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Debt of the Operating Partnership | 3 Months Ended
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Mar. 31, 2025
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 Facility and the Yen Revolving Credit Facility, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | December 31, 2024
​ | ​ | Weighted- | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | average | ​ | Amount | ​ | average | ​ | Amount
​ | ​ | interest rate | ​ | Outstanding | ​ | interest rate | ​ | Outstanding
Global Revolving Credit Facilities | ​ | 3.04 | % | ​ | $ | 1,121,628 | ​ | 3.81 | % | ​ | $ | 1,637,922
Unsecured term loans | ​ | 3.23 | % | ​ | ​ | 405,600 | ​ | 3.23 | % | ​ | ​ | 388,275
Unsecured senior notes | ​ | 2.28 | % | ​ | ​ | 14,849,815 | ​ | 2.26 | % | ​ | ​ | 14,059,415
Secured and other debt | ​ | 8.70 | % | ​ |  | 778,767 | ​ | 8.52 | % | ​ |  | 761,263
Total | ​ | 2.65 | % | ​ | $ | 17,155,810 |  | 2.72 | % | ​ | $ | 16,846,875
​ 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, along with cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. ​ 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, 2025 | ​ | December 31, 2024
​ | ​ | Amount | ​ | ​ | ​ | ​ | Amount | ​ | ​ | ​
Denomination of Draw |  | Outstanding |  | % of Total | ​ | Outstanding |  | % of Total
U.S. dollar ($) | ​ | $ | 2,915,593 |  | 17.0 | % | ​ | $ | 2,852,102 |  | 16.9 | %
British pound sterling (£) |  | ​ | 1,162,620 |  | 6.8 | % | ​ | ​ | 1,627,080 | ​ | 9.7 | %
Euro (€) | ​ | ​ | 10,919,928 | ​ | 63.7 | % | ​ | ​ | 10,327,404 | ​ | 61.3 | %
Other | ​ | ​ | 2,157,669 | ​ | 12.5 | % | ​ | ​ | 2,040,289 | ​ | 12.1 | %
Total | ​ | $ | 17,155,810 |  | ​ | ​ | ​ | $ | 16,846,875 |  | ​ | ​
​ The table below summarizes debt maturities and principal payments as of March 31, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global Revolving | ​ | Unsecured | ​ | Unsecured | ​ | Secured and | ​ | ​ | ​
​ |  | Credit Facilities (1)(2) |  | Term Loans(3) |  | Senior Notes(4) |  | Other Debt |  | Total Debt
2025 | ​ | $ | — | ​ | $ | 405,600 | ​ | $ | 703,040 | ​ | $ | 605 | ​ | $ | 1,109,245
2026 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,473,694 | ​ | ​ | 117,746 | ​ | ​ | 1,591,440
2027 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,169,622 | ​ | ​ | 236,824 | ​ | ​ | 1,406,446
2028 |  | ​ | — |  | ​ | — |  | ​ | 2,090,800 |  | ​ | 365,079 |  | ​ | 2,455,879
2029 |  | ​ | 1,121,628 |  | ​ | — |  | ​ | 2,807,449 |  | ​ | 14,387 |  | ​ | 3,943,464
Thereafter |  | ​ | — |  | ​ | — |  | ​ | 6,605,210 |  | ​ | 44,126 |  | ​ | 6,649,336
Subtotal | ​ | $ | 1,121,628 | ​ | $ | 405,600 | ​ | $ | 14,849,815 | ​ | $ | 778,767 | ​ | $ | 17,155,810
Unamortized net discounts | ​ |  | — | ​ |  | — | ​ |  | (33,220) | ​ |  | (3,762) | ​ |  | (36,982)
Unamortized deferred financing costs | ​ | ​ | (24,697) | ​ | ​ | (1,265) | ​ | ​ | (72,532) | ​ | ​ | (4,055) | ​ | ​ | (102,549)
Total | ​ | $ | 1,096,931 | ​ | $ | 404,335 | ​ | $ | 14,744,063 | ​ | $ | 770,950 | ​ | $ | 17,016,279
(1) | Includes amounts outstanding for the Global Revolving Credit Facilities.
(2) | The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded).
(3) | The €375.0 million Euro Term Loan Facility is subject to two maturity extension options of one year each, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding.
(4) | The £400 million 4.250% unsecured senior notes were paid at maturity on January 17, 2025.
​ On September 24, 2024, we refinanced our Global Revolving Credit Facilities. Below are key terms for our Global Revolving Credit Facility and Yen Revolving Credit Facility. ​ Global Revolving Credit Facility ​ We have a Global Revolving Credit Facility under which we may draw up to $4.1 billion equivalent on a revolving basis (subject to currency fluctuations). The Global Revolving Credit Facility can be drawn in Australian dollars, British pounds sterling, Canadian dollars, Euros, Hong Kong dollars, Indonesian rupiah, Japanese yen, Korean won, Singapore dollars, Swiss francs and U.S. dollars (with the ability to add other currencies in the future). As of March 31, 2025, approximately $117.6 million of letters of credit were issued. ​ We have the ability to increase the size of the Global Revolving Credit Facility by up to $1.8 billion, subject to the receipt of lender commitments and the satisfaction of certain customary conditions precedent. Other key terms of the Global Revolving Credit Facility are as follows: ​
| ● | Maturity date: January 24, 2029, with two six-month extension options available. 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 Facilities.
| ● | Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 85 basis points (subject to a sustainability-linked pricing component).
| ● | Annual facility fee: based on the total commitment amount of the facility and the credit ratings of our long-term debt is currently 20 basis points (subject to a sustainability-linked pricing component) and is payable quarterly.
| ● | Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets.
Yen Revolving Credit Facility ​ In addition to the Global Revolving Credit Facility, we have a revolving credit facility that provides for borrowings in Japanese Yen of up to ¥42.5 billion (approximately $283.5 million based on the exchange rate on March 31, 2025), hereafter referred to as the “Yen Revolving Credit Facility”. We have the ability from time to time to increase the size of the Yen Revolving Credit Facility to up to ¥102.5 billion, subject to receipt of lender commitments and other conditions precedent. Other key terms of the Yen Revolving Credit Facility are as follows: ​
| ● | Maturity date: January 24, 2029, with two six-month extension options available. 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 Facilities.
| ● | Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 50 basis points (subject to a sustainability-linked pricing component).
| ● | Quarterly unused commitment fee: currently is 10 basis points (subject to a sustainability-linked pricing component), calculated using the average daily unused revolving credit commitment and is based on the credit ratings of our long-term debt.
| ● | Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets.
Restrictive Covenants in Global Revolving Credit Facility and Yen Revolving Credit Facility ​ The Global Revolving Credit Facility and the Yen Revolving Credit Facility both contain various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments, or merge with another company. In addition, we are required to maintain financial coverage ratios, including with respect to unencumbered assets. After the occurrence of and during the continuance of any event of default, these credit facilities restrict the Parent’s ability to make distributions to stockholders or redeem or otherwise repurchase shares of its capital stock, except in limited circumstances (such as those 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 March 31, 2025, we were in compliance with all of such covenants for both of these 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 | ​ | March 31, 2025 | ​ | December 31, 2024
4.250% notes due 2025 (1) | ​ | £ | 400,000 | ​ | $ | 634,480 | ​ | Jan 17, 2025 | ​ | $ | — | ​ | ​ | 500,640
0.625% notes due 2025 | ​ | € | 650,000 | ​ | $ | 720,980 | ​ | Jul 15, 2025 | ​ | ​ | 703,040 | ​ | ​ | 673,010
2.500% notes due 2026 | ​ | € | 1,075,000 | ​ | $ | 1,224,640 | ​ | Jan 16, 2026 | