Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Senior Notes, Amounts Issued

Senior Notes

Senior Notes and Annual Interest Rate

Date Issued

Maturity Date

Amount Issued (in millions, local currency)

Net Proceeds (in millions) ⁽¹⁾

Interest Payment Dates

Initial Issuer ⁽²⁾

Floating Rate Guaranteed Notes due 2019 ⁽⁵⁾

May 22, 2017

May 22, 2019

€

125.0

140.1

Quarterly, commencing August 22, 2017

Digital Euro Finco, LLC ⁽³⁾

5.875% Notes due 2020

Jan 28, 2010

Feb 1, 2020

500.0

487.1

Semi-annually, commencing August 1, 2010

Digital Realty Trust, L.P.

3.400% Notes due 2020

Oct 1, 2015

Oct 1, 2020

500.0

494.5

Semi-annually, commencing April 1, 2016

Digital Delta Holdings, LLC ⁽⁴⁾

5.250% Notes due 2021

Mar 8, 2011

Mar 15, 2021

400.0

395.5

Semi-annually, commencing September 15, 2011

Digital Realty Trust, L.P.

3.950% Notes due 2022

Jun 23, 2015

Jul 1, 2022

500.0

491.8

Semi-annually, commencing January 1, 2016

Digital Realty Trust, L.P.

3.625% Notes due 2022

Sep 24, 2012

Oct 1, 2022

300.0

293.1

Semi-annually, commencing April 1, 2016

Digital Realty Trust, L.P.

2.750% Notes due 2023

Aug 7, 2017

Feb 1, 2023

350.0

346.9

Semi-annually, commencing February 1, 2018

Digital Realty Trust, L.P.

4.750% Notes due 2023

Apr 1, 2014

Oct 13, 2023

300.0

490.9

Semi-annually, commencing October 13, 2014

Digital Stout Holding, LLC ⁽³⁾

2.625% Notes due 2024

Apr 15, 2016

Apr 15, 2024

€

600.0

670.3

Semi-annually, commencing October 15, 2016

Digital Euro Finco, LLC ⁽³⁾

2.750% Notes due 2024

Jul 21, 2017

Jul 19, 2024

250.0

321.3

Annually, commencing July 19, 2018

Digital Stout Holding, LLC ⁽³⁾

4.250% Notes due 2025

Jan 18, 2013

Jan 17, 2025

400.0

624.2

Semi-annually, commencing July 17, 2013

Digital Stout Holding, LLC ⁽³⁾

4.750% Notes due 2025

Oct 1, 2015

Oct 1, 2025

450.0

445.8

Semi-annually, commencing April 1, 2016

Digital Delta Holdings, LLC ⁽⁴⁾

3.700% Notes due 2027

Aug 7, 2017

Aug 15, 2027

1,000.0

991.0

Semi-annually, commencing February 15, 2018

Digital Realty Trust, L.P.

3.300% Notes due 2029

Jul 21, 2017

Jul 19, 2029

350.0

448.6

Annually, commencing July 19, 2018

Digital Stout Holding, LLC ⁽³⁾

Digital Realty Trust, L.P.

Debt Instrument [Line Items]

Summary of Outstanding Indebtedness of the Operating Partnership

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



Indebtedness	Interest Rate at December 31, 2017		Maturity Date		Principal Outstanding December 31, 2017				Principal Outstanding December 31, 2016
Global revolving credit facility	Various	⁽¹⁾	Jan 15, 2020	⁽¹⁾	$	558,191		⁽²⁾	$	210,077		⁽²⁾
Deferred financing costs, net					(7,245		)		(10,868		)
Global revolving credit facility, net					550,946				199,209
Unsecured Term Loans
Unsecured term loan — 5-year	Various	⁽³⁾⁽⁴⁾	Jan 15, 2021		1,125,117			⁽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					(4,784		)		(6,137		)
Unsecured term loans, net					1,420,333				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:
Floating rate notes due 2019	EURIBOR + 0.500%		May 22, 2019		150,063			⁽⁷⁾	—
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
5.875% notes due 2021	5.875%		Sep 15, 2021		—			⁽⁹⁾	—
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
2.750% notes due 2023	2.750%		Feb 1, 2023		350,000				—
5.625% notes due 2023	5.625%		Jun 15, 2023		—			⁽⁹⁾	—
4.750% notes due 2023	4.750%		Oct 13, 2023		405,390			⁽⁸⁾	370,200			⁽⁸⁾
2.625% notes due 2024	2.625%		Apr 15, 2024		720,300			⁽⁷⁾	631,020			⁽⁷⁾
2.750% notes due 2024	2.750%		Jul 19, 2024		337,825			⁽⁸⁾	—
4.250% notes due 2025	4.250%		Jan 17, 2025		540,520			⁽⁸⁾	493,600			⁽⁸⁾
4.750% notes due 2025	4.750%		Oct 1, 2025		450,000				450,000
3.700% notes due 2027	3.700%		Aug 15, 2027		1,000,000				—
3.300% notes due 2029	3.300%		Jul 19, 2029		472,955			⁽⁸⁾	—
Unamortized discounts					(18,508		)		(15,649		)
Total senior notes, net of discount					6,608,545				4,129,171
Deferred financing costs, net					(37,788		)		(25,374		)
Total unsecured senior notes, net of discount and deferred financing costs					6,570,757				4,153,797

