Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2018

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, 2013

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

Annually, commencing

April 15, 2017

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.

4.450% Notes due 2028

Jun 21, 2018

Jul 15, 2028

650.0

643.3

Semi-annually, commencing January 15, 2019

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⁾

3.750% Notes due 2030

Oct 17, 2018

Oct 17, 2030

400.0

516.1

Annually, commencing October 17, 2019

Digital Stout Holding, LLC ⁽³⁾


(1)	Amounts are in U.S. dollars, based on the exchange rate on the date of issuance. Net proceeds are equal to principal amount less initial purchaser discount and other debt issuance costs.


(2)	Digital Realty Trust, Inc. guarantees the senior notes issued by Digital Realty Trust, L.P. Both Digital Realty Trust, L.P. and Digital Realty Trust, Inc. guarantee the senior notes issued by Digital Stout Holding, LLC and Digital Euro Finco, LLC.


(3)	A wholly owned subsidiary of Digital Realty Trust, L.P.

(4)

Initially a wholly owned subsidiary of Digital Realty Trust, Inc., pursuant to the terms of the indenture, following the consummation of the Telx Acquisition, on October 13, 2015, Digital Delta Holdings, LLC merged with and into Digital Realty Trust, L.P., with Digital Realty Trust, L.P. surviving the merger and assuming Digital Delta Holdings, LLC’s obligations under the 3.400% 2020 Notes, the 4.750% 2025 Notes, the related indenture and registration rights agreement by operation of law.


(5)	The 2019 Notes bear interest at a rate per annum, reset quarterly, equal to three-month EURIBOR plus 0.50% (currently 0.18%).

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, 2018 and 2017 is as follows (in thousands):



Indebtedness	Interest Rate at December 31, 2018		Maturity Date		Principal Outstanding December 31, 2018				Principal Outstanding December 31, 2017
Global revolving credit facilities	Various	⁽¹⁾	Jan 24, 2023	⁽¹⁾	$	1,663,156		⁽²⁾	$	558,191		⁽²⁾
Deferred financing costs, net					(15,421		)		(7,245		)
Global revolving credit facilities, net					1,647,735				550,946
Unsecured Term Loans
2019 Term Loan	Base Rate + 1.000%		Dec 19, 2019		375,000				—
2023 Term Loan	Various	⁽³⁾⁽⁴⁾	Jan 15, 2023		300,000			⁽⁵⁾	300,000			⁽⁵⁾
2024 Term Loan	Various	⁽³⁾⁽⁴⁾	Jan 24, 2023		508,120			⁽⁵⁾	1,125,117			⁽⁵⁾
Deferred financing costs, net					(4,216		)		(4,784		)
Unsecured term loans, net					1,178,904				1,420,333
Unsecured senior notes:
Senior Notes:
Floating rate notes due 2019	EURIBOR + 0.500%		May 22, 2019		143,338			⁽⁶⁾	150,063			⁽⁶⁾
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
2.750% notes due 2023	2.750%		Feb 1, 2023		350,000				350,000
4.750% notes due 2023	4.750%		Oct 13, 2023		382,620			⁽⁷⁾	405,390			⁽⁷⁾
2.625% notes due 2024	2.625%		Apr 15, 2024		688,020			⁽⁶⁾	720,300			⁽⁶⁾
2.750% notes due 2024	2.750%		Jul 19, 2024		318,850			⁽⁷⁾	337,825			⁽⁷⁾
4.250% notes due 2025	4.250%		Jan 17, 2025		510,160			⁽⁷⁾	540,520			⁽⁷⁾
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				1,000,000
4.450% notes due 2028	4.450%		Jul 15, 2028		650,000				—
3.300% notes due 2029	3.300%		Jul 19, 2029		446,390			⁽⁷⁾	472,955			⁽⁷⁾
3.750% notes due 2030	3.750%		Oct 17, 2030		510,160			⁽⁷⁾	—
Unamortized discounts					(19,859		)		(18,508		)
Total senior notes, net of discount					7,629,679				6,608,545
Deferred financing costs, net					(40,553		)		(37,788		)
Total unsecured senior notes, net of discount and deferred financing costs					7,589,126				6,570,757

Secured debt:
731 East Trade Street	8.22%		Jul 1, 2020		1,776				2,370
Secured note due December 2023	Base Rate + 4.250%		Dec 20, 2023		104,000				104,000
Secured note due March 2023	LIBOR + 1.100%	⁽⁴⁾	Mar 1, 2023		600,000				—
Unamortized net premiums					148				241
Total secured debt, including premiums					705,924				106,611
Deferred financing costs, net					(20,210		)		(29		)
Total secured debt, including premiums and net of deferred financing costs					685,714				106,582
Total indebtedness					$	11,101,479			$	8,648,618

(1)

The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 90 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. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index plus a margin of 50 basis points, which is based on the current credit ratings of our long-term debt.


