Debt of the Operating Partnership

A summary of outstanding indebtedness of the Operating Partnership as of June 30, 2016 and December 31, 2015 is as follows (in thousands):



Indebtedness	Interest Rate at June 30, 2016		Maturity Date	Principal Outstanding June 30, 2016				Principal Outstanding December 31, 2015
Global revolving credit facility	Various	(1)	Jan 15, 2020	$	101,007		(2)	$	967,884		(2)
Deferred financing costs, net				(12,472		)		(7,613		)
Global revolving credit facility, net				88,535				960,271
Unsecured Term Loan
Unsecured term loan — 5-year	Various	(3)(4)	Jan 15, 2021	1,252,426			(5)	924,568			(5)
Unsecured term loan — 7-year	Various	(3)(4)	Jan 15, 2023	300,000			(5)	—
Deferred financing costs, net				(6,836		)		(1,301		)
Unsecured term loan, net				1,545,590				923,267
Unsecured senior notes:
Prudential Shelf Facility:
Series C	9.680%		Jan 6, 2016	—				25,000
Series E	5.730%		Jan 20, 2017	50,000				50,000
Total Prudential Shelf Facility				50,000				75,000
Senior Notes:
5.875% notes due 2020	5.875%		Feb 1, 2020	500,000				500,000
3.400% notes due 2020	3.400%		Oct 1, 2020	500,000				500,000
5.250% notes due 2021	5.250%		Mar 15, 2021	400,000				400,000
3.950% notes due 2022	3.950%		Jul 1, 2022	500,000				500,000
3.625% notes due 2022	3.625%		Oct 1, 2022	300,000				300,000
4.750% notes due 2023	4.750%		Oct 13, 2023	399,330			(6)	442,080			(6)
2.625% notes due 2024	2.625%		Apr 15, 2024	666,360			(7)	—
4.250% notes due 2025	4.250%		Jan 17, 2025	532,440			(6)	589,440			(6)
4.750% notes due 2025	4.750%		Oct 1, 2025	450,000				450,000
Unamortized discounts				(17,461		)		(17,914		)
Total senior notes, net of discount				4,230,669				3,663,606
Deferred financing costs, net				(28,099		)		(26,037		)
Total unsecured senior notes, net of discount and deferred financing costs				4,252,570				3,712,569



Indebtedness	Interest Rate at June 30, 2016	Maturity Date		Principal Outstanding June 30, 2016			Principal Outstanding December 31, 2015
Mortgage loans:
2045 & 2055 Lafayette Street ⁽⁸⁾	5.93%	Feb 6, 2017		$	60,854		$	61,437
34551 Ardenwood Boulevard 1-4 ⁽⁸⁾	5.95%	Nov 11, 2016	⁽⁹⁾	50,030			50,477
1100 Space Park Drive ⁽⁸⁾	5.89%	Dec 11, 2016	⁽⁹⁾	49,972			50,423
600 West Seventh Street	5.80%	Mar 15, 2016		—			46,000
150 South First Street ⁽⁸⁾	6.30%	Feb 6, 2017		48,043			48,484
2334 Lundy Place ⁽⁸⁾	5.96%	Nov 11, 2016	⁽⁹⁾	36,389			36,714
8025 North Interstate 35	4.09%	Mar 6, 2016		—			5,789
731 East Trade Street	8.22%	Jul 1, 2020		3,173			3,420
Unamortized net premiums				380			439
Total mortgage loans, including premiums				248,841			303,183
Deferred financing costs, net				(130		)	(253		)
Total mortgage loans, including premiums and net of deferred financing costs				248,711			302,930
Total indebtedness				$	6,135,406		$	5,899,037

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(1)

The interest rate for borrowings under the 2016 global revolving credit facility equals the applicable index plus a margin of 100 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 June 30, 2016 and December 31, 2015 are as follows (balances, in thousands):



