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


	Balance as of			Weighted-		Balance as of			Weighted-
	December 31,			average		December			average
Denomination of Draw	2020			interest rate		31, 2019			interest rate
Global Revolving Credit Facility
Floating Rate Borrowing (a) (d)
U.S. dollar ($)	$	40,000		1.05	%	$	—		—	%
British pound sterling (£)		47,845	^(b)	0.93	%		—		—	%
Euro (€)		284,633	^(b)	0.90	%		44,852	^(c)	0.90	%
Australian dollar (AUD)		—		—	%		1,264	^(c)	1.74	%
Singapore dollar (SGD)		111,340	^(b)	1.02	%		53,199	^(c)	2.46	%
Canadian dollar (CAD)		9,423	^(b)	1.36	%		—		—	%
Total	$	493,241		0.95	%	$	99,315		1.75	%

Yen Revolving Credit Facility (a)	$	46,943	^(e)	0.50	%	$	146,451	^(e)	0.50	%

Total borrowings	$	540,184		0.91	%	$	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 $1.37 to £1.00, $1.22 to €1.00, $0.76 to 1.00 SGD and $0.79 to 1.00 CAD, respectively, as of December 31, 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 December 31, 2020, approximately $60.8 million of letters of credit were issued.

(e)

Based on exchange rates of $0.01 to 1.00 JPY for December 31, 2020 and 2019.

(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, 2020 and December 31, 2019 are as follows (balances, in thousands):


	Balance as of			Weighted-		Balance as of			Weighted-
	December 31,			average		December 31,			average
Denomination of Draw	2020			interest rate		2019			interest rate
U.S. dollar ($)	$	—		—	%	$	300,000		2.74	% (d)
Singapore dollar (SGD)		150,699	(a)	1.14	%		147,931	(c)	2.68	%
Australian dollar (AUD)		223,357	(a)	1.02	%		203,820	(c)	1.85	%
Hong Kong dollar (HKD)		86,062	(a)	1.27	%		85,629	(c)	3.60	%
Canadian dollar (CAD)		77,352	(a)	1.47	% (b)		75,825	(c)	3.00	% (d)
Total	$	537,470		1.16	% (b)	$	813,205		2.62	% (d)

(a)

Based on exchange rates of $0.76 to 1.00 SGD, $0.77 to 1.00 AUD, $0.13 to 1.00 HKD and $0.79 to 1.00 CAD, respectively, as of December 31, 2020.

(b)

As of December 31, 2020, the weighted-average interest rate reflecting interest rate swaps was 1.78% (Canadian dollar) and 1.20% (Total). See Note 16 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). See Note 16 for further discussion on interest rate swaps.

(6)	Based on exchange rates of $1.22 to €1.00 as of December 31, 2020 and $1.12 to €1.00 as of December 31, 2019.

(7)	Based on exchange rates of $1.37 to £1.00 as of December 31, 2020 and $1.33 to £1.00 as of December 31, 2019.

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

(9)	Debt was repaid in full on September 24, 2020. The payment resulted in an early extinguishment charge of approximately $0.9 million during the three months ended September 30, 2020.

(10)	The 3.950% 2022 Notes and 3.625% 2022 Notes were redeemed in full on August 3, 2020. The redemption resulted in an early extinguishment charge of approximately $52.1 million during the three months ended September 30, 2020.

(11)	The 4.750% 2023 Notes were redeemed in full on October 14, 2020. The redemption resulted in an early extinguishment charge of approximately $49.8 million during the three months ended December 31, 2020.

(12)	Debt was repaid in full on January 15, 2021.

(13)	The 2.750% 2023 Notes were redeemed in full on February 4, 2021. The redemption will result in an early extinguishment charge of approximately $17.5 million during the three months ending March 31, 2021.

Global Revolving Credit Facilities

On October 24, 2018, we refinanced our global revolving credit facility and entered into a global senior credit agreement for a $2.35 billion senior unsecured revolving credit facility, which we refer to as the 2018 global revolving credit facility, that replaced the $2.0 billion revolving credit facility executed on January 15, 2016. In addition, we have the ability from time to time to increase the size of the global revolving credit facility and the unsecured term loans (discussed below), in any combination, by up to $1.25 billion, subject to the receipt of lender commitments and other conditions precedent. The 2018 global revolving credit facility matures on January 24, 2023, with two six-month extension options available. The interest rate for borrowings under the 2018 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 90 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. The 2018 global revolving credit facility provides for borrowings in U.S., Canadian, Singapore, Australian and Hong Kong dollars, as well as Euro, British pound sterling and Japanese yen and

includes the ability to add additional currencies in the future. As of December 31, 2020, interest rates are based on 1-month EURIBOR, 1-month HIBOR, 1-month SOR and 1-month CDOR, plus a margin of 0.90%. We have used and intend to use available borrowings under the 2018 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.

The 2018 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 2018 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 December 31, 2020, we were in compliance with all of such covenants.

On October 24, 2018, we entered into a credit agreement for a ¥33.3 billion (approximately $296.5 million based on the exchange rate on October 24, 2018) senior unsecured revolving credit facility, which we refer to as the Yen revolving credit facility. The Yen revolving credit facility provides for borrowings in Japanese yen. In addition, we have the ability from time to time to increase the size of the Yen revolving credit facility to up to ¥93.3 billion (approximately $831.1 million based on the exchange rate on October 24, 2018), subject to receipt of lender commitments and other conditions precedent. The Yen revolving credit facility matures on January 24, 2024. The interest rate for borrowings under the Yen 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 50 basis points. A quarterly unused commitment fee, which is calculated using the average daily unused revolving credit commitment, is based on the credit ratings of our long-term debt, and is currently 10 basis points.

