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Debt of the Operating Partnership | 9 Months Ended
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Sep. 30, 2018
Digital Realty Trust, L.P. |
Debt Instrument [Line Items] |
Debt of the Operating Partnership | Debt of the Operating Partnership A summary of outstanding indebtedness of the Operating Partnership as of September 30, 2018 and December 31, 2017 is as follows (in thousands):
Indebtedness | Interest Rate at September 30, 2018 |  | Maturity Date |  | Principal Outstanding at September 30, 2018 |  | Principal Outstanding at December 31, 2017 |
Global revolving credit facility | Various | (1) | Jan 15, 2020 |  | $ | 594,983 |  | (2) | $ | 558,191 |  | (2)
Deferred financing costs, net |  |  |  |  | (4,694 | ) |  | (7,245 | ) |
Global revolving credit facility, net |  |  |  |  | 590,289 |  |  | 550,946 |  |
Unsecured Term Loans |  |  |  |  |  |  |  |
Unsecured term loan — 5-year | Various | (3)(4) | Jan 15, 2021 |  | 1,056,702 |  | (5) | 1,125,117 |  | (5)
Unsecured term loan — 7-year | Various | (3)(4) | Jan 15, 2023 |  | 300,000 |  | (5) | 300,000 |  | (5)
Deferred financing costs, net |  |  |  |  | (3,733 | ) |  | (4,784 | ) |
Unsecured term loan, net |  |  |  |  | 1,352,969 |  |  | 1,420,333 |  |
Floating rate notes due 2019 | EURIBOR + 0.500% |  | May 22, 2019 |  | 145,050 |  | (6) | 150,063 |  | (6)
5.875% notes due 2020 | 5.875% |  | Feb 1, 2020 |  | 500,000 |  |  | 500,000 |  |
3.400% notes due 2020 | 3.400% |  | Oct 1, 2020 |  | 500,000 |  |  | 500,000 |  |
5.250% notes due 2021 | 5.250% |  | Mar 15, 2021 |  | 400,000 |  |  | 400,000 |  |
3.950% notes due 2022 | 3.950% |  | Jul 1, 2022 |  | 500,000 |  |  | 500,000 |  |
3.625% notes due 2022 | 3.625% |  | Oct 1, 2022 |  | 300,000 |  |  | 300,000 |  |
2.750% notes due 2023 | 2.750% |  | Feb 1, 2023 |  | 350,000 |  |  | 350,000 |  |
4.750% notes due 2023 | 4.750% |  | Oct 13, 2023 |  | 390,930 |  | (7) | 405,390 |  | (7)
2.625% notes due 2024 | 2.625% |  | Apr 15, 2024 |  | 696,240 |  | (6) | 720,300 |  | (6)
2.750% notes due 2024 | 2.750% |  | Jul 19, 2024 |  | 325,775 |  | (7) | 337,825 |  | (7)
4.250% notes due 2025 | 4.250% |  | Jan 17, 2025 |  | 521,240 |  | (7) | 540,520 |  | (7)
4.750% notes due 2025 | 4.750% |  | Oct 1, 2025 |  | 450,000 |  |  | 450,000 |  |
3.700% notes due 2027 | 3.700% |  | Aug 15, 2027 |  | 1,000,000 |  |  | 1,000,000 |  |
4.450% notes due 2028 | 4.450% |  | Jul 15, 2028 |  | 650,000 |  |  | — |  |
3.300% notes due 2029 | 3.300% |  | Jul 19, 2029 |  | 456,085 |  | (7) | 472,955 |  | (7)
Unamortized discounts |  |  |  |  | (16,495 | ) |  | (18,508 | ) |
Total senior notes, net of discount |  |  |  |  | 7,168,825 |  |  | 6,608,545 |  |
Deferred financing costs, net |  |  |  |  | (38,284 | ) |  | (37,788 | ) |
Total unsecured senior notes, net of discount and deferred financing costs |  |  |  |  | 7,130,541 |  |  | 6,570,757 |  |
Indebtedness | Interest Rate at September 30, 2018 |  | Maturity Date |  | Principal Outstanding September 30, 2018 |  | Principal Outstanding December 31, 2017 |
Mortgage loans: |  |  |  |  |  |  |  |
731 East Trade Street | 8.22% |  | Jul 1, 2020 |  | $ | 1,930 |  |  | $ | 2,370 |  |
Secured note due 2023 | LIBOR + 1.100% | (4) | Mar 1, 2023 |  | 104,000 |  |  | 104,000 |  |
Unamortized net premiums |  |  |  |  | 171 |  |  | 241 |  |
Total mortgage loans, including premiums |  |  |  |  | 106,101 |  |  | 106,611 |  |
Deferred financing costs, net |  |  |  |  | (29 | ) |  | (29 | ) |
Total mortgage loans, including premiums and net of deferred financing costs |  |  |  |  | 106,072 |  |  | 106,582 |  |
Total indebtedness |  |  |  |  | $ | 9,179,871 |  |  | $ | 8,648,618 |  |
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(1) | The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 100 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.
