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Debt of the Operating Partnership | 9 Months Ended
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Sep. 30, 2022
Debt of the Operating Partnership |
Debt of the Operating Partnership | 9. 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, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2022 |  | December 31, 2021
​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | average | ​ | Amount | ​ | average | ​ | Amount
​ | ​ | interest rate | ​ | Outstanding | ​ | interest rate | ​ | Outstanding
Global revolving credit facilities | ​ | 2.76 | % | ​ | $ | 2,273,172 | ​ | 0.96 | % | ​ | $ | 415,116
Unsecured term loans | ​ | 1.34 | % | ​ | ​ | 735,151 | ​ | — | % | ​ | ​ | —
Unsecured senior notes | ​ | 2.34 | % | ​ | ​ | 12,375,590 | ​ | 2.26 | % | ​ | ​ | 13,000,042
Secured and other debt | ​ | 7.05 | % | ​ |  | 492,261 | ​ | 3.47 | % | ​ |  | 147,082
Total | ​ | 2.33 | % | ​ | $ | 15,876,174 |  | 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022 | ​ | December 31, 2021
​ | ​ | Amount | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​
Denomination of Draw |  | Outstanding |  | % of Total | ​ | Outstanding |  | % of Total
U.S. dollar ($) | ​ | $ | 4,275,903 |  | 26.9 | % | ​ | $ | 3,141,951 |  | 23.2 | %
British pound sterling (£) |  | ​ | 1,754,807 |  | 11.1 | % | ​ | ​ | 2,117,758 | ​ | 15.6 | %
Euro (€) | ​ | ​ | 8,390,512 | ​ | 52.8 | % | ​ | ​ | 7,532,057 | ​ | 55.5 | %
Other | ​ | ​ | 1,454,952 | ​ | 9.2 | % | ​ | ​ | 770,474 | ​ | 5.7 | %
Total | ​ | $ | 15,876,174 |  | ​ | ​ | ​ | $ | 13,562,240 |  | ​ | ​
​ The table below summarizes debt maturities and principal payments as of September 30, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global Revolving | ​ | Unsecured | ​ | Unsecured | ​ | Secured and | ​ | ​ | ​
​ |  | Credit Facilities (1) |  | Term Loans |  | Senior Notes |  | Other Debt |  | Total Debt
2022 | ​ | $ | — | ​ | $ | — | ​ | $ | 294,060 | ​ | $ | — | ​ | $ | 294,060
2023 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 101,304 | ​ | ​ | 9,335 | ​ | ​ | 110,639
2024 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 867,370 | ​ | ​ | 9,381 | ​ | ​ | 876,751
2025 |  | ​ | — |  | ​ | 367,576 |  | ​ | 1,083,930 |  | ​ | 215,264 |  | ​ | 1,666,770
2026 |  | ​ | — |  | ​ | — |  | ​ | 1,332,300 |  | ​ | 111,479 |  | ​ | 1,443,779
Thereafter |  | ​ | 2,273,172 |  | ​ | 367,575 |  | ​ | 8,696,626 |  | ​ | 146,802 |  | ​ | 11,484,175
Subtotal | ​ | $ | 2,273,172 | ​ | $ | 735,151 | ​ | $ | 12,375,590 | ​ | $ | 492,261 | ​ | $ | 15,876,174
Unamortized net discounts | ​ |  | — | ​ |  | — | ​ |  | (33,072) | ​ |  | — | ​ |  | (33,072)
Unamortized deferred financing costs | ​ | ​ | (18,033) | ​ | ​ | (5,175) | ​ | ​ | (61,108) | ​ | ​ | (277) | ​ | ​ | (84,593)
Total | ​ | $ | 2,255,139 | ​ | $ | 729,976 | ​ | $ | 12,281,410 | ​ | $ | 491,984 | ​ | $ | 15,758,509
(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”).
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 | ​ | September 30, 2022 | ​ | December 31, 2021
Floating rate notes due 2022 | ​ | € | 300,000 | ​ | $ | 349,800 | ​ | Sep 23, 2022 | ​ | $ | — | ​ | $ | 341,100
0.125% notes due 2022 | ​ | € | 300,000 | ​ | ​ | 332,760 | ​ | Oct 15, 2022 | ​ | ​ | 294,060 | ​ | ​ | 341,100
0.600% notes due 2023 | ​ | CHF | 100,000 | ​ | ​ | 108,310 | ​ | Oct 02, 2023 | ​ | ​ | 101,304 | ​ | ​ | —
2.625% notes due 2024 | ​ | € | 600,000 | ​ | ​ | 677,040 | ​ | Apr 15, 2024 | ​ | ​ | 588,120 | ​ | ​ | 682,200
2.750% notes due 2024 | ​ | £ | 250,000 | ​ | ​ | 324,925 | ​ | Jul 19, 2024 | ​ | ​ | 279,250 | ​ | ​ | 338,300
4.250% notes due 2025 | ​ | £ | 400,000 | ​ | ​ | 634,480 | ​ | Jan 17, 2025 | ​ | ​ | 446,800 | ​ | ​ | 541,280
0.625% notes due 2025 | ​ | € | 650,000 | ​ | ​ | 720,980 | ​ | Jul 15, 2025 | ​ | ​ | 637,130 | ​ | ​ | 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 | ​ | ​ | 1,053,715 | ​ | ​ | 1,222,275
0.200% notes due 2026 | ​ | CHF | 275,000 | ​ | ​ | 298,404 | ​ | Dec 15, 2026 | ​ | ​ | 278,585 | ​ | ​ | 301,419
1.700% notes due 2027 | ​ | CHF | 150,000 | ​ | ​ | 162,465 | ​ | Mar 30, 2027 | ​ | ​ | 151,956 | ​ | ​ | —
3.700% notes due 2027 | ​ | $ | 1,000,000 | ​ | ​ | 1,000,000 | ​ | Aug 15, 2027 | ​ | ​ | 1,000,000 | ​ | ​ | 1,000,000
5.550% notes due 2028 | ​ | $ | 550,000 | ​ | ​ | 550,000 | ​ | Jan 15, 2028 | ​ | ​ | 550,000 | ​ | ​ | —
1.125% notes due 2028 | ​ | € | 500,000 | ​ | ​ | 548,550 | ​ | Apr 09, 2028 | ​ | ​ | 490,100 | ​ | ​ | 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 | ​ | ​ | 273,520 | ​ | ​ | 295,938
3.600% notes due 2029 | ​ | $ | 900,000 | ​ | ​ | 900,000 | ​ | Jul 01, 2029 | ​ | ​ | 900,000 | ​ | ​ | 900,000
3.300% notes due 2029 | ​ | £ | 350,000 | ​ | ​ | 454,895 | ​ | Jul 19, 2029 | ​ | ​ | 390,950 | ​ | ​ | 473,620
