A summary of outstanding indebtedness of the Operating Partnership as of June 30, 2020 and December 31, 2019 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 June 30, 2020 and December 31, 2019 are as follows (balances, in thousands):


	Balance as of			Weighted-		Balance as of			Weighted-
	June 30,			average		December			average
Denomination of Draw	2020			interest rate		31, 2019			interest rate
Floating Rate Borrowing (a) (d)
Euro (€)	$	—		—	%	$	44,852	^(c)	0.90	%
Australian dollar (AUD)		1,243	^(b)	0.99	%		1,264	^(c)	1.74	%
Hong Kong dollar (HKD)		2,709	^(b)	1.45	%		—		—	%
Singapore dollar (SGD)		70,397	^(b)	1.05	%		53,199	^(c)	2.46	%
Total	$	74,349		1.06	%	$	99,315		1.75	%

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

Total borrowings	$	74,349		1.06	%	$	245,766		1.00	%

(a)

The interest rates for floating rate borrowings under the global revolving credit facility currently equal the applicable index, subject to a zero floor, plus a margin of 90 basis points, which is based on the current credit rating of our long-term debt. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index, subject to a zero floor, 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 $0.69 to 1.00 AUD, $0.13 to 1.00 HKD and $0.72 to 1.00 SGD, respectively, as of June 30, 2020.

(c)

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.

(d)

As of June 30, 2020, approximately $55.3 million of letters of credit were issued.

(e)

Based on exchange rates of $0.01 to 1.00 JPY as of December 31, 2019.

(3)	Interest rates are based on our current senior unsecured debt ratings and are 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 June 30, 2020 and December 31, 2019 are as follows (balances, in thousands):


	Balance as of			Weighted-		Balance as of			Weighted-
	June 30,			average		December 31,			average
Denomination of Draw	2020			interest rate		2019			interest rate
U.S. dollar ($)	$	300,000		1.18	% (b)	$	300,000		2.74	% (d)
Singapore dollar (SGD)		142,874	(a)	2.56	%		147,931	(c)	2.68	%
Australian dollar (AUD)		200,394	(a)	1.09	%		203,820	(c)	1.85	%
Hong Kong dollar (HKD)		86,083	(a)	1.55	%		85,629	(c)	3.60	%
Canadian dollar (CAD)		72,555	(a)	1.52	% (b)		75,825	(c)	3.00	% (d)
Total	$	801,906		1.48	% (b)	$	813,205		2.62	% (d)

(a)

Based on exchange rates of $0.72 to 1.00 SGD, $0.69 to 1.00 AUD, $0.13 to 1.00 HKD and $0.74 to 1.00 CAD, respectively, as of June 30, 2020.

(b)

As of June 30, 2020, the weighted-average interest rate reflecting interest rate swaps was 2.44% (U.S. dollar), 1.78% (Canadian dollar) and 1.97% (Total). See Note 16 "Derivative Instruments" for further discussion on interest rate swaps.

(c)

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.

(d)

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).

(6)	Based on exchange rates of $1.12 to €1.00 as of June 30, 2020 and $1.12 to €1.00 as of December 31, 2019.

(7)	Based on exchange rates of $1.24 to £1.00 as of June 30, 2020 and $1.33 to £1.00 as of December 31, 2019.

(8)	Debt was repaid in full on April 13, 2020.