(2) | Balances as of September 30, 2018 and December 31, 2017 are as follows (balances, in thousands):
Denomination of Draw | Balance as of September 30, 2018 |  | Weighted-average interest rate |  | Balance as of December 31, 2017 |  | Weighted-average interest rate
Floating Rate Borrowing (a) |  |  |  |  |  |  |
U.S. dollar ($) | $ | 240,000 |  |  | 3.23 | % |  | $ | 400,000 |  |  | 2.48 | %
British pound sterling (£) | — |  |  | — | % |  | 18,918 |  | (d) | 1.50 | %
Euro (€) | 74,846 |  | (c) | 0.62 | % |  | 31,213 |  | (d) | 0.62 | %
Australian dollar (AUD) | 58,659 |  | (c) | 2.85 | % |  | — |  |  | — | %
Hong Kong dollar (HKD) | 7,779 |  | (c) | 2.91 | % |  | 4,100 |  | (d) | 2.20 | %
Japanese yen (JPY) | 116,195 |  | (c) | 0.90 | % |  | 65,890 |  | (d) | 0.96 | %
Singapore dollar (SGD) | 25,114 |  | (c) | 2.61 | % |  | — |  |  | — | %
Canadian dollar (CAD) | 67,390 |  | (c) | 2.82 | % |  | 23,070 |  | (d) | 2.36 | %
Total | $ | 589,983 |  |  | 2.32 | % |  | $ | 543,191 |  |  | 2.15 | %
Base Rate Borrowing (b) |  |  |  |  |  |  |
U.S. dollar ($) | $ | 5,000 |  |  | 5.25 | % |  | $ | 15,000 |  |  | 4.50 | %
Total borrowings | $ | 594,983 |  |  | 2.35 | % |  | $ | 558,191 |  |  | 2.21 | %
(a) | The interest rates for floating rate borrowings under the global revolving credit facility equal the applicable index plus a margin of 100 basis points, which is based on the credit ratings of our long-term debt.
(b) | The interest rates for base rate borrowings under the global revolving credit facility equal the U.S. Prime Rate.
(c) | Based on exchange rates of $1.16 to €1.00, $0.72 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.73 to 1.00 SGD and $0.77 to 1.00 CAD, respectively, as of September 30, 2018.
(d) | Based on exchange rates of $1.35 to £1.00, $1.20 to €1.00, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY and $0.80 to 1.00 CAD, respectively, as of December 31, 2017.
(3) | Interest rates are based on our current senior unsecured debt ratings and are 110 basis points and 155 basis points over the applicable index for floating rate advances for the 5-Year Term Loan and the 7-Year Term Loan, respectively.
(4) | We have entered into interest rate swap agreements as a cash flow hedge for interest generated by the U.S. dollar, British pound sterling and Canadian dollar tranches of the unsecured term loans and the secured note due 2023. See Note 14 "Derivative Instruments" for further information.