(2)	Balances as of December 31, 2018 and December 31, 2017 are as follows (balances, in thousands):



Denomination of Draw	Balance as of December 31, 2018			Weighted-average interest rate		Balance as of December 31, 2017			Weighted-average interest rate
Global Revolving Credit Facility
Floating Rate Borrowing (a)
U.S. dollar ($)	$	890,000		3.37	%	$	400,000		2.48	%
British pound sterling (£)	8,290		(c)	1.61	%	18,918		(d)	1.50	%
Euro (€)	451,800		(c)	0.90	%	31,213		(d)	0.62	%
Australian dollar (AUD)	27,632		(c)	2.82	%	—			—	%
Hong Kong dollar (HKD)	8,797		(c)	3.14	%	4,100		(d)	2.20	%
Japanese yen (JPY)	4,105		(c)	0.90	%	65,890		(d)	0.96	%
Singapore dollar (SGD)	77,112		(c)	2.79	%	—			—	%
Canadian dollar (CAD)	60,856		(c)	3.16	%	23,070		(d)	2.36	%
Total	$	1,528,592		2.57	%	$	543,191		2.15	%
Base Rate Borrowing (b)
U.S. dollar ($)	$	—		—	%	$	15,000		4.50	%
Total borrowings	$	1,528,592		2.57	%	$	558,191		2.21	%

Yen Revolving Credit Facility	134,564		(c)	0.50	%	—			—	%

Total borrowings	$	1,663,156		2.41	%	$	558,191		2.21	%


(a)	The interest rates for floating rate borrowings under the global revolving credit facility currently equal the applicable index plus a margin of 90 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 $1.28 to £1.00, $1.15 to €1.00, $0.78 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.73 to 1.00 SGD and $0.73 to 1.00 CAD, respectively, as of December 31, 2018.


(d)	Based on exchange rates $1.23 to £1.00, of $1.35 to €1.00, $0.78 to 1.00 HKD, $0.13 to 1.00 JPY, $0.69 to 1.00 SGD and $0.80 to 1.00 CAD, respectively, as of December 31, 2017.


(3)	Interest rates are based on our current senior unsecured debt ratings and is currently 100 basis points over the applicable index for floating rate advances for the 2023 Term Loan and the 2024 Term Loan.


(4)	We have entered into interest rate swap agreements as a cash flow hedge for interest generated by the U.S. dollar and Canadian dollar borrowings under the global revolving credit facility and unsecured term loan. See Note 15. "Derivative Instruments" for further information.


(5)	Balances as of December 31, 2018 and December 31, 2017 are as follows (balances, in thousands):



Denomination of Draw	Balance as of December 31, 2018			Weighted-average interest rate			Balance as of December 31, 2017			Weighted-average interest rate
U.S. dollar ($)	$	300,000		3.46	%	(b)	$	606,911		2.78	%	(d)
British pound sterling (£)	—			—	%		229,011		(c)	1.59	%	(d)
Singapore dollar (SGD)	146,080		(a)	2.76	%		233,788		(c)	2.17	%
Australian dollar (AUD)	204,632		(a)	2.94	%		179,841		(c)	2.79	%
Hong Kong dollar (HKD)	85,188		(a)	3.32	%		85,762		(c)	2.20	%
Canadian dollar (CAD)	72,220		(a)	3.24	%	(b)	78,357		(c)	2.44	%	(d)
Japanese yen (JPY)	—			—	%		11,447		(c)	1.05	%
Total	$	808,120		3.17	%	(b)	$	1,425,117		2.42	%	(d)


(a)	Based on exchange rates of $0.73 to 1.00 SGD, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD and $0.73 to 1.00 CAD, respectively, as of December 31, 2018.


(b)	As of December 31, 2018, the weighted-average interest rate reflecting interest rate swaps was 2.44% (U.S. dollar), 1.78% (Canadian dollar) and 2.66% (Total). See Note 15 for further discussion on interest rate swaps.


(c)	Based on exchange rates of $1.23 to £1.00, $0.75 to 1.00 SGD, $0.78 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, 2017.


(d)	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.


(6)	Based on exchange rates of $1.15 to €1.00 as of December 31, 2018 and $1.20 to €1.00 as of December 31, 2017.


(7)	Based on exchange rates of $1.28 to £1.00 as of December 31, 2018 and $1.35 to £1.00 as of December 31, 2017.

Schedule of Debt Maturities and Principal Maturities

The table below summarizes our debt maturities and principal payments as of December 31, 2018 (in thousands):



	Global Revolving Credit Facilities (1)		Unsecured Term Loans		Senior Notes			Secured Debt		Total Debt
2019	$	—	$	375,000	$	143,338		$	644	$	518,982
2020	—		—		1,000,000			1,132		1,001,132
2021	—		—		400,000			120,000		520,000
2022	—		—		800,000			150,000		950,000
2023	1,528,592		808,120		732,620			434,000		3,503,332
Thereafter	134,564		—		4,573,580			—		4,708,144
Subtotal	$	1,663,156	$	1,183,120	$	7,649,538		$	705,776	$	11,201,590
Unamortized discount	—		—		(19,859		)	—		(19,859		)
Unamortized premium	—		—		—			148		148
Total	$	1,663,156	$	1,183,120	$	7,629,679		$	705,924	$	11,181,879


(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.