The Yen 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 Yen 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 December 31, 2020, we were in compliance with all of such covenants.

Unsecured Term Loans

On October 24, 2018, we refinanced our senior unsecured multi-currency term loan facility and entered into an amended and restated term loan agreement, which we refer to as the 2018 term loan agreement, which governs (i) a $300.0 million 5-year senior unsecured term loan, which we refer to as the 2023 Term Loan, and (ii) an approximately $512 million 5-year senior unsecured term loan, which we refer to as the 2024 Term Loan. The 2018 term loan agreement replaced the $1.55 billion term loan agreement executed on January 15, 2016. The 2023 Term Loan matures on January 15, 2023 and the 2024 Term Loan matures on January 24, 2023 with two six-month extension options. In addition, we have the ability from time to time to increase the aggregate size of lending under the 2018 term loan agreement and the 2018 global revolving credit facility (discussed above), in any combination, by up to $1.25 billion, subject to receipt of lender commitments and other conditions precedent. Interest rates are based on our 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. Funds may be drawn in U.S., Canadian, Singapore, Australian and Hong Kong dollars. On September 24, 2020, the 2023 Term Loan was repaid in full. Based on exchange rates in effect at December 31, 2020, the balance outstanding is approximately $537.5 million, excluding deferred financing costs. We have used borrowings under the term loans for acquisitions, repayment of indebtedness, development, working capital and general corporate purposes. The covenants under 2024 Term Loan are consistent with our 2018 global revolving credit facility and, as of December 31, 2020, we were in compliance with all of such covenants.

Unsecured Senior Notes

Amount

Issued (in

Unsecured Senior Notes and Annual

Maturity

millions, local

Net Proceeds

Interest Payment

Interest Rate

Date Issued

Date

currency)

(in millions) ⁽¹⁾

Dates

Initial Issuer ⁽²⁾

Floating Rate Notes due 2022

Sep 23, 2020

Sep 23, 2022

€

300.0

348.7

Quarterly, commencing December 23, 2020

Digital Dutch Finco B.V. ⁽³⁾

0.125% Notes due 2022

Jan 17, 2020

Oct 15, 2022

€

300.0

330.8

Annually, commencing October 15, 2020

Digital Dutch Finco B.V. ⁽³⁾

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.

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 ⁽⁴⁾

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 ⁽⁴⁾

0.625% Notes due 2025

Jan 17, 2020

Jul 15, 2025

€

650.0

712.0

Annually, commencing July 15, 2020

Digital Dutch Finco B.V. ⁽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 ⁽⁵⁾

2.500% Notes due 2026

Jan 16, 2019

Jan 16, 2026

€

1,075.0

1,218.6

Annually, commencing January 16, 2020

Digital Euro Finco, LLC ⁽³⁾

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.

1.125% Notes due 2028

Oct 9, 2019

Apr 9, 2028

€

500.0

539.7

Annually, commencing April 9, 2020

Digital Euro Finco, LLC ⁽³⁾

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.

3.600% Notes due 2029

Jun 14, 2019

Jul 1, 2029

900.0

890.6

Semi-annually, commencing January 1, 2020

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 ⁽⁴⁾

1.500% Notes due 2030

Jan 17, 2020

Mar 15, 2030

€

750.0

819.1

Annually, commencing March 15, 2021

Digital Dutch Finco B.V. ⁽³⁾

3.750% Notes due 2030

Oct 17, 2018 and Mar 9, 2019

Oct 17, 2030

550.0

716.8

Annually, commencing October 17, 2019

Digital Stout Holding, LLC ⁽⁴⁾

1.250% Notes due 2031

Jun 26, 2020

Feb 1, 2031

€

500.0

553.2

Annually, commencing February 1, 2021

Digital Dutch Finco B.V. ⁽³⁾

1.000% Notes due 2032

Sep 23, 2020

Jan 15, 2032

€

750.0

860.0

Annually, commencing January 15, 2021

Digital Dutch Finco B.V. ⁽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, Digital Euro Finco, LLC and Digital Dutch Finco, B.V.

(3)	An indirect wholly owned finance subsidiary of Digital Realty Trust, L.P.

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

(5)

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 4.750% 2025 Notes, the related indenture and registration rights agreement by operation of law.

The indentures governing each of the senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2020, we were in compliance with each of these financial covenants.

The table below summarizes our debt maturities and principal payments as of December 31, 2020 (in thousands):


	Global Revolving		Unsecured
	Credit Facilities⁽¹⁾		Term Loans⁽¹⁾		Senior Notes		Secured Debt		Total Debt
2021	$	—	$	—	$	—	$	—	$	—
2022		—		—		732,960		330		733,290
2023		493,241		537,470		350,000		104,000		1,484,711
2024		46,943		—		1,074,710		—		1,121,653
2025		—		—		1,790,840		—		1,790,840
Thereafter		—		—		8,147,519		135,000		8,282,519
Subtotal	$	540,184	$	537,470	$	12,096,029	$	239,330	$	13,413,013
Unamortized discount		—		—		(40,915)		(4)		(40,919)
Unamortized premium		—		—		5,927		—		5,927
Total	$	540,184	$	537,470	$	12,061,041	$	239,326	$	13,378,021

(1)

The global revolving credit facility and the 2024 unsecured term loan are 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 or the 2024 unsecured term loan, as applicable.