Debt

3 Months Ended

Mar. 31, 2021

Debt

Debt

8. Debt

On a standalone basis (e.g., excluding its subsidiaries), Digital Realty Trust, Inc. does not have any indebtedness. The Parent is the guarantor or co-guarantor on all debt held by the OP or its subsidiaries. All debt is currently held directly or indirectly by the OP. A summary of outstanding indebtedness of the OP as of March 31, 2021 and December 31, 2020 is as follows (in thousands):

	March 31, 2021				December 31, 2020
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global revolving credit facilities	0.98	%	$	458,343	0.91	%	$	540,184
Unsecured term loans	—	%		—	1.20	%		537,470
Unsecured senior notes	2.33	%		12,672,889	2.49	%		12,096,029
Secured debt	2.96	%		240,110	2.92	%		239,330
Total	2.30	%	$	13,371,342	2.38	%	$	13,413,013

The interest rates presented in the table above represent the interest rates at the end of the period for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt.

We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies:

	March 31, 2021				December 31, 2020
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,469,000	25.9	%	$	3,629,000	27.1	%
British pound sterling (£)		2,136,365	16.0	%		2,166,695	16.2	%
Euro (€)		7,537,634	56.4	%		6,912,142	51.5	%
Singapore dollar (SGD)		131,638	1.0	%		262,039	2.0	%
Australian dollar (AUD)		—	—	%		223,357	1.7	%
Hong Kong dollar (HKD)		—	—	%		86,062	0.6	%
Canadian dollar (CAD)		16,320	0.1	%		86,775	0.6	%
Japanese yen (JPY)		80,385	0.6	%		46,943	0.3	%
Total	$	13,371,342			$	13,413,013

The following table provides details of our unsecured senior notes (balances in thousands) :

	Aggregate Principal at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date		March 31, 2021		December 31, 2020
Floating rate notes due 2022	€	300,000	$	349,800	Sep 23, 2022	$	351,900	$	366,480
0.125% notes due 2022	€	300,000	$	332,760	Oct 15, 2022		351,900		366,480
2.750% notes due 2023	$	350,000	$	350,000	Feb 1, 2023		-		350,000
2.625% notes due 2024	€	600,000	$	677,040	Apr 15, 2024		703,800		732,960
2.750% notes due 2024	£	250,000	$	324,925	Jul 19, 2024		344,575		341,750
4.250% notes due 2025	£	400,000	$	634,480	Jan 17, 2025		551,320		546,800
0.625% notes due 2025	€	650,000	$	720,980	Jul 15, 2025		762,450		794,040
4.750% notes due 2025	$	450,000	$	450,000	Oct 1, 2025		450,000		450,000
2.500% notes due 2026	€	1,075,000	$	1,224,640	Jan 16, 2026		1,260,974		1,313,219
3.700% notes due 2027	$	1,000,000	$	1,000,000	Aug 15, 2027		1,000,000		1,000,000
1.125% notes due 2028	€	500,000	$	548,550	Apr 09, 2028		586,500		610,800
4.450% notes due 2028	$	650,000	$	650,000	Jul 15, 2028		650,000		650,000
3.300% notes due 2029	£	350,000	$	454,895	Jul 19, 2029		482,405		478,450
3.600% notes due 2029	$	900,000	$	900,000	Jul 01, 2029		900,000		900,000
1.500% notes due 2030	€	750,000	$	831,900	Mar 15, 2030		879,750		916,200
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		758,065		751,850
1.250% notes due 2031	€	500,000	$	560,950	Feb 1, 2031		586,500		610,800
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,173,000		-
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		879,750		916,200
						$	12,672,889	$	12,096,029
Unamortized discounts, net of premiums							(38,554)		(34,988)
Deferred financing costs, net							(68,137)		(64,031)
Total unsecured senior notes, net of discount and deferred financing costs						$	12,566,198	$	11,997,010

The indentures governing our 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  March 31, 2021, we were in compliance with each of these financial covenants.

The table below summarizes our debt maturities and principal payments as of March 31, 2021 (in thousands):

	Global Revolving		Unsecured
	Credit Facilities(1)		Senior Notes		Secured Debt		Total Debt
Remainder of 2021	$	—	$	—	$	—	$	—
2022		—		703,800		—		703,800
2023		377,958		—		104,000		481,958
2024		80,385		1,048,375		—		1,128,760
2025		—		1,763,770		—		1,763,770
Thereafter		—		9,156,944		136,110		9,293,054
Subtotal	$	458,343	$	12,672,889	$	240,110	$	13,371,342
Unamortized net discounts		—		(38,554)		—		(38,554)
Unamortized deferred financing costs		(7,336)		(68,137)		(476)		(75,949)
Total	$	451,007	$	12,566,198	$	239,634	$	13,256,839

(1) The global revolving credit facility is 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.

During the three months ended March 31, 2021, we recognized a loss on early extinguishment of debt of approximately $18.3 million, mostly due to the redemption of the 2.750% Notes due 2023 in February. During the three months ended March 31, 2020, losses on early extinguishment of debt were not significant.