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Debt Of The Operating Partnership (Tables) (Digital Realty Trust, L.P. [Member])
 3 Months Ended
Mar. 31, 2014
Summary Of Outstanding Indebtedness Of The Operating Partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indebtedness

 

Interest Rate at
March 31, 2014

 

 

Maturity Date

 

 

Principal Outstanding
March 31, 2014

 

 

Principal Outstanding
December 31, 2013

 

Global revolving credit facility

 

Various

(1)

 

Nov. 3, 2017

 

 

$                  790,500

(2)

 

$                  724,668

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured term loan

 

Various

(3)(8)

 

Apr. 16, 2017

 

 

$               1,026,891

(4)

 

$               1,020,984

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured senior notes:

 

 

 

 

 

 

 

 

 

 

 

 

Prudential Shelf Facility:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 
142,000 

 

 
142,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 

 

 
300,000 

 

4.25% notes due 2025

 

4.250%

 

 

Jan. 17, 2025

 

 
666,480 

(9)

 
662,280 

(9)

Unamortized discounts

 

 

 

 

 

 

 
(14,632)

 

 
(15,048)

 

Total senior notes, net of discount

 

 

 

 

 

 

 
2,226,848 

 

 
2,222,232 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total unsecured senior notes, net of discount

 

 

 

 

 

 

 
2,368,848 

 

 
2,364,232 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchangeable senior debentures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.50% exchangeable senior debentures due 2029

 

5.500%

 

 

Apr. 15, 2029

(5)

 
266,400 

 

 
266,400 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total exchangeable senior debentures

 

 

 

 

 

 

 
266,400 

 

 
266,400 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indebtedness

 

Interest Rate at
March 31, 2014

 

 

Maturity Date

 

 

Principal Outstanding
March 31, 2014

 

 

Principal Outstanding
December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

Secured Term Debt (6)(7)

 

5.65%

 

 

Nov. 11, 2014

 

 

$                  132,157

 

 

$                  132,966

 

200 Paul Avenue 1-4 (7)

 

5.74%

 

 

Oct. 8, 2015

 

 
70,198 

 

 
70,713 

 

2045 & 2055 LaFayette Street (7)

 

5.93%

 

 

Feb. 6, 2017

 

 
63,351 

 

 
63,623 

 

34551 Ardenwood Boulevard 1-4 (7)

 

5.95%

 

 

Nov. 11, 2016

 

 
51,942 

 

 
52,152 

 

1100 Space Park Drive (7)

 

5.89%

 

 

Dec. 11, 2016

 

 
51,904 

 

 
52,115 

 

600 West Seventh Street

 

5.80%

 

 

Mar. 15, 2016

 

 
49,127 

 

 
49,548 

 

150 South First Street (7)

 

6.30%

 

 

Feb. 6, 2017

 

 
49,896 

 

 
50,097 

 

2334 Lundy Place (7)

 

5.96%

 

 

Nov. 11, 2016

 

 
37,778 

 

 
37,930 

 

Cressex 1 (10)

 

5.68%

 

 

Oct. 16, 2014

 

 
28,636 

(9)

 
28,583 

(9)

636 Pierce Street

 

5.27%

 

 

Apr. 15, 2023

 

 

 -

(11)

 
26,327 

 

8025 North Interstate 35

 

4.09%

 

 

Mar. 6, 2016

 

 
6,251 

 

 
6,314 

 

Manchester Technopark (10)

 

5.68%

 

 

Oct. 16, 2014

 

 
8,712 

(9)

 
8,695 

(9)

731 East Trade Street

 

8.22%

 

 

Jul. 1, 2020

 

 
4,101 

 

 
4,186 

 

Unamortized net premiums

 

 

 

 

 

 

 
689 

 

 
2,359 

 

Total mortgage loans, net of premiums

 

 

 

 

 

 

 
554,742 

 

 
585,608 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total indebtedness

 

 

 

 

 

 

 

$               5,007,381

 

 

$               4,961,892

 

 

 

(1)

The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 110 basis points, which is based on the credit rating of our long-term debt. An annual facility fee of 20 basis points, which is based on the credit rating of our long-term debt, is due and payable quarterly on the total commitment amount of the facility.  Two six-month extensions are available, which we may exercise if certain conditions are met.

(2)

Balances as of March 31, 2014 and December 31, 2013 are as follows (balances, in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denomination of Draw

 

Balance as of March 31, 2014

 

 

Weighted-average interest rate

 

 

Balance as of December 31, 2013

 

 

Weighted-average interest rate

 

 

 

 

 

 

 

 

 

 

 

 

Floating Rate Borrowing (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. dollar ($)

 

$              397,000

 

 
1.25% 

 

 

$                466,000

 

 
1.27% 

British pound sterling (£)

 
126,631 

(c)

 
1.60% 

 

 

 -

 

 

-

Euro (€)

 
74,353 

(c)

 
1.33% 

 

 
78,335 

(d)

 
1.33% 

Australian dollar (AUD)

 
73,185 

(c)

 
3.73% 

 

 
67,212 

(d)

 
3.70% 

Hong Kong dollar (HKD)

 
66,677 

(c)

 
1.31% 

 

 
57,390 

(d)

 
1.31% 

Japanese yen (JPY)

 
13,174 

(c)

 
1.20% 

 

 
12,858 

(d)

 
1.21% 

Canadian dollar (CAD)

 
34,480 

(c)

 
2.32% 

 

 
14,873 

(d)

 
2.32% 

Total

 

$              785,500

 

 
1.60% 

 

 

$                696,668

 

 
1.53% 

 

 

 

 

 

 

 

 

 

 

 

 

Base Rate Borrowing (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. dollar ($)

 

$                  5,000

 

 
3.35% 

 

 

$                  28,000

 

 
3.35% 

 

 

 

 

 

 

 

 

 

 

 

 

Total borrowings

 

$              790,500

 

 
1.61% 

 

 

$                724,668

 

 
1.60% 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

The interest rates for floating rate borrowings under the global revolving credit facility equal the applicable index plus a margin of 110 basis points, which is based on the credit rating of our long-term debt.

(b)

The interest rates for base rate borrowings under the global revolving credit facility equal the U.S. Prime Rate plus a margin of 10 basis points, which is based on the credit rating of our long-term debt.

(c)

Based on exchange rates of $1.67 to £1.00, $1.38 to €1.00, $0.93 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.90 to 1.00 CAD, respectively, as of March 31, 2014.

(d)

Based on exchange rates of $1.37 to €1.00, $0.89 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.94 to 1.00 CAD, respectively, as of December 31, 2013.

 

 

(3)

Interest rates are based on our senior unsecured debt ratings and are 120 basis points over the applicable index for floating rate advances.  Two six-month extensions are available, which we may exercise if certain conditions are met.

(4)

Balances as of March 31, 2014 and December 31, 2013 are as follows (balances, in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denomination of Draw

 

Balance as of March 31, 2014

 

 

Weighted-average interest rate

 

 

Balance as of December 31, 2013

 

 

Weighted-average interest rate

 

U.S. dollar ($)

 

$               410,905

 

 
1.36% 

(b)

 

$               410,905

 

 
1.37% 

(d)

Singapore dollar (SGD)

 
181,710 

(a)

 
1.42% 

(b)

 
180,918 

(c)

 
1.40% 

(d)

British pound sterling (£)

 
201,485 

(a)

 
1.72% 

 

 
200,216 

(c)

 
1.72% 

 

Euro (€)

 
137,001 

(a)

 
1.43% 

 

 
136,743 

(c)

 
1.43% 

 

Australian dollar (AUD)

 
95,790 

(a)

 
3.82% 

 

 
92,202 

(c)

 
3.78% 

 

Total

 

$            1,026,891

 

 
1.68% 

(b)

 

$            1,020,984

 

 
1.67% 

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Based on exchange rates of $0.80 to 1.00 SGD, $1.67 to £1.00, $1.38 to €1.00 and $0.93 to 1.00 AUD, respectively, as of March 31, 2014.

(b)

As of March 31, 2014, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.00% (Singapore dollar) and 2.01% (Total).  See Note 14 for further discussion on interest rate swaps.

(c)

Based on exchange rates of $0.79 to 1.00 SGD, $1.66 to £1.00, $1.37 to €1.00 and $0.89 to 1.00 AUD, respectively, as of December 31, 2013.

(d)

As of December 31, 2013, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.00% (Singapore dollar) and 2.00% (Total).  See Note 14 for further discussion on interest rate swaps.

(5)

The 2029 Debentures were redeemed in April 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)

We have entered into interest rate swap agreements as a cash flow hedge for interest generated by the U.S. dollar and Singapore dollar tranches of the unsecured term loan. See note 14 for further information.

(9)

Based on exchange rate of $1.67 to £1.00 as of March 31, 2014 and $1.66 to £1.00 as of December 31, 2013.

(10)

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

(11)

On March 5, 2014, we contributed this property to our joint venture with an investment fund managed by Prudential Real Estate Investors which was formed in September 2013. Also on March 5, 2014, the joint venture assumed the debt and repaid in full the outstanding balance of $26.1 million on the mortgage loan.
Schedule Of Debt Maturities And Principal Maturities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Revolving Credit Facility (1)

 

Unsecured Term Loan (1)

 

Prudential Shelf Facility

 

Senior Notes

 

Exchangeable Senior Debentures (2)

 

Mortgage Loans (3)

 

Total
Debt

Remainder of 2014

 

$                      -

 

$                  -

 

$                -

 

$               -

 

$          266,400

 

$       175,817

 

$      442,217

2015

 

 -

 

 -

 
67,000 

 
375,000 

 

 -

 
75,493 

 
517,493 

2016

 

 -

 

 -

 
25,000 

 

 -

 

 -

 
191,979 

 
216,979 

2017

 
790,500 

 
1,026,891 

 
50,000 

 

 -

 

 -

 
108,395 

 
1,975,786 

2018

 

 -

 

 -

 

 -

 

 -

 

 -

 
593 

 
593 

Thereafter

 

 -

 

 -

 

 -

 
1,866,480 

 

 -

 
1,776 

 
1,868,256 

 Subtotal

 

$          790,500

 

$   1,026,891

 

$     142,000

 
$
2,241,480 

 

$          266,400

 

$       554,053

 

$   5,021,324

Unamortized discount

 

 -

 

 -

 

 -

 
(14,632)

 

 -

 

 -

 
(14,632)

Unamortized premium

 

 -

 

 -

 

 -

 

 -

 

 -

 
689 

 
689 

   Total

 

$          790,500

 

$   1,026,891

 

$     142,000

 
$
2,226,848 

 

$          266,400

 

$       554,742

 

$   5,007,381

 

(1)

Subject to two six-month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility and the unsecured term loan, as applicable.

(2)

The 2029 Debentures were redeemed in April 2014.

(3)

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 March 31, 2014, we provided partial letter of credit support with respect to approximately $37.3 million of the outstanding mortgage indebtedness (based on exchange rates as of March 31, 2014).
Global Revolving Credit Facility [Member]
  
Schedule Of Balances And Foreign Currency Translation Revolving Credit Facilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denomination of Draw

 

Balance as of March 31, 2014

 

 

Weighted-average interest rate

 

 

Balance as of December 31, 2013

 

 

Weighted-average interest rate

 

 

 

 

 

 

 

 

 

 

 

 

Floating Rate Borrowing (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. dollar ($)

 

$              397,000

 

 
1.25% 

 

 

$                466,000

 

 
1.27% 

British pound sterling (£)

 
126,631 

(c)

 
1.60% 

 

 

 -

 

 

-

Euro (€)

 
74,353 

(c)

 
1.33% 

 

 
78,335 

(d)

 
1.33% 

Australian dollar (AUD)

 
73,185 

(c)

 
3.73% 

 

 
67,212 

(d)

 
3.70% 

Hong Kong dollar (HKD)

 
66,677 

(c)

 
1.31% 

 

 
57,390 

(d)

 
1.31% 

Japanese yen (JPY)

 
13,174 

(c)

 
1.20% 

 

 
12,858 

(d)

 
1.21% 

Canadian dollar (CAD)

 
34,480 

(c)

 
2.32% 

 

 
14,873 

(d)

 
2.32% 

Total

 

$              785,500

 

 
1.60% 

 

 

$                696,668

 

 
1.53% 

 

 

 

 

 

 

 

 

 

 

 

 

Base Rate Borrowing (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. dollar ($)

 

$                  5,000

 

 
3.35% 

 

 

$                  28,000

 

 
3.35% 

 

 

 

 

 

 

 

 

 

 

 

 

Total borrowings

 

$              790,500

 

 
1.61% 

 

 

$                724,668

 

 
1.60% 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

The interest rates for floating rate borrowings under the global revolving credit facility equal the applicable index plus a margin of 110 basis points, which is based on the credit rating of our long-term debt.

(b)

The interest rates for base rate borrowings under the global revolving credit facility equal the U.S. Prime Rate plus a margin of 10 basis points, which is based on the credit rating of our long-term debt.

(c)

Based on exchange rates of $1.67 to £1.00, $1.38 to €1.00, $0.93 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.90 to 1.00 CAD, respectively, as of March 31, 2014.

(d)

Based on exchange rates of $1.37 to €1.00, $0.89 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.94 to 1.00 CAD, respectively, as of December 31, 2013.

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denomination of Draw

 

Balance as of March 31, 2014

 

 

Weighted-average interest rate

 

 

Balance as of December 31, 2013

 

 

Weighted-average interest rate

 

U.S. dollar ($)

 

$               410,905

 

 
1.36% 

(b)

 

$               410,905

 

 
1.37% 

(d)

Singapore dollar (SGD)

 
181,710 

(a)

 
1.42% 

(b)

 
180,918 

(c)

 
1.40% 

(d)

British pound sterling (£)

 
201,485 

(a)

 
1.72% 

 

 
200,216 

(c)

 
1.72% 

 

Euro (€)

 
137,001 

(a)

 
1.43% 

 

 
136,743 

(c)

 
1.43% 

 

Australian dollar (AUD)

 
95,790 

(a)

 
3.82% 

 

 
92,202 

(c)

 
3.78% 

 

Total

 

$            1,026,891

 

 
1.68% 

(b)

 

$            1,020,984

 

 
1.67% 

(d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Based on exchange rates of $0.80 to 1.00 SGD, $1.67 to £1.00, $1.38 to €1.00 and $0.93 to 1.00 AUD, respectively, as of March 31, 2014.

(b)

As of March 31, 2014, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.00% (Singapore dollar) and 2.01% (Total).  See Note 14 for further discussion on interest rate swaps.

(c)

Based on exchange rates of $0.79 to 1.00 SGD, $1.66 to £1.00, $1.37 to €1.00 and $0.89 to 1.00 AUD, respectively, as of December 31, 2013.

(d)

As of December 31, 2013, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.00% (Singapore dollar) and 2.00% (Total).  See Note 14 for further discussion on interest rate swaps.