Denomination of Draw	Balance as of June 30, 2016			Weighted-average interest rate		Balance as of December 31, 2015			Weighted-average interest rate
Floating Rate Borrowing (a)
U.S. dollar ($)	$	—		—	%	$	274,000		1.46	%
British pound sterling (£)	13,311		(b)	1.50	%	95,784		(c)	1.61	%
Euro (€)	2,221		(b)	0.62	%	280,565		(c)	0.90	%
Australian dollar (AUD)	—			—	%	96,831		(c)	3.16	%
Hong Kong dollar (HKD)	1,418		(b)	1.22	%	86,082		(c)	1.33	%
Japanese yen (JPY)	45,552		(b)	0.91	%	14,304		(c)	1.15	%
Singapore dollar (SGD)	31,696		(b)	1.71	%	49,132		(c)	1.92	%
Canadian dollar (CAD)	6,809		(b)	1.88	%	71,186		(c)	1.95	%
Total	$	101,007		1.30	%	$	967,884		1.53	%


(a)	The interest rates for floating rate borrowings under the 2016 global revolving credit facility equal the applicable index plus a margin of 100 basis points, which is based on the credit ratings of our long-term debt.


(b)	Based on exchange rates of $1.33 to £1.00, $1.11 to €1.00, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.74 to 1.00 SGD and $0.77 to 1.00 CAD, respectively, as of June 30, 2016.


(c)	Based on exchange rates of $1.47 to £1.00, $1.09 to €1.00, $0.73 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.70 to 1.00 SGD and $0.72 to 1.00 CAD, respectively, as of December 31, 2015.


(3)	Interest rates are based on our current senior unsecured debt ratings and are 110 basis points and 155 basis points over the applicable index for floating rate advances for the 5-Year Term Loan and the 7-Year Term Loan, respectively.


(4)	We have entered into interest rate swap agreements as a cash flow hedge for interest generated by the U.S. dollar, Singapore dollar, British pound sterling and Canadian dollar tranches of the unsecured term loan. See Note 14 "Derivative Instruments" for further information.


(5)	Balances as of June 30, 2016 and December 31, 2015 are as follows (balances, in thousands):



Denomination of Draw	Balance as of June 30, 2016			Weighted-average interest rate			Balance as of December 31, 2015			Weighted-average interest rate
U.S. dollar ($)	$	710,911		1.74	%	(b)	$	410,905		1.51	%	(d)
British pound sterling (£)	225,588		(a)	1.61	%	(b)	178,195		(c)	1.78	%
Singapore dollar (SGD)	239,540		(a)	1.97	%	(b)	161,070		(c)	2.16	%	(d)
Australian dollar (AUD)	176,067		(a)	2.95	%		75,337		(c)	3.27	%
Hong Kong dollar (HKD)	85,995		(a)	1.33	%		—			—	%
Canadian dollar (CAD)	76,210		(a)	1.99	%	(b)	—			—	%
Euro (€)	19,991		(a)	0.74	%		99,061		(c)	1.00	%
Japanese yen (JPY)	18,124		(a)	1.00	%		—			—	%
Total	$	1,552,426		1.86	%	(b)	$	924,568		1.76	%	(d)


(a)	Based on exchange rates of $1.33 to £1.00, $0.74 to 1.00 SGD, $0.75 to 1.00 AUD, $0.13 to 1.00 HKD, $0.77 to 1.00 CAD, $1.11 to €1.00 and $0.01 to 1.00 JPY, respectively, as of June 30, 2016.


(b)	As of June 30, 2016, the weighted-average interest rate reflecting interest rate swaps was 2.39% (U.S. dollar), 1.89% (British pound sterling), 1.90% (Singapore dollar), 1.88% (Canadian dollar) and 2.19% (Total). See Note 14 "Derivative Instruments" for further discussion on interest rate swaps.


(c)	Based on exchange rates of $0.70 to 1.00 SGD, $1.47 to £1.00, $1.09 to €1.00 and $0.73 to 1.00 AUD, respectively, as of December 31, 2015.


(d)	As of December 31, 2015, the weighted-average interest rate reflecting interest rate swaps was 1.90% (U.S. dollar), 2.19% (Singapore dollar) and 1.94% (Total). See Note 14 "Derivative Instruments" for further discussion on interest rate swaps.


(6)	Based on exchange rate of $1.33 to £1.00 as of June 30, 2016 and $1.47 to £1.00 as of December 31, 2015.


(7)	Based on exchange rate of $1.11 to €1.00 as of June 30, 2016.


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


(9)	The Company plans to pay these mortgage loans in full upon maturity.

