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v3.22.1

Debt of the Operating Partnership | 3 Months Ended
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Mar. 31, 2022
Debt of the Operating Partnership |
Debt of the Operating Partnership | ​ 8. Debt of the Operating Partnership All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the global revolving credit facilities and unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2022 |  | December 31, 2021
​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | average | ​ | Amount | ​ | average | ​ | Amount
​ | ​ | interest rate | ​ | Outstanding | ​ | interest rate | ​ | Outstanding
Global revolving credit facilities | ​ | 1.18 | % | ​ | $ | 959,713 | ​ | 0.96 | % | ​ | $ | 415,116
Unsecured senior notes | ​ | 2.11 | % | ​ | ​ | 13,388,665 | ​ | 2.26 | % | ​ | ​ | 13,000,042
Secured and other debt | ​ | 3.70 | % | ​ |  | 160,593 | ​ | 3.47 | % | ​ |  | 147,082
Total | ​ | 2.06 | % | ​ | $ | 14,508,971 |  | 2.23 | % | ​ | $ | 13,562,240
​ The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt. ​ We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022 | ​ | December 31, 2021
​ | ​ | Amount | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​
Denomination of Draw |  | Outstanding |  | % of Total | ​ | Outstanding |  | % of Total
U.S. dollar ($) | ​ | $ | 3,340,903 |  | 23.0 | % | ​ | $ | 3,141,951 |  | 23.2 | %
British pound sterling (£) |  | ​ | 2,056,097 |  | 14.2 | % | ​ | ​ | 2,117,758 | ​ | 15.6 | %
Euro (€) | ​ | ​ | 7,942,786 | ​ | 54.7 | % | ​ | ​ | 7,532,057 | ​ | 55.5 | %
Other | ​ | ​ | 1,169,185 | ​ | 8.1 | % | ​ | ​ | 770,474 | ​ | 5.7 | %
Total | ​ | $ | 14,508,971 |  | ​ | ​ | ​ | $ | 13,562,240 |  | ​ | ​
​ The table below summarizes our debt maturities and principal payments as of March 31, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global Revolving | ​ | Unsecured | ​ | Secured and | ​ | ​ | ​
​ |  | Credit Facilities (1) |  | Senior Notes |  | Other Debt |  | Total Debt
2022 | ​ | $ | — | ​ | $ | 664,020 | ​ | $ | 782 | ​ | $ | 664,802
2023 | ​ | ​ | — | ​ | ​ | 108,390 | ​ | ​ | 3,081 | ​ | ​ | 111,471
2024 | ​ | ​ | — | ​ | ​ | 992,470 | ​ | ​ | — | ​ | ​ | 992,470
2025 |  | ​ | — |  | ​ | 1,244,875 |  | ​ | — |  | ​ | 1,244,875
2026 |  | ​ | — |  | ​ | 1,487,776 |  | ​ | 7,822 |  | ​ | 1,495,598
Thereafter |  | ​ | 959,713 |  | ​ | 8,891,134 |  | ​ | 148,908 |  | ​ | 9,999,755
Subtotal | ​ | $ | 959,713 | ​ | $ | 13,388,665 | ​ | $ | 160,593 | ​ | $ | 14,508,971
Unamortized net discounts | ​ |  | — | ​ |  | (39,268) | ​ |  | — | ​ |  | (39,268)
Unamortized deferred financing costs | ​ | ​ | (16,388) | ​ | ​ | (64,747) | ​ | ​ | (353) | ​ | ​ | (81,488)
Total | ​ | $ | 943,325 | ​ | $ | 13,284,650 | ​ | $ | 160,240 | ​ | $ | 14,388,215
(1) | Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”), which are discussed separately in these footnotes.