(5) | Balances as of September 30, 2018 and December 31, 2017 are as follows (balances, in thousands):
Denomination of Draw | Balance as of September 30, 2018 |  | Weighted-average interest rate |  | Balance as of December 31, 2017 |  | Weighted-average interest rate |
U.S. dollar ($) | $ | 606,911 |  |  | 3.47 | % | (b) | $ | 606,911 |  |  | 2.78 | % | (d)
British pound sterling (£) | 220,843 |  | (a) | 1.82 | % | (b) | 229,011 |  | (c) | 1.59 | % | (d)
Singapore dollar (SGD) | 189,713 |  | (a) | 2.68 | % |  | 233,788 |  | (c) | 2.17 | % |
Australian dollar (AUD) | 166,369 |  | (a) | 2.94 | % |  | 179,841 |  | (c) | 2.79 | % |
Hong Kong dollar (HKD) | 85,221 |  | (a) | 2.80 | % |  | 85,762 |  | (c) | 2.20 | % |
Canadian dollar (CAD) | 76,298 |  | (a) | 2.93 | % | (b) | 78,357 |  | (c) | 2.44 | % | (d)
Japanese yen (JPY) | 11,347 |  | (a) | 1.01 | % |  | 11,447 |  | (c) | 1.05 | % |
Total | $ | 1,356,702 |  |  | 2.94 | % | (b) | $ | 1,425,117 |  |  | 2.42 | % | (d)
(a) | Based on exchange rates of $1.30 to £1.00, $0.73 to 1.00 SGD, $0.72 to 1.00 AUD, $0.13 to 1.00 HKD, $0.77 to 1.00 CAD and $0.01 to 1.00 JPY, respectively, as of September 30, 2018.
(b) | As of September 30, 2018, the weighted-average interest rate reflecting interest rate swaps was 2.72% (U.S. dollar), 1.89% (British pound sterling), 1.88% (Canadian dollar) and 2.55% (Total). See Note 14 "Derivative Instruments" for further discussion on interest rate swaps.
(c) | Based on exchange rates of $1.35 to £1.00, $0.75 to 1.00 SGD, $0.78 to 1.00 AUD,$0.13 to 1.00 HKD, $0.80 to 1.00 CAD and $0.01 to 1.00 JPY, respectively, as of December 31, 2017.
(d) | As of December 31, 2017, the weighted-average interest rate reflecting interest rate swaps was 2.72% (U.S. dollar), 1.89% (British pound sterling), 1.88% (Canadian dollar) and 2.41% (Total).
(6) | Based on exchange rates of $1.16 to €1.00 as of September 30, 2018 and $1.20 to €1.00 as of December 31, 2017.
(7) | Based on exchange rates of $1.30 to £1.00 as of September 30, 2018 and $1.35 to £1.00 as of December 31, 2017.
