Debt of the Operating Partnership

A summary of outstanding indebtedness of the Operating Partnership as of March 31, 2015 and December 31, 2014 is as follows (in thousands):



Indebtedness	Interest Rate at March 31, 2015		Maturity Date		Principal Outstanding March 31, 2015				Principal Outstanding December 31, 2014
Global revolving credit facility	Various	(1)	Nov 3, 2017		$	826,906		(2)	$	525,951		(2)
Unsecured term loan	Various	(3)(6)	Apr 16, 2017		942,006			(4)	976,600			(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		—			(9)	50,000
Series E	5.730%		Jan 20, 2017		50,000				50,000
Series F	4.500%		Feb 3, 2015		—			(9)	17,000
Total Prudential Shelf Facility					75,000				142,000
Senior Notes:
4.50% notes due 2015	4.500%		Jul 15, 2015	(8)	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
4.75% notes due 2023	4.750%		Oct 13, 2023		444,540			(7)	467,310			(7)
4.25% notes due 2025	4.250%		Jan 17, 2025		592,720			(7)	623,080			(7)
Unamortized discounts					(14,788		)		(15,632		)
Total senior notes, net of discount					2,597,472				2,649,758
Total unsecured senior notes, net of discount					2,672,472				2,791,758



Indebtedness	Interest Rate at March 31, 2015	Maturity Date	Principal Outstanding March 31, 2015		Principal Outstanding December 31, 2014
Mortgage loans:
200 Paul Avenue 1-4 (5)	5.74%	Oct 8, 2015	68,121		68,665
2045 & 2055 Lafayette Street (5)	5.93%	Feb 6, 2017	62,275		62,563
34551 Ardenwood Boulevard 1-4 (5)	5.95%	Nov 11, 2016	51,118		51,339
1100 Space Park Drive (5)	5.89%	Dec 11, 2016	51,071		51,295
600 West Seventh Street	5.80%	Mar 15, 2016	47,379		47,825
150 South First Street (5)	6.30%	Feb 6, 2017	49,103		49,316
2334 Lundy Place (5)	5.96%	Nov 11, 2016	37,179		37,340
8025 North Interstate 35	4.09%	Mar 6, 2016	5,991		6,057
731 East Trade Street	8.22%	Jul 1, 2020	3,744		3,836
Unamortized net premiums			546		582
Total mortgage loans, net of premiums			376,527		378,818
Total indebtedness			$	4,817,911	$	4,673,127

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(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 current credit ratings of our long-term debt. An annual facility fee of 20 basis points, which is based on the credit ratings 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, 2015 and December 31, 2014 are as follows (balances, in thousands):



Denomination of Draw	Balance as of March 31, 2015			Weighted-average interest rate		Balance as of December 31, 2014			Weighted-average interest rate
Floating Rate Borrowing (a)
U.S. dollar ($)	$	317,000		1.28	%	$	90,000		1.27	%
British pound sterling (£)	125,360		(c)	1.62	%	132,716			1.61	%
Euro (€)	140,791		(c)	1.05	%	58,071		(d)	1.13	%
Australian dollar (AUD)	70,061		(c)	3.35	%	72,676		(d)	3.74	%
Hong Kong dollar (HKD)	87,417		(c)	1.34	%	79,336		(d)	1.34	%
Japanese yen (JPY)	13,235		(c)	1.17	%	13,201		(d)	1.17	%
Singapore dollar (SGD)	4,153		(c)	1.86	%	6,565		(d)	1.64	%
Canadian dollar (CAD)	61,889		(c)	2.10	%	62,386		(d)	2.39	%
Total	$	819,906		1.54	%	$	514,951		1.84	%
Base Rate Borrowing (b)
U.S. dollar ($)	$	7,000		3.35	%	$	11,000		3.35	%
Total borrowings	$	826,906		1.55	%	$	525,951		1.87	%


(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 ratings 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 ratings of our long-term debt.


(c)	Based on exchange rates of $1.48 to £1.00, $1.07 to €1.00, $0.76 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.73 to 1.00 SGD and $0.79 to 1.00 CAD, respectively, as of March 31, 2015.


(d)	Based on exchange rates of $1.21 to €1.00, $0.82 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.75 to 1.00 SGD and $0.86 to 1.00 CAD, respectively, as of December 31, 2014.


(3)	Interest rates are based on our current 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, 2015 and December 31, 2014 are as follows (balances, in thousands):



Denomination of Draw	Balance as of March 31, 2015			Weighted-average interest rate			Balance as of December 31, 2014			Weighted-average interest rate
U.S. dollar ($)	$	410,905		1.38	%	(b)	$	410,905		1.36	%	(d)
Singapore dollar (SGD)	166,485		(a)	1.75	%	(b)	172,426		(c)	1.45	%	(d)
British pound sterling (£)	179,187		(a)	1.76	%		188,365		(c)	1.76	%
Euro (€)	106,773		(a)	1.19	%		120,375		(c)	1.22	%
Australian dollar (AUD)	78,656		(a)	3.50	%		84,529		(c)	3.98	%
Total	$	942,006		1.67	%	(b)	$	976,600		1.66	%	(d)


(a)	Based on exchange rates of $0.73 to 1.00 SGD, $1.48 to £1.00, $1.07 to €1.00 and $0.76 to 1.00 AUD, respectively, as of March 31, 2015.