1.500% notes due 2030 | ​ | € | 750,000 | ​ | ​ | 831,900 | ​ | Mar 15, 2030 | ​ | ​ | 735,150 | ​ | ​ | 852,750
3.750% notes due 2030 | ​ | £ | 550,000 | ​ | ​ | 719,825 | ​ | Oct 17, 2030 | ​ | ​ | 614,350 | ​ | ​ | 744,260
1.250% notes due 2031 | ​ | € | 500,000 | ​ | ​ | 560,950 | ​ | Feb 01, 2031 | ​ | ​ | 490,100 | ​ | ​ | 568,500
0.625% notes due 2031 | ​ | € | 1,000,000 | ​ | ​ | 1,220,700 | ​ | Jul 15, 2031 | ​ | ​ | 980,200 | ​ | ​ | 1,137,000
1.000% notes due 2032 | ​ | € | 750,000 | ​ | ​ | 874,500 | ​ | Jan 15, 2032 | ​ | ​ | 735,150 | ​ | ​ | 852,750
1.375% notes due 2032 | ​ | € | 750,000 | ​ | ​ | 849,375 | ​ | Jul 18, 2032 | ​ | ​ | 735,150 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 12,375,590 | ​ | $ | 13,000,042
Unamortized discounts, net of premiums | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (33,072) | ​ | ​ | (33,612)
Deferred financing costs, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (61,108) | ​ | ​ | (63,060)
Total unsecured senior notes, net of discount and deferred financing costs | ​ | $ | 12,281,410 | ​ | $ | 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 September 30, 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 nine months ended September 30, 2022: $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022.
| ● | During the nine months ended September 30, 2021: $18.3 million primarily due to redemption of the 2.750% Notes due 2023 in February 2021.
​ Global Revolving Credit Facility Amendment ​ On April 5, 2022, the Operating Partnership entered into an amendment (the “Amendment”) to the Second Amended and Restated Global Senior Credit Agreement (the “Credit Agreement”) The Amendment provides for, among other things: (1) an increase in the size of the global revolving credit facility from $3.0 billion to $3.75 billion and (2) the transition from U.S. dollar London Interbank Offered Rate (LIBOR) to Term Secured Overnight Financing Rate (SOFR) for floating rate borrowings denominated in U.S. dollars for all purposes under the Credit Agreement. ​ Euro Term Loan Agreement ​ On August 11, 2022, Digital Dutch Finco B.V., a wholly owned subsidiary of the Operating Partnership, entered into a term loan agreement (the “Euro Term Loan Agreement”) which governs (i) a €375.0 million three-year senior unsecured term loan facility (the “2025 Term Facility”), the entire amount of which was funded on the closing date, and (ii) a €375.0 million five-year senior unsecured term loan facility (the “2025-27 Term Facility” and, together with the 2025 Term Facility, the “Euro Term Facilities”), comprised of €125.0 million of initial term loans, the entire amount of which was funded on the closing date, and €250.0 million of delayed draw term loan commitments that were not funded on the closing date, and were funded on September 9, 2022. The Euro Term Facilities provide for borrowings in Euros. The 2025 Term Facility matures on August 11, 2025. The 2025-27 Term Facility matures on August 11, 2025, subject to two maturity extension options of one year each. The interest rate for borrowings under the Euro Term Facilities is based on EURIBO, plus a margin based on the corporate credit rating of our long-term senior unsecured debt of between 0.80% and 1.60% per annum. As of the closing date, the applicable rate for borrowings is EURIBO plus 0.95% per annum. We are also required to pay certain fees to the administrative agent under the Euro Term Facilities. The Euro Term Facilities may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Euro Term Facilities and repaid or prepaid may not be reborrowed. ​ 5.550% Notes due 2028 ​ On September 27, 2022, Digital Realty Trust, L.P. completed an underwritten public offering of $550.0 million aggregate principal amount of its 5.550% Notes due 2028. Interest on the 5.550% Notes due 2028 is payable on January 15 and July 15 of each year, beginning on January 15, 2023, until the maturity date of January 15, 2028. Our obligations under the 5.550% Notes due 2028 are fully and unconditionally guaranteed by Digital Realty Trust, Inc. The terms of the 5.550% Notes due 2028 are governed by a base indenture, dated as of June 23, 2015, by and among Digital Realty Trust, L.P., as issuer, Digital Realty Trust, Inc., as guarantor, and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, as supplemented by a supplemental indenture, dated as of September 27, 2022, by and among Digital Realty Trust, L.P., Digital Realty Trust, Inc. and the trustee. Net proceeds from the offering of the 5.550% Notes due 2028 were approximately $544.5 million, after deducting the managers’ commissions and certain offering expenses.

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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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