Debt of the Operating Partnership

A summary of outstanding indebtedness of the Operating Partnership as of March 31, 2017 and December 31, 2016 is as follows (in thousands):



Indebtedness	Interest Rate at March 31, 2017		Maturity Date	Principal Outstanding March 31, 2017				Principal Outstanding December 31, 2016
Global revolving credit facility	Various	(1)	Jan 15, 2020	$	574,379		(2)	$	210,077		(2)
Deferred financing costs, net				(9,912		)		(10,868		)
Global revolving credit facility, net				564,467				199,209
Unsecured Term Loans
Unsecured term loan — 5-year	Various	(3)(4)	Jan 15, 2021	1,211,515			(5)	1,188,498			(5)
Unsecured term loan — 7-year	Various	(3)(4)	Jan 15, 2023	300,000			(5)	300,000			(5)
Deferred financing costs, net				(5,848		)		(6,137		)
Unsecured term loan, net				1,505,667				1,482,361
Unsecured senior notes:
Prudential Shelf Facility:
Series E	5.730%		Jan 20, 2017	—			(6)	50,000
Total Prudential Shelf Facility				—				50,000
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	376,500			(7)	370,200			(7)
2.625% notes due 2024	2.625%		Apr 15, 2024	639,120			(8)	631,020			(8)
4.250% notes due 2025	4.250%		Jan 17, 2025	502,000			(7)	493,600			(7)
4.750% notes due 2025	4.750%		Oct 1, 2025	450,000				450,000
Unamortized discounts				(15,040		)		(15,649		)
Total senior notes, net of discount				4,152,580				4,129,171
Deferred financing costs, net				(24,470		)		(25,374		)
Total unsecured senior notes, net of discount and deferred financing costs				4,128,110				4,153,797



Indebtedness	Interest Rate at March 31, 2017	Maturity Date	Principal Outstanding March 31, 2017			Principal Outstanding December 31, 2016
Mortgage loans:
731 East Trade Street	8.22%	Jul 1, 2020	$	2,784		$	2,916
Unamortized net premiums			311			334
Total mortgage loans, including premiums			3,095			3,250
Deferred financing costs, net			(10		)	(10		)
Total mortgage loans, including premiums and net of deferred financing costs			3,085			3,240
Total indebtedness			$	6,241,569		$	5,838,607

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(1)

The interest rate for borrowings under the 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 March 31, 2017 and December 31, 2016 are as follows (balances, in thousands):



Denomination of Draw	Balance as of March 31, 2017			Weighted-average interest rate		Balance as of December 31, 2016			Weighted-average interest rate
Floating Rate Borrowing (a)
U.S. dollar ($)	$	80,000		1.91	%	$	105,000		1.67	%
British pound sterling (£)	328,183		(b)	1.27	%	11,106		(c)	1.25	%
Euro (€)	43,141		(b)	0.63	%	15,250		(c)	0.63	%
Hong Kong dollar (HKD)	2,432		(b)	1.45	%	1,728		(c)	1.66	%
Japanese yen (JPY)	96,530		(b)	0.96	%	54,273		(c)	0.92	%
Singapore dollar (SGD)	2,004		(b)	1.66	%	11,186		(c)	1.52	%
Canadian dollar (CAD)	12,089		(b)	1.94	%	11,534		(c)	1.92	%
Total	$	564,379		1.27	%	$	210,077		1.39	%
Base Rate Borrowing (d)
U.S. dollar ($)	$	10,000		4.00	%	$	—		—	%
Total borrowings	$	574,379		1.32	%	$	210,077		1.39	%


(a)	The interest rates for floating rate borrowings under the 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 $1.26 to £1.00, $1.07 to €1.00, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.72 to 1.00 SGD and $0.75 to 1.00 CAD, respectively, as of March 31, 2017.


(c)	Based on exchange rates of $1.23 to £1.00, $1.05 to €1.00, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.69 to 1.00 SGD and $0.74 to 1.00 CAD, respectively, as of December 31, 2016.