​ Unsecured Senior Notes ​ The following table provides details of our unsecured senior notes (balances in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Aggregate Principal Amount at Issuance | ​ | ​ | ​ | Balance as of
​ | ​ | Borrowing Currency | ​ | USD | ​ | Maturity Date | ​ | ​ | March 31, 2022 | ​ | ​ | December 31, 2021
Floating rate notes due 2022 | ​ | € | 300,000 | ​ | $ | 349,800 | ​ | Sep 23, 2022 | ​ | $ | 332,010 | ​ | $ | 341,100
0.125% notes due 2022 | ​ | € | 300,000 | ​ | ​ | 332,760 | ​ | Oct 15, 2022 | ​ | ​ | 332,010 | ​ | ​ | 341,100
0.600% notes due 2023 | ​ | CHF | 100,000 | ​ | ​ | 108,310 | ​ | Oct 02, 2023 | ​ | ​ | 108,390 | ​ | ​ | -
2.625% notes due 2024 | ​ | € | 600,000 | ​ | ​ | 677,040 | ​ | Apr 15, 2024 | ​ | ​ | 664,020 | ​ | ​ | 682,200
2.750% notes due 2024 | ​ | £ | 250,000 | ​ | ​ | 324,925 | ​ | Jul 19, 2024 | ​ | ​ | 328,450 | ​ | ​ | 338,300
4.250% notes due 2025 | ​ | £ | 400,000 | ​ | ​ | 634,480 | ​ | Jan 17, 2025 | ​ | ​ | 525,520 | ​ | ​ | 541,280
0.625% notes due 2025 | ​ | € | 650,000 | ​ | ​ | 720,980 | ​ | Jul 15, 2025 | ​ | ​ | 719,355 | ​ | ​ | 739,050
4.750% notes due 2025 | ​ | $ | 450,000 | ​ | ​ | 450,000 | ​ | Oct 01, 2025 | ​ | ​ | - | ​ | ​ | 450,000
2.500% notes due 2026 | ​ | € | 1,075,000 | ​ | ​ | 1,224,640 | ​ | Jan 16, 2026 | ​ | ​ | 1,189,703 | ​ | ​ | 1,222,275
0.200% notes due 2026 | ​ | CHF | 275,000 | ​ | ​ | 298,404 | ​ | Dec 15, 2026 | ​ | ​ | 298,073 | ​ | ​ | 301,419
1.700% notes due 2027 | ​ | CHF | 150,000 | ​ | ​ | 162,465 | ​ | Mar 30, 2027 | ​ | ​ | 162,585 | ​ | ​ | -
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 | ​ | ​ | 553,350 | ​ | ​ | 568,500
4.450% notes due 2028 | ​ | $ | 650,000 | ​ | ​ | 650,000 | ​ | Jul 15, 2028 | ​ | ​ | 650,000 | ​ | ​ | 650,000
0.550% notes due 2029 | ​ | CHF | 270,000 | ​ | ​ | 292,478 | ​ | Apr 16, 2029 | ​ | ​ | 292,654 | ​ | ​ | 295,938
3.300% notes due 2029 | ​ | £ | 350,000 | ​ | ​ | 454,895 | ​ | Jul 19, 2029 | ​ | ​ | 459,830 | ​ | ​ | 473,620
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 | ​ | ​ | 830,025 | ​ | ​ | 852,750
3.750% notes due 2030 | ​ | £ | 550,000 | ​ | ​ | 719,825 | ​ | Oct 17, 2030 | ​ | ​ | 722,590 | ​ | ​ | 744,260
1.250% notes due 2031 | ​ | € | 500,000 | ​ | ​ | 560,950 | ​ | Feb 01, 2031 | ​ | ​ | 553,350 | ​ | ​ | 568,500
0.625% notes due 2031 | ​ | € | 1,000,000 | ​ | ​ | 1,220,700 | ​ | Jul 15, 2031 | ​ | ​ | 1,106,700 | ​ | ​ | 1,137,000
1.000% notes due 2032 | ​ | € | 750,000 | ​ | ​ | 874,500 | ​ | Jan 15, 2032 | ​ | ​ | 830,025 | ​ | ​ | 852,750
1.375% notes due 2032 | ​ | € | 750,000 | ​ | ​ | 849,375 | ​ | Jul 18, 2032 | ​ | ​ | 830,025 | ​ | ​ | -
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 13,388,665 | ​ | $ | 13,000,042
Unamortized discounts, net of premiums | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (39,268) | ​ | ​ | (33,612)
Deferred financing costs, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (64,747) | ​ | ​ | (63,060)
Total unsecured senior notes, net of discount and deferred financing costs | ​ | $ | 13,284,650 | ​ | $ | 12,903,370
​ Restrictive Covenants in Unsecured Senior Notes 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. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At March 31, 2022, we were in compliance with each of these financial covenants. Early Extinguishment of Unsecured Senior Notes We recognized the following losses on early extinguishment of unsecured notes:
| ● | During the three months ended March 31, 2022: $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022.
​
| ● | During the three months ended March 31, 2021: $18.3 million primarily due to redemption of the 2.750% Notes due 2023 in February 2021.
​ Issuance of Unsecured Senior Notes ​ Digital Intrepid Holding B.V., an indirect wholly owned holding and finance subsidiary of the Operating Partnership through which the Interxion business is held, issued and sold the following notes during the quarter ended March 31, 2022: ​
| ● | January 18, 2022: Issued and sold €750.0 million aggregate principal amount of 1.375% Guaranteed Notes due 2032 (the “2032 Notes”). Net proceeds from the offering were approximately €737.5 million (approximately $835.3 million based on the exchange rate on January 18, 2022) after deducting managers’ discounts and estimated offering expenses.
​
| ● | March 30, 2022: Issued and sold CHF 100 million aggregate principal amount of 0.600% Guaranteed Notes due 2023 (the “2023 Notes”) and CHF 150 million aggregate principal amount of 1.700% Guaranteed Notes due 2027 (the “2027 Notes” and, together with the “2023 Notes,” the “Swiss Franc Notes”). Net proceeds from the offering of the Swiss Franc Notes were approximately CHF 248.6 million (approximately $269.2 million based on the exchange rate on March 30, 2022) after deducting the managers’ commissions and certain offering expenses.
​ All of the notes listed above are senior unsecured obligations of Digital Intrepid Holding B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating Partnership.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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