0.20% for the unused portion of our unsecured revolving credit facility.

(2) A one-year extension is available, which we may exercise if certain conditions are met.

(3) Balances as of June 30, 2011 and December 31, 2010 are as follows (balances, in thousands):

Denomination of Draw	Balance as of June 30, 2011			Weighted-average interest rate			Balance as of December 31, 2010			Weighted- average interest rate
US ($)	$	251,000			1.39	%	$	312,500			1.40	%
Euro (€)		18,655	(a)		2.50	%		—			—
British Sterling (£)		71,762	(b)		1.83	%		21,034	(b)		1.69	%
Total	$	341,417			1.54	%	$	333,534			1.42	%

(a) Based on exchange rate of $1.45 to €1.00 as of June 30, 2011.

(b) Based on exchange rate of $1.61 to £1.00 as of June 30, 2011 and $1.56 to £1.00 as of December 31, 2010.

(4) The holders of the debentures have the right to require the Operating Partnership to repurchase the debentures in cash in whole or in part for a price of 100% of the principal amount plus accrued and unpaid interest on each of August 15, 2011, August 15, 2016 and August 15, 2021. We have the right to redeem the debentures in cash for a price of 100% of the principal amount plus accrued and unpaid interest commencing on August 18, 2011.

(5) The holders of the debentures have the right to require the Operating Partnership to repurchase the debentures in cash in whole or in part for a price of 100% of the principal amount plus accrued and unpaid interest on each of April 15, 2014, April 15, 2019 and April 15, 2024. We have the right to redeem the debentures in cash for a price of 100% of the principal amount plus accrued and unpaid interest commencing on April 18, 2014.

(6) This amount represents six mortgage loans secured by our interests in 36 NE 2nd Street, 3300 East Birch Street, 100 & 200 Quannapowitt Parkway, 300 Boulevard East, 4849 Alpha Road, and 11830 Webb Chapel Road. Each of these loans is cross-collateralized by the six properties.

(7) The respective borrower's assets and credit are not available to satisfy the debts and other obligations of affiliates or any other person.

(8) The Operating Partnership or its subsidiary provides a limited recourse guarantee with respect to this loan.

(9) We have entered into interest rate swap or interest rate cap agreements as a cash flow hedge for interest generated by these US LIBOR, EURIBOR and GBP LIBOR based loans. See note 13 for further information.

(10) Based on exchange rate of $1.61 to £1.00 as of June 30, 2011 and $1.56 to £1.00 as of December 31, 2010.

(11) Based on exchange rate of $1.45 to €1.00 as of June 30, 2011 and $1.34 to €1.00 as of December 31, 2010.

(12) This loan is also secured by a €1.3 million letter of credit.

(13) These loans are also secured by a £7.8 million letter of credit. These loans are cross-collateralized by the two properties.

(14) If the loan is not repaid by March 1, 2012, the interest rate increases to the greater of 9.62% or the treasury rate then in effect plus 2%. Subject to a prepayment lock-out period through December 2011.

(15) These mortgages loans were repaid in full; 6 Braham Street (April 2011), 3 Corporate Place (May 2011) and Datacenter Park — Dallas (June 2011). Net loss from early extinguishment of debt related to prepayment costs on 3 Corporate Place amounted to $0.3 million for the three and six months ended June 30, 2011.

Schedule of Balances and Foreign Currency Translation Revolving Credit Facilities

Denomination of Draw	Balance as of June 30, 2011			Weighted-average interest rate			Balance as of December 31, 2010			Weighted- average interest rate
US ($)	$	251,000			1.39	%	$	312,500			1.40	%
Euro (€)		18,655	(a)		2.50	%		—			—
British Sterling (£)		71,762	(b)		1.83	%		21,034	(b)		1.69	%
Total	$	341,417			1.54	%	$	333,534			1.42	%

Summary of Senior Debentures Due 2026

	4.125% Exchangeable Senior Debentures due 2026
($ and shares in thousands, except exchange price)	June 30, 2011			December 31, 2010
Carrying amount of the equity component	$	5,119		$	9,406
Principal amount of the liability component	$	48,301		$	88,758
Unamortized discount of the liability component	$	113		$	1,456
Net carrying amount of the liability component	$	48,188		$	87,302
Remaining amortization period of discount		1 month			7 months
Exchange price	$	30.99		$	31.42
Number of shares to be issued upon exchange (a)		777			1,103
The amount by which the if-exchanged value exceeds the principal amount (a)	$	48,003		$	56,828
Effective interest rate on liability component		6.75	%		6.75	%
Non-cash interest cost recognized for the period ended	$	1,117		$	2,067	(b)
Coupon rate interest cost recognized for the period ended	$	1,376		$	3,490	(b)

(a) In accordance with accounting guidance on convertible debt instruments that require the principal amount to be settled in cash upon conversion, we are required to disclose the exchange price and the number of shares on which the aggregate consideration to be delivered upon exchange is determined (principal plus excess value). The 2026 Debentures require the entire principal amount to be settled in cash, and at our option, any excess value above the principal amount may be settled in cash and/or common shares. Based on the June 30, 2011 and December 31, 2010 closing share prices of Digital Realty Trust, Inc. common stock and the exchange prices in the table above, the excess value was approximately $48.0 million and $56.8 million, respectively; accordingly, approximately 0.8 million and 1.1 million common shares, respectively, would be issued if the 2026 Debentures were settled on these dates and we elected to settle the excess value in shares of Digital Realty Trust, Inc. common stock.

(b) Amounts are for the six months ended June 30, 2010.

Schedule of Debt Maturities and Principal Maturities

	Revolving Credit Facility (1)		Unsecured Senior Notes		Senior Notes			Exchangeable Senior Debentures			Mortgage Loans (2)		Other Secured Loan		Total Debt
Remainder of 2011	$	341,417	$	25,000	$	—		$	48,301	(3)	$	7,607	$	—	$	422,325
2012		—		—		—			—			164,743		—		164,743
2013		—		33,000		—			—			160,583		10,500		204,083
2014		—		—		—			266,400	(4)		220,996		—		487,396
2015		—		67,000		375,000			—			75,436		—		517,436
Thereafter		—		75,000		900,000			—			305,098		—		1,280,098
Subtotal	$	341,417	$	200,000	$	1,275,000		$	314,701		$	934,463	$	10,500	$	3,076,081
Unamortized discount		—		—		(9,413	)		(113	)		—		—		(9,526	)
Unamortized premium		—		—		—			—			1,022		—		1,022
Total	$	341,417	$	200,000	$	1,265,587		$	314,588		$	935,485	$	10,500	$	3,067,577

⁽¹⁾ Subject to a one-year extension option exercisable by us. The bank group is obligated to grant the extension option provided we give proper notice, we make certain representations and warranties and no default exists under the revolving credit facility.

⁽²⁾ Our mortgage loans are generally non-recourse to us, subject to carve outs for specified actions by us or specified undisclosed environmental liabilities. As of June 30, 2011, we had provided limited recourse guarantees with respect to approximately $60.1 million principal amount of the outstanding mortgage indebtedness, and partial letter of credit support with respect to approximately an additional $47.3 million of the outstanding mortgage indebtedness.

⁽³⁾ Assumes maturity of the 2026 Debentures at first redemption date in August 2011.

⁽⁴⁾ Assumes maturity of the 2029 Debentures at first redemption date in April 2014.