Debt of the Operating Partnership (Tables) (Digital Realty Trust, L.P.)

3 Months Ended

Mar. 31, 2015

Digital Realty Trust, L.P.

Summary Of Outstanding Indebtedness 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

_________________________________

(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.

Schedule Of Balances And Foreign Currency Translation Revolving Credit Facilities

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.

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.

Schedule Of Debt Maturities And Principal Maturities

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.