Global Revolving Credit Facility On January 15, 2016, we refinanced our global revolving credit facility and entered into a global senior credit agreement for a $2.0 billion senior unsecured revolving credit facility, which we refer to as the global revolving credit facility, that replaced the $2.0 billion revolving credit facility executed on August 15, 2013, as amended. The global revolving credit facility has an accordion feature that enables us to increase the borrowing capacity of the credit facility to up to $2.5 billion, subject to the receipt of lender commitments and other conditions precedent. The refinanced facility matures on January 15, 2020, with two six-month extension options available. The interest rate for borrowings under the 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 100 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. Funds may be drawn in U.S., Canadian, Singapore, Australian and Hong Kong dollars, as well as Euro, British pound sterling and Japanese yen. As of September 30, 2018, interest rates are based on 1-month LIBOR, 1-month EURIBOR, 1-month BBR, 1-month HIBOR, 1-month JPY LIBOR, 1-month SOR and 1-month CDOR, plus a margin of 1.00%. We have used and intend to use available borrowings under the 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. As of September 30, 2018, approximately $44.6 million of letters of credit were issued. The 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 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 September 30, 2018, we were in compliance with all of such covenants. Unsecured Term Loans On January 15, 2016, we refinanced our senior unsecured multi-currency term loan facility and entered into a term loan agreement, which governs (i) a $1.25 billion 5-year senior unsecured term loan, which we refer to as the 5-Year Term Loan, and (ii) a $300 million 7-year senior unsecured term loan, which we refer to as the 7-Year Term Loan. The 2016 term loan agreement replaced the $1.0 billion term loan agreement executed on April 16, 2012, as amended. The 5-Year Term Loan matures on January 15, 2021 and the 7-Year Term Loan matures on January 15, 2023. In addition, we have the ability from time to time to increase the aggregate size of lending under the 2016 term loan agreement from $1.55 billion to up to $1.8 billion, subject to receipt of lender commitments and other conditions precedent. Interest rates are based on our senior unsecured debt ratings and are currently 110 basis points and 155 basis points over the applicable index for floating rate advances for the 5-Year Term Loan and the 7-Year Term Loan, respectively. Funds may be drawn in U.S., Canadian, Singapore, Australian and Hong Kong dollars, as well as Euro, British pound sterling and Japanese yen. Based on exchange rates in effect at September 30, 2018, the balance outstanding is approximately $1.4 billion, 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 the term loans are consistent with our global revolving credit facility and, as of September 30, 2018, we were in compliance with all of such covenants. 3.750% Notes due 2030 On October 17, 2018, Digital Stout Holding, LLC, a wholly owned subsidiary of Digital Realty Trust, L.P., issued and sold £400.0 million (approximately $524.6 million based on the exchange rate on October 17, 2018) aggregate principal amount of 3.750% Guaranteed Notes due 2030, or the 2030 Notes. The 2030 Notes are senior unsecured obligations of Digital Stout Holding, LLC and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and Digital Realty Trust, L.P. Net proceeds from the offering were approximately £393.5 million (approximately $516.1 million based on the exchange rate on October 17, 2018) after deducting managers’ discounts and estimated offering expenses. We intend to use the net proceeds from the offering of the 2030 Notes to repay borrowings outstanding under the operating partnership’s global credit facilities, acquire additional properties or businesses, fund development opportunities, and to provide for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption, or retirement of outstanding debt securities, or a combination of the foregoing. The indenture governing the 2030 Notes contains 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. The table below summarizes our debt maturities and principal payments as of September 30, 2018 (in thousands):
| Global Revolving Credit Facility(1) |  | Unsecured Term Loans |  | Unsecured Senior Notes |  | Mortgage Loans |  | Total Debt
Remainder of 2018 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 153 |  |  | $ | 153 |
2019 | — |  |  | — |  |  | 145,050 |  |  | 644 |  |  | 145,694 |
2020 | 594,983 |  |  | — |  |  | 1,000,000 |  |  | 1,133 |  |  | 1,596,116 |
2021 | — |  |  | 1,056,702 |  |  | 400,000 |  |  | — |  |  | 1,456,702 |
2022 | — |  |  | — |  |  | 800,000 |  |  | — |  |  | 800,000 |
Thereafter | — |  |  | 300,000 |  |  | 4,840,270 |  |  | 104,000 |  |  | 5,244,270 |
Subtotal | $ | 594,983 |  |  | $ | 1,356,702 |  |  | $ | 7,185,320 |  |  | $ | 105,930 |  |  | $ | 9,242,935 |
Unamortized discount | — |  |  | — |  |  | (16,495 | ) |  | — |  |  | (16,495 | )
Unamortized premium | — |  |  | — |  |  | — |  |  | 171 |  |  | 171 |
Total | $ | 594,983 |  |  | $ | 1,356,702 |  |  | $ | 7,168,825 |  |  | $ | 106,101 |  |  | $ | 9,226,611 |
(1) | 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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