(b)	As of March 31, 2015, the weighted-average interest rate reflecting interest rate swaps was 1.92% (U.S. dollar), 2.10% (Singapore dollar) and 1.97% (Total). See Note 14 for further discussion on interest rate swaps.


(c)	Based on exchange rates of $0.75 to 1.00 SGD, $1.56 to £1.00, $1.21 to €1.00 and $0.82 to 1.00 AUD, respectively, as of December 31, 2014.


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


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


(6)	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.


(7)	Based on exchange rate of $1.48 to £1.00 as of March 31, 2015 and $1.56 to £1.00 as of December 31, 2014.

(8)

On April 24, 2015, the operating partnership gave notice of its intention to redeem all of its outstanding 2015 Notes, pursuant to its option under the Indenture governing the 2015 Notes, dated July 8, 2010. The redemption date is May 26, 2015 and the redemption price is 100% of the principal amount of the 2015 Notes plus accrued and unpaid interest thereon up to, but excluding, the redemption date.


(9)	These unsecured senior notes were repaid in full at maturity.

Global Revolving Credit Facility

On August 15, 2013, the Operating Partnership refinanced its global revolving credit facility, increasing its total borrowing capacity to $2.0 billion from $1.8 billion. The global revolving credit facility has an accordion feature that would enable us to increase the borrowing capacity of the credit facility to $2.55 billion, subject to the receipt of lender commitments and other conditions precedent. The refinanced facility matures on November 3, 2017, with two six-month extension options available. The interest rate for borrowings under the expanded facility equals the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 110 basis points. An annual facility fee on the total commitment amount of the facility, based on the credit ratings of our long-term debt, currently 20 basis points, is payable quarterly. Funds may be drawn in U.S., Canadian, Singapore, Australian and Hong Kong dollars, as well as Euro, British pound sterling, Swiss franc, Japanese yen and Mexican peso denominations. As of March 31, 2015, interest rates are based on 1-month LIBOR, 1-month EURIBOR, 1-month BBR, 1-month HIBOR, 1-month JPY LIBOR and 1-month CDOR plus a margin of 1.10%. The facility also bore a base borrowing rate of 3.35% (USD) which is based on U.S. Prime Rate plus a margin of 0.10%. We have used and intend to use available borrowings under the global revolving credit facility to acquire additional properties, to fund development opportunities and for general working capital and other corporate purposes, including potentially for the repurchase, redemption or retirement of outstanding debt or equity securities. As of March 31, 2015, we have capitalized approximately $18.0 million of financing costs related to the global revolving credit facility. As of March 31, 2015, approximately $826.9 million was drawn under the global revolving credit facility and $8.1 million of letters of credit were issued.

The global revolving credit facility contains various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments or merge with another company, and requirements to maintain financial coverage ratios, including with respect to unencumbered assets. In addition, the global revolving credit facility restricts Digital Realty Trust, Inc. from making distributions to its stockholders, or redeeming or otherwise repurchasing shares of its capital stock, after the occurrence and during the continuance of an event of default, except in limited circumstances including as necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax. As of March 31, 2015, we were in compliance with all of such covenants.

Unsecured Term Loan

On August 15, 2013, we refinanced the senior unsecured multi-currency term loan facility, increasing its total borrowing capacity to $1.0 billion from $750.0 million. Pursuant to the accordion feature, total commitments can be increased to $1.1 billion, subject to the receipt of lender commitments and other conditions precedent. The facility matures on April 16, 2017, with two six-month extension options available. Interest rates are based on our senior unsecured debt ratings and are currently 120 basis points over the applicable index for floating rate advances. Funds may be drawn in U.S., Singapore and Australian dollars, as well as Euro and British pound sterling denominations with the option to add Hong Kong dollars and Japanese yen upon an accordion exercise. Based on exchange rates in effect at March 31, 2015, the balance outstanding is approximately $942.0 million. We have used borrowings under the term loan for acquisitions, repayment of indebtedness, development, working capital and general corporate purposes. The covenants under this loan are consistent with our global revolving credit facility and, as of March 31, 2015, we were in compliance with all of such covenants. As of March 31, 2015, we have capitalized approximately $8.4 million of financing costs related to the unsecured term loan.

The table below summarizes our debt maturities and principal payments as of March 31, 2015 (in thousands):



	Global Revolving Credit Facility⁽¹⁾		Unsecured Term Loan ⁽¹⁾		Prudential Shelf Facility		Senior Notes			Mortgage Loans		Total Debt
Remainder of 2015	$	—	$	—	$	—	$	375,000		$	73,237	$	448,237
2016	—		—		25,000		—			191,979		216,979
2017	826,906		942,006		50,000		—			108,395		1,927,307
2018	—		—		—		—			593		593
2019	—		—		—		—			644		644
Thereafter	—		—		—		2,237,260			1,133		2,238,393
Subtotal	$	826,906	$	942,006	$	75,000	$	2,612,260		$	375,981	$	4,832,153
Unamortized discount	—		—		—		(14,788		)	—		(14,788		)
Unamortized premium	—		—		—		—			546		546
Total	$	826,906	$	942,006	$	75,000	$	2,597,472		$	376,527	$	4,817,911


(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.