Global Revolving Credit Facility

On January 15, 2016, we refinanced our global revolving credit facility and entered into a global senior credit agreement for a $2.0 billion senior unsecured revolving credit facility, which we refer to as the 2016 global revolving credit facility, that replaced the $2.0 billion revolving credit facility executed on August 15, 2013, as amended. The 2016 global revolving credit facility has an accordion feature that would enable us to increase the borrowing capacity of the credit facility to up to $2.5 billion, subject to the receipt of lender commitments and other conditions precedent. The refinanced facility matures on January 15, 2020, with two six-month extension options available. The interest rate for borrowings under the 2016 global revolving credit facility equals the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 100 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 and Japanese yen. As of June 30, 2016, interest rates are based on 1-month GBP LIBOR, 1-month EURIBOR, 1-month HIBOR, 1-month JPY LIBOR, 1-month SOR and 1-month CDOR, plus a margin of 1.00%. We have used and intend to use available borrowings under the 2016 global revolving credit facility to acquire additional properties, 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 June 30, 2016, we have capitalized approximately $15.0 million of financing costs related to the 2016 global revolving credit facility. As of June 30, 2016, approximately $101.0 million was drawn under the 2016 global revolving credit facility and $18.9 million of letters of credit were issued.

The 2016 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 2016 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 June 30, 2016, we were in compliance with all of such covenants.

Unsecured Term Loans

On January 15, 2016, we refinanced our senior unsecured multi-currency term loan facility and entered into a term loan agreement, which governs (i) a $1.25 billion 5-year senior unsecured term loan, which we refer to as the 5-Year Term Loan, and (ii) a $300 million 7-year senior unsecured term loan, which we refer to as the 7-Year Term Loan. The 2016 term loan agreement replaced the $1.0 billion term loan agreement executed on April 16, 2012, as amended. The 5-Year Term Loan matures on January 15, 2021 and the 7-Year Term Loan matures on January 15, 2023. In addition, we have the ability from time to time to increase the aggregate size of lending under the 2016 term loan agreement from $1.55 billion up to $1.8 billion, subject to receipt of lender commitments and other conditions precedent. Interest rates are based on our senior unsecured debt ratings and are currently 110 basis points and 155 basis points over the applicable index for floating rate advances for the 5-Year Term Loan and the 7-Year Term Loan, respectively. Funds may be drawn in U.S., Canadian, Singapore, Australian and Hong Kong dollars, as well as Euro, British pound sterling and Japanese yen. Based on exchange rates in effect at June 30, 2016, the balance outstanding is approximately $1.6 billion, excluding deferred financing costs. We have used borrowings under the term loan for acquisitions, repayment of indebtedness, development, working capital and general corporate purposes. The covenants under the term loans are consistent with our 2016 global revolving credit facility and, as of June 30, 2016, we were in compliance with all of such covenants. As of June 30, 2016, we have capitalized approximately $7.4 million of financing costs related to the 2016 unsecured term loans.

2024 Notes

On April 15, 2016, Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of Digital Realty Trust, L.P., issued and sold €600.0 million aggregate principal amount of its 2.625% Guaranteed Notes due 2024, which we refer to as the 2024 Notes. The 2024 Notes are senior unsecured obligations of Digital Euro Finco, LLC and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and Digital Realty Trust, L.P. Net proceeds from the offering were approximately €594.0 million (or approximately $670.3 million based on the exchange rate as of April 15, 2016) after deducting managers’ discounts and estimated offering expenses. We have used the net proceeds from the offering of the 2024 Notes to temporarily repay borrowings under our 2016 global revolving credit facility.

The table below summarizes our debt maturities and principal payments as of June 30, 2016 (in thousands):



	Global Revolving Credit Facility⁽¹⁾		Unsecured Term Loan		Prudential Shelf Facility		Senior Notes			Mortgage Loans		Total Debt
Remainder of 2016	$	—	$	—	$	—	$	—		$	137,695	$	137,695
2017	—		—		50,000		—			108,396		158,396
2018	—		—		—		—			593		593
2019	—		—		—		—			644		644
2020	101,007		—		—		1,000,000			1,133		1,102,140
Thereafter	—		1,552,426		—		3,248,130			—		4,800,556
Subtotal	$	101,007	$	1,552,426	$	50,000	$	4,248,130		$	248,461	$	6,200,024
Unamortized discount	—		—		—		(17,461		)	—		(17,461		)
Unamortized premium	—		—		—		—			380		380
Total	$	101,007	$	1,552,426	$	50,000	$	4,230,669		$	248,841	$	6,182,943


(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, as applicable.