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Debt Of The Operating Partnership (Tables) (Digital Realty Trust, L.P. [Member])
 9 Months Ended
Sep. 30, 2012
Summary Of Outstanding Indebtedness Of The Operating Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indebtedness

 

Interest Rate at

September 30, 2012

 

 

Maturity Date

 

 

Principal Outstanding

September 30, 2012

 

 

Principal Outstanding

December 31, 2011

 

Global revolving credit facility

 

Various

(1)

 

Nov. 3, 2015

 

 

$                  526,372

(2)

 

$                  275,106

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured term loan

 

Various

(3)(9)

 

Apr. 16, 2017

 

 

$                  754,935

(4)

 

$                              -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured senior notes:

 

 

 

 

 

 

 

 

 

 

 

 

Prudential Shelf Facility:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 
175,000 

 

 
175,000 

 

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 

 

 
400,000 

 

3.625% notes due 2022

 

3.625%

 

 

Oct. 1, 2022

 

 
300,000 

 

 

 -

 

Unamortized discounts

 

 

 

 

 

 

 
(12,119)

 

 
(8,928)

 

Total senior notes, net of discount

 

 

 

 

 

 

 
1,562,881 

 

 
1,266,072 

 

Total unsecured senior notes, net of discount

 

 

 

 

 

 

 
1,737,881 

 

 
1,441,072 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.50% exchangeable senior debentures due 2029

 

5.50%

 

 

Apr. 15, 2029

(5)

 
266,400 

 

 
266,400 

 

Total exchangeable senior debentures

 

 

 

 

 

 

 
266,400 

 

 
266,400 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indebtedness

 

Interest Rate at

September 30, 2012

 

 

Maturity Date

 

 

Principal Outstanding

September 30, 2012

 

 

Principal Outstanding

December 31, 2011

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

Secured Term Debt (6)(7)

 

5.65%

 

 

Nov. 11, 2014

 

 
136,726 

 

 
138,828 

 

200 Paul Avenue 1-4 (7)

 

5.74%

 

 

Oct. 8, 2015

 

 
73,114 

 

 
74,458 

 

Mundells Roundabout

 

3-month GBP LIBOR + 1.20%

(9)

 

Nov. 30, 2013

 

 
69,235 

(10)

 
66,563 

(10)

2045 & 2055 LaFayette Street (7)

 

5.93%

 

 

Feb. 6, 2017

 

 
64,864 

 

 
65,551 

 

34551 Ardenwood Boulevard 1-4 (7)

 

5.95%

 

 

Nov. 11, 2016

 

 
53,102 

 

 
53,627 

 

1100 Space Park Drive (7)

 

5.89%

 

 

Dec. 11, 2016

 

 
53,078 

 

 
53,609 

 

1350 Duane Avenue/3080 Raymond Street (7)

 

5.42%

 

 

Oct. 1, 2012

(13)

 

 -

 

 
52,800 

 

600 West Seventh Street

 

5.80%

 

 

Mar. 15, 2016

 

 
51,566 

 

 
52,709 

 

150 South First Street (7)

 

6.30%

 

 

Feb. 6, 2017

 

 
51,008 

 

 
51,508 

 

360 Spear Street (7)

 

6.32%

 

 

Nov. 8, 2013

 

 
46,862 

 

 
47,569 

 

114 Rue Ambroise Croizat

 

3-month EURIBOR + 1.35%  

 

 

Jan. 18, 2012

(13)

 

 -

 

 
39,483 

(11)

2334 Lundy Place (7)

 

5.96%

 

 

Nov. 11, 2016

 

 
38,621 

 

 
39,003 

 

Clonshaugh Industrial Estate II (8)

 

3-month EURIBOR + 4.50%  

(9)

 

Sep. 4, 2014

 

 
38,580 

(11)

 
38,883 

(11)

1500 Space Park Drive (7)

 

6.15%

 

 

Oct. 5, 2013

 

 
36,247 

 

 
37,875 

 

Unit 9, Blanchardstown Corporate Park

 

3-month EURIBOR + 1.35%

 

 

Jan. 18, 2012

(13)

 

 -

 

 
33,946 

(11)

Cressex 1 (12)

 

5.68%

 

 

Oct. 16, 2014

 

 
28,529 

(10)

 
27,786 

(10)

1201 Comstock Street (7)

 

1-month LIBOR + 3.50%

 

 

Jun. 24, 2012

(13)

 

 -

 

 
16,163 

 

Paul van Vlissingenstraat 16

 

3-month EURIBOR + 1.60%

(9)

 

Jul. 18, 2013

 

 
13,053 

(11)

 
13,319 

(11)

2805 Lafayette Street (7)(14)

 

1-month LIBOR + 4.75%

 

 

Jun. 9, 2013

(13)

 

 -

 

 
10,000 

 

Chemin de l'Epinglier 2

 

3-month EURIBOR + 1.50%

(9)

 

Jul. 18, 2013

 