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


(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 March 31, 2017 and December 31, 2016 are as follows (balances, in thousands):



Denomination of Draw	Balance as of March 31, 2017			Weighted-average interest rate			Balance as of December 31, 2016			Weighted-average interest rate
U.S. dollar ($)	$	710,911		2.20	%	(b)	$	710,911		1.99	%	(d)
British pound sterling (£)	212,691		(a)	1.36	%	(b)	209,132		(c)	1.36	%	(d)
Singapore dollar (SGD)	231,021		(a)	1.86	%	(b)	222,824		(c)	1.76	%	(d)
Australian dollar (AUD)	180,273		(a)	2.73	%		170,325		(c)	2.72	%
Hong Kong dollar (HKD)	85,868		(a)	1.54	%		86,029		(c)	1.77	%
Canadian dollar (CAD)	73,964		(a)	1.99	%	(b)	73,294		(c)	2.00	%	(d)
Japanese yen (JPY)	16,787		(a)	1.05	%		15,983		(c)	0.98	%
Total	$	1,511,515		2.03	%	(b)	$	1,488,498		1.93	%	(d)


(a)	Based on exchange rates of $1.26 to £1.00, $0.72 to 1.00 SGD, $0.76 to 1.00 AUD, $0.13 to 1.00 HKD, $0.75 to 1.00 CAD and $0.01 to 1.00 JPY, respectively, as of March 31, 2017.


(b)	As of March 31, 2017, the weighted-average interest rate reflecting interest rate swaps was 2.43% (U.S. dollar), 1.89% (British pound sterling), 1.91% (Singapore dollar), 1.88% (Canadian dollar) and 2.22% (Total). See Note 14 "Derivative Instruments" for further discussion on interest rate swaps.


(c)	Based on exchange rates of $1.23 to £1.00, $0.69 to 1.00 SGD, $0.72 to 1.00 AUD,$0.13 to 1.00 HKD, $0.74 to 1.00 CAD and $0.01 to 1.00 JPY, respectively, as of December 31, 2016.


(d)	As of December 31, 2016, the weighted-average interest rate reflecting interest rate swaps was 2.45% (U.S. dollar), 1.89% (British pound sterling), 1.90% (Singapore dollar), 1.88% (Canadian dollar) and 2.23% (Total).


(6)	Unsecured note paid in full at maturity.


(7)	Based on exchange rate of $1.26 to £1.00 as of March 31, 2017 and $1.23 to £1.00 as of December 31, 2016.


(8)	Based on exchange rate of $1.07 to €1.00 as of March 31, 2017 and $1.05 to €1.00 as of December 31, 2016.

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 global revolving credit facility, that replaced the $2.0 billion revolving credit facility executed on August 15, 2013, as amended. The 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 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 March 31, 2017, interest rates are based on 1-month LIBOR, 1-month EURIBOR, 1-month GBP LIBOR, 1-month HIBOR, 1-month JPY LIBOR, 1-month SOR and 1-month CDOR, plus a margin of 1.00%. The facility also bore a base borrowing rate of 4.00% (USD) which is based on the U.S. Prime Rate. We have used and intend to use available borrowings under the 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 March 31, 2017, we have capitalized approximately $9.9 million of financing costs, net of accumulated amortization, related to the global revolving credit facility. As of March 31, 2017, approximately $574.4 million was drawn under the global revolving credit facility and $19.1 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, 2017, 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 to 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 March 31, 2017, the balance outstanding is approximately $1.5 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 global revolving credit facility and, as of March 31, 2017, we were in compliance with all of such covenants. As of March 31, 2017, we have capitalized approximately $5.8 million of financing costs, net of accumulated amortization, related to the 2016 unsecured term loans.

The table below summarizes our debt maturities and principal payments as of March 31, 2017 (in thousands):



	Global Revolving Credit Facility⁽¹⁾		Unsecured Term Loan		Senior Notes			Mortgage Loans		Total Debt
Remainder of 2017	$	—	$	—	$	—		$	414	$	414
2018	—		—		—			593		593
2019	—		—		—			644		644
2020	574,379		—		1,000,000			1,133		1,575,512
2021	—		1,211,515		400,000			—		1,611,515
Thereafter	—		300,000		2,767,620			—		3,067,620
Subtotal	$	574,379	$	1,511,515	$	4,167,620		$	2,784	$	6,256,298
Unamortized discount	—		—		(15,040		)	—		(15,040		)
Unamortized premium	—		—		—			311		311
Total	$	574,379	$	1,511,515	$	4,152,580		$	3,095	$	6,241,569


(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.