Mortgage loans:
731 East Trade Street	8.22%		Jul 1, 2020		2,370				2,916
Secured note due 2023	LIBOR + 1.100%	⁽⁴⁾	Mar 1, 2023		104,000				—
Unamortized net premiums					241				334
Total mortgage loans, including premiums					106,611				3,250
Deferred financing costs, net					(29		)		(10		)
Total mortgage loans, including premiums and net of deferred financing costs					106,582				3,240
Total indebtedness					$	8,648,618			$	5,838,607

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



Denomination of Draw	Balance as of December 31, 2017			Weighted-average interest rate		Balance as of December 31, 2016			Weighted-average interest rate
Floating Rate Borrowing (a)
U.S. dollar ($)	$	400,000		2.48	%	$	105,000		1.67	%
British pound sterling (£)	18,918		(c)	1.50	%	11,106		(d)	1.25	%
Euro (€)	31,213		(c)	0.62	%	15,250		(d)	0.63	%
Hong Kong dollar (HKD)	4,100		(c)	2.20	%	1,728		(d)	1.66	%
Japanese yen (JPY)	65,890		(c)	0.96	%	54,273		(d)	0.92	%
Singapore dollar (SGD)	—			—	%	11,186		(d)	1.52	%
Canadian dollar (CAD)	23,070		(c)	2.36	%	11,534		(d)	1.92	%
Total	$	543,191		2.15	%	$	210,077		1.39	%
Base Rate Borrowing (b)
U.S. dollar ($)	$	15,000		4.50	%	$	—		—	%
Total borrowings	$	558,191		2.21	%	$	210,077		1.39	%


(a)	The interest rates for floating rate borrowings under the global revolving credit facility currently equal the applicable index plus a margin of 100 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.


(c)	Based on exchange rates of $1.35 to £1.00, $1.20 to €1.00, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.80 to 1.00 CAD, respectively, as of December 31, 2017.


(d)	Based on exchange rates $1.23 to £1.00, of $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.


(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 loans along with the secured note due 2023. See Note 15. "Derivative Instruments" for further information.


(5)	Balances as of December 31, 2017 and December 31, 2016 are as follows (balances, in thousands):



Denomination of Draw	Balance as of December 31, 2017			Weighted-average interest rate			Balance as of December 31, 2016			Weighted-average interest rate
U.S. dollar ($)	$	606,911		2.78	%	(b)	$	710,911		1.99	%	(d)
British pound sterling (£)	229,011		(a)	1.59	%	(b)	209,132		(c)	1.36	%	(d)
Singapore dollar (SGD)	233,788		(a)	2.17	%		222,824		(c)	1.76	%	(d)
Australian dollar (AUD)	179,841		(a)	2.79	%		170,325		(c)	2.72	%
Hong Kong dollar (HKD)	85,762		(a)	2.20	%		86,029		(c)	1.77	%
Canadian dollar (CAD)	78,357		(a)	2.44	%	(b)	73,294		(c)	2.00	%	(d)
Japanese yen (JPY)	11,447		(a)	1.05	%		15,983			0.98	%
Total	$	1,425,117		2.42	%	(b)	$	1,488,498		1.93	%	(d)


(a)	Based on exchange rates of $1.35 to £1.00, $0.75 to 1.00 SGD, $0.78 to 1.00 AUD, $0.13 to 1.00 HKD, $0.80 to 1.00 CAD and $0.01 to 1.00 JPY, respectively, as of December 31, 2017.


(b)	As of December 31, 2017, the weighted-average interest rate reflecting interest rate swaps was 2.72% (U.S. dollar), 1.89% (British pound sterling), 1.88% (Canadian dollar) and 2.41% (Total). See Note 15 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). See Note 15 for further discussion on interest rate swaps.


(6)	Unsecured note paid in full at maturity.


(7)	Based on exchange rates of $1.20 to €1.00 as of December 31, 2017 and $1.05 to €1.00 as of December 31, 2016.


(8)	Based on exchange rates of $1.35 to £1.00 as of December 31, 2017 and $1.23 to £1.00 as of December 31, 2016.

(9)

In connection with the DFT merger, Digital Realty Trust, Inc. was added as a guarantor of the DFT Operating Partnership's 5.875% 2021 Notes and 5.625% 2023 Notes. We recorded the notes at fair value on the date of the merger as follows: $620.5 million for the 5.875% 2021 Notes and $266.3 million for the 5.625% 2023 Notes. These notes were redeemed in September 2017 and October 2017 for $884.9 million in the aggregate resulting in a gain on early extinguishment of debt of approximately $2.0 million.

Schedule of Debt Maturities and Principal Maturities

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



	Global Revolving Credit Facility ⁽¹⁾		Unsecured Term Loans		Senior Notes			Mortgage Loans		Total Debt
2018	$	—	$	—	$	—		$	593	$	593
2019	—		—		150,063			644		150,707
2020	558,191		—		1,000,000			1,133		1,559,324
2021	—		1,125,117		400,000			—		1,525,117
2022	—		—		800,000			—		800,000
Thereafter	—		300,000		4,276,990			104,000		4,680,990
Subtotal	$	558,191	$	1,425,117	$	6,627,053		$	106,370	$	8,716,731
Unamortized discount	—		—		(18,508		)	—		(18,508		)
Unamortized premium	—		—		—			241		241
Total	$	558,191	$	1,425,117	$	6,608,545		$	106,611	$	8,698,464


(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.