 
9,444 

(11)

 
9,636 

(11)

Gyroscoopweg 2E-2F

 

3-month EURIBOR + 1.50%

(9)

 

Oct. 18, 2013

 

 
8,312 

(11)

 
8,480 

(11)

Manchester Technopark (12)

 

5.68%

 

 

Oct. 16, 2014

 

 
8,679 

(10)

 
8,453 

(10)

8025 North Interstate 35

 

4.09%

 

 

Mar. 6, 2017

 

 
6,621 

 

 

 -

 

731 East Trade Street

 

8.22%

 

 

Jul. 1, 2020

 

 
4,586 

 

 
4,806 

 

Unamortized net premiums

 

 

 

 

 

 

 
2,258 

 

 
2,077 

 

Total mortgage loans, net of premiums

 

 

 

 

 

 

 
794,485 

 

 
947,132 

 

Other secured loan:

 

 

 

 

 

 

 

 

 

 

 

 

2805 Lafayette Street Mezzanine (7)(14)

 

1-month LIBOR + 8.50%

 

 

Jun. 9, 2013

(13)

 

 -

 

 
10,500 

 

Total other secured loan

 

 

 

 

 

 

 

 -

 

 
10,500 

 

Total indebtedness

 

 

 

 

 

 

 

$                4,080,073

 

 

$               2,940,210

 

 

 

 

 

 

 

(1)

The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 125 basis points which is based on the credit rating of our long-term debt. An annual facility fee of 25 basis points, which is based on the credit rating of our long-term debt, is due and payable quarterly on the unused portion of the facility.

 

 

 

2)

Balances as of September 30, 2012 and December 31, 2011 are as follows (balances, in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denomination of Draw

 

Balance as of September 30, 2012

 

 

Weighted-average interest rate

 

 

Balance as of December 31, 2011

 

 

Weighted-average interest rate

US ($)

 

$                    -

 

 
0.00% 

 

 

$                194,000

 

 
1.54% 

British Sterling (£)

 
447,018 

(a)

 
1.79% 

 

 
49,892 

(b)

 
1.99% 

Singapore Dollar (SGD)

 
21,183 

(a)

 
1.56% 

 

 
28,151 

(b)

 
1.56% 

Australian Dollar (AUD)

 
39,021 

(a)

 
4.83% 

 

 
3,063 

(b)

 
5.89% 

Hong Kong Dollar (HKD)

 
19,150 

(a)

 
1.55% 

 

 

 -

 

 

 -

Total

 

$         526,372

 

 
1.99% 

 

 

$                275,106

 

 
1.67% 

 

 

 

 

 

 

(a)

Based on exchange rates of $1.62 to £1.00, $0.81 to 1.00 SGD, $1.04 to 1.00 AUD and $0.13 to 1.00 HKD, respectively, as of September 30, 2012.

 

(b)

Based on exchange rates of $1.55 to £1.00, $0.77 to 1.00 SGD and $1.02 to 1.00 AUD, respectively, as of December 31, 2011.

 

 

 

 

 

(3)

Interest rates are based on our senior unsecured debt ratings and are currently 145 basis points over the applicable index for floating rate advances.

 

 

 

(4)

Balances as of September 30, 2012 are as follows (balances, in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denomination of Draw

  

Balance as of

September 30, 2012

 

 

Weighted-average
interest rate

 

U.S. Dollar ($)

  

$
410,905 

  

 

 
1.67 

% 

Singapore Dollar (SGD)

  

 
154,391 

 (a) 

 

 
1.81 

% 

British Pound Sterling (£)

  

 
90,697 

 (a) 

 

 
1.97 

% 

Euro (€)

  

 
63,657 

 (a) 

 

 
1.57 

% 

Australian Dollar (AUD)

  

 
35,285 

 (a) 

 

 
5.03 

% 

 

  

 

 

 

 

 

 

 

 

  

$
754,935 

  

 

 
1.89 

% 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Based on exchange rates of $0.81 to 1.00 SGD, $1.62 to £1.00, $1.29 to €1.00 and $1.04 to 1.00 AUD, respectively, as of September 30, 2012.

 

 

 

(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 agreements as a cash flow hedge for interest generated by these US LIBOR, EURIBOR and GBP LIBOR based loans as well as the U.S. Dollar and Singapore Dollar tranches of the unsecured term loan. See note 13 for further information.

 

 

 

(10)

Based on exchange rate of $1.62 to £1.00 as of September 30, 2012 and $1.55 to £1.00 as of December 31, 2011.

 

 

 

(11)

Based on exchange rate of $1.29 to €1.00 as of September 30, 2012 and $1.30 to €1.00 as of December 31, 2011.

 

 

 

(12)

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

 

 

 

 

(13)

These loans were repaid in full: 114 Rue Ambroise Croizat (January 2012), Unit 9, Blanchardstown Corporate Park (January 2012), 1201 Comstock Street (April 2012), 2805 Lafayette Street  (May 2012), 2805 Lafayette Street Mezzanine (May 2012) and 1350 Duane Avenue/3080 Raymond Street (September 2012). Net loss from early extinguishment of debt related to write-off of unamortized deferred loan costs on 1201 Comstock Street, 2805 Lafayette Street and 2805 Lafayette Street Mezzanine amounted to $0.3 million for both the three and nine months ended September 30, 2012.

(14)

Property formerly referred to as 800 Central Expressway.  

 

Schedule Of Debt Maturities And Principal Maturities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Revolving Credit Facility (1)

 

Unsecured Term Loan

 

Unsecured Senior Notes

 

Senior Notes

 

Exchangeable Senior Debentures (3)

 

Mortgage Loans (2)

 

Total

Debt

Remainder of 2012

 

$                      -

 

$             -

 

$                -

 

$                -

 

$                    -

 

$        3,765

 

$           3,765

2013

 

 -

 

 -

 
33,000 

 

 -

 

 -

 
193,837 

 
226,837 

2014

 

 -

 

 -

 

 -

 

 -

 
266,400 

 
216,388 

 
482,788 

2015

 
526,372 

 

 -

 
67,000 

 
375,000 

 

 -

 
75,493 

 
1,043,865 

2016

 

 -

 

 -

 
25,000 

 

 -

 

 -

 
191,979 

 
216,979 

Thereafter

 

 -

 
754,935 

 
50,000 

 
1,200,000 

 

 -

 
110,765 

 
2,115,700 

 Subtotal

 

$          526,372

 

$ 754,935

 

$    175,000

 

$ 1,575,000

 

$        266,400

 

$    792,227

 

$    4,089,934

Unamortized discount

 

 -

 

 -

 

 -

 
(12,119)

 

 -

 

 -

 
(12,119)

Unamortized premium

 

 -

 

 -

 

 -

 

 -

 

 -

 
2,258 

 
2,258 

   Total

 

$          526,372

 

$ 754,935

 

$    175,000

 

$ 1,562,881

 

$        266,400

 

$    794,485

 

$    4,080,073

 

 

 

 

(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 global 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 September 30, 2012, we provided limited recourse guarantees with respect to approximately $38.6 million of the outstanding mortgage indebtedness, and partial letter of credit support with respect to approximately an additional $37.2 million of the outstanding mortgage indebtedness (based on exchange rates as of September 30, 2012).

 

 

 

(3)

Assumes maturity of the 2029 Debentures at their first redemption date in April 2014.

 

Global Revolving Credit Facility [Member]
  
Schedule Of Balances And Foreign Currency Translation Revolving Credit Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denomination of Draw

 

Balance as of September 30, 2012

 

 

Weighted-average interest rate

 

 

Balance as of December 31, 2011

 

 

Weighted-average interest rate

US ($)

 

$                    -

 

 
0.00% 

 

 

$                194,000

 

 
1.54% 

British Sterling (£)

 
447,018 

(a)

 
1.79% 

 

 
49,892 

(b)

 
1.99% 

Singapore Dollar (SGD)

 
21,183 

(a)

 
1.56% 

 

 
28,151 

(b)

 
1.56% 

Australian Dollar (AUD)

 
39,021 

(a)

 
4.83% 

 

 
3,063 

(b)

 
5.89% 

Hong Kong Dollar (HKD)

 
19,150 

(a)

 
1.55% 

 

 

 -

 

 

 -

Total

 

$         526,372

 

 
1.99% 

 

 

$                275,106

 

 
1.67% 

 

 

 

 

 

 

(a)

Based on exchange rates of $1.62 to £1.00, $0.81 to 1.00 SGD, $1.04 to 1.00 AUD and $0.13 to 1.00 HKD, respectively, as of September 30, 2012.

 

(b)

Based on exchange rates of $1.55 to £1.00, $0.77 to 1.00 SGD and $1.02 to 1.00 AUD, respectively, as of December 31, 2011.

 

Unsecured Term Loan [Member]
  
Schedule Of Balances And Foreign Currency Translation Revolving Credit Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denomination of Draw

  

Balance as of

September 30, 2012

 

 

Weighted-average
interest rate

 

U.S. Dollar ($)

  

$
410,905 

  

 

 
1.67 

% 

Singapore Dollar (SGD)

  

 
154,391 

 (a) 

 

 
1.81 

% 

British Pound Sterling (£)

  

 
90,697 

 (a) 

 

 
1.97 

% 

Euro (€)

  

 
63,657 

 (a) 

 

 
1.57 

% 

Australian Dollar (AUD)

  

 
35,285 

 (a) 

 

 
5.03 

% 

 

  

 

 

 

 

 

 

 

 

  

$
754,935 

  

 

 
1.89 

% 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Based on exchange rates of $0.81 to 1.00 SGD, $1.62 to £1.00, $1.29 to €1.00 and $1.04 to 1.00 AUD, respectively, as of September 30, 2012.