Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2020

Debt Instrument

Summary of Senior Notes, Amounts Issued

			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.

Digital Realty Trust, L.P.

Debt Instrument

Summary of Outstanding Indebtedness of the Operating Partnership

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

	Interest Rate at					Principal			Principal
	December 31,					Outstanding  at			Outstanding at
Indebtedness	2020		Maturity Date			December 31, 2020			December 31, 2019
Global revolving credit facilities	Various	(1)		Jan 24, 2023	(1)	$	540,184	(2)	$	245,766	(2)
Deferred financing costs, net							(8,279)			(11,661)
Global revolving credit facilities, net							531,905			234,105
Unsecured Term Loans
2023 Term Loan	Various	(3)(4)		Jan 15, 2023			—	(5)(9)		300,000	(5)
2024 Term Loan	Various	(3)(4)		Jan 24, 2023			537,470	(5)(12)		513,205	(5)
Deferred financing costs, net							(890)			(2,986)
Unsecured term loans, net							536,580			810,219
Unsecured senior notes:
Senior Notes:
3.950% notes due 2022	3.950	%		Jul 1, 2022			—	(10)		500,000
Floating rate notes due 2022	EURIBOR + 0.500	%		Sep 23, 2022			366,480	(6)		—
3.625% notes due 2022	3.625	%		Oct 1, 2022			—	(10)		300,000
0.125% notes due 2022	0.125	%		Oct 15, 2022			366,480	(6)		—
2.750% notes due 2023	2.750	%		Feb 1, 2023			350,000	(13)		350,000
4.750% notes due 2023	4.750	%		Oct 13, 2023			—	(11)		397,710	(7)
2.625% notes due 2024	2.625	%		Apr 15, 2024			732,960	(6)		672,780	(6)
2.750% notes due 2024	2.750	%		Jul 19, 2024			341,750	(7)		331,425	(7)
4.250% notes due 2025	4.250	%		Jan 17, 2025			546,800	(7)		530,280	(7)
0.625% notes due 2025	0.625	%		Jul 15, 2025			794,040	(6)		—
4.750% notes due 2025	4.750	%		Oct 1, 2025			450,000			450,000
2.500% notes due 2026	2.500	%		Jan 16, 2026			1,313,219	(6)		1,205,398	(6)
3.700% notes due 2027	3.700	%		Aug 15, 2027			1,000,000			1,000,000
1.125% notes due 2028	1.125	%		Apr 9, 2028			610,800	(6)		560,650	(6)
4.450% notes due 2028	4.450	%		Jul 15, 2028			650,000			650,000
3.600% notes due 2029	3.600	%		Jul 1, 2029			900,000			900,000
3.300% notes due 2029	3.300	%		Jul 19, 2029			478,450	(7)		463,995	(7)
1.500% notes due 2030	1.500	%		Mar 15, 2030			916,200	(6)		—
3.750% notes due 2030	3.750	%		Oct 17, 2030			751,850	(7)		729,135	(7)
1.250% notes due 2031	1.250	%		Feb 1, 2031			610,800	(6)		—
1.000% notes due 2032	1.000	%		Jan 15, 2032			916,200	(6)		—
Unamortized discounts, net of premiums							(34,988)			(16,145)
Total senior notes, net of discount							12,061,041			9,025,228
Deferred financing costs, net							(64,031)			(52,038)
Total unsecured senior notes, net of discount and deferred financing costs							11,997,010			8,973,190
Secured Debt:
731 East Trade Street	8.22	%		Jul 1, 2020		$	—	(8)	$	1,089
Secured note due March 2023	LIBOR + 1.000	%  (4)		Mar 1, 2023			104,000			104,000
Westin	3.290	%		Jul 11, 2027			135,000			—
Other secured debt							330			—
Unamortized net (discounts) / premiums							(4)			54
Total secured debt, including premiums							239,326			105,143
Deferred financing costs, net							(104)			(209)
Total secured debt, including premiums and net of deferred financing costs							239,222			104,934
Total indebtedness						$	13,304,717		$	10,122,448

(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.

Schedule of Debt Maturities and Principal Maturities

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.