A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2019 and 2018 is as follows (in thousands):

(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, 2019 and December 31, 2018 are as follows (balances, in thousands):


	Balance as of			Weighted-		Balance as of			Weighted-
	December 31,			average		December			average
Denomination of Draw	2019			interest rate		31, 2018			interest rate
Floating Rate Borrowing (a) (d)
U.S. dollar ($)	$	—		—	%	$	890,000		3.37	%
British pound sterling (£)		—		—	%		8,290	^(c)	1.61	%
Euro (€)		44,852	^(b)	0.90	%		451,800	^(c)	0.90	%
Australian dollar (AUD)		1,264	^(b)	1.74	%		27,632	^(c)	2.82	%
Hong Kong dollar (HKD)		—		—	%		8,797	^(c)	3.14	%
Japanese yen (JPY)		—		—	%		4,105	^(c)	0.90	%
Singapore dollar (SGD)		53,199	^(b)	2.46	%		77,112	^(c)	2.79	%
Canadian dollar (CAD)		—		—	%		60,856	^(c)	3.16	%
Total	$	99,315		1.75	%	$	1,528,592		2.57	%

Yen Revolving Credit Facility (a)	$	146,451	^(e)	0.50	%	$	134,564	^(e)	0.50	%

Total borrowings	$	245,766		1.00	%	$	1,663,156		2.41	%

(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. 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 rating of our long-term debt.

(b)

Based on exchange rates of $1.12 to €1.00, $0.70 to 1.00 AUD and $0.74 to 1.00 SGD, respectively, as of December 31, 2019.

(c)

Based on exchange rates of $1.28 to £1.00, $1.15 to €1.00, $0.70 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)

As of December 31, 2019, approximately $45.2 million of letters of credit were issued.

(e)

Based on exchange rates of $0.01 to 1.00 JPY for December 31, 2019 and 2018.

(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 a portion of U.S. dollar and Canadian dollar borrowings under the 2023 Term Loan and 2024 Term Loan, and the secured note due March 2023. See Note 16. "Derivative Instruments" for further information.

(5)	Balances as of December 31, 2019 and December 31, 2018 are as follows (balances, in thousands):


	Balance as of			Weighted-		Balance as of			Weighted-
	December 31,			average		December 31,			average
Denomination of Draw	2019			interest rate		2018			interest rate
U.S. dollar ($)	$	300,000		2.74	% (b)	$	300,000		3.46	% (d)
Singapore dollar (SGD)		147,931	(a)	2.68	%		146,080	(c)	2.76	%
Australian dollar (AUD)		203,820	(a)	1.85	%		204,632	(c)	2.94	%
Hong Kong dollar (HKD)		85,629	(a)	3.60	%		85,188	(c)	3.32	%
Canadian dollar (CAD)		75,825	(a)	3.00	% (b)		72,220	(c)	3.24	% (d)
Total	$	813,205		2.62	% (b)	$	808,120		3.17	% (d)

(a)

Based on exchange rates of $0.74 to 1.00 SGD, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD and $0.77 to 1.00 CAD, respectively, as of December 31, 2019.

(b)

As of December 31, 2019, the weighted-average interest rate reflecting interest rate swaps was 2.44% (U.S. dollar), 1.78% (Canadian dollar) and 2.39% (Total). See Note 16 for further discussion on interest rate swaps.

(c)

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.

(d)

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 16 for further discussion on interest rate swaps.

(6)	Based on exchange rates of $1.12 to €1.00 as of December 31, 2019 and $1.15 to €1.00 as of December 31, 2018.

(7)	Based on exchange rates of $1.33 to £1.00 as of December 31, 2019 and $1.28 to £1.00 as of December 31, 2018.

(8)

The 5.875% 2020 Notes were paid in full in January 2019 (by tender offer) and February 2019 (by redemption of the remaining balance after the tender offer). The tender offer and redemption resulted in an early extinguishment charge of approximately $12.9 million during the three months ended March 31, 2019.

(9)

On March 5, 2019, Digital Stout Holding, LLC, a wholly owned subsidiary of the Operating Partnership, issued and sold an additional £150.0 million aggregate principal amount of 2030 Notes. The terms of the 2030 Notes are governed by an indenture, dated as of October 17, 2018, among Digital Stout Holding, LLC, Digital Realty Trust, Inc., the Operating Partnership, Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent (the “GBP Notes Indenture”), pursuant to which Digital Stout Holding, LLC previously issued £400.0 million in aggregate principal amount of its 2030 Notes. The 2030 Notes are treated as a single series with the notes previously issued under the GBP Notes Indenture.

(10)	The debt was deconsolidated as a result of the Ascenty joint venture formed with Brookfield.

(11)	Paid in full at maturity in May 2019.

(12)	The 3.400% 2020 Notes and 2021 Notes were paid in full in June 2019 (by tender offer) and July 2019 (by redemption of the remaining balances after the tender offer). The tender offer resulted in an early extinguishment charge of approximately $26.3 million during the year ended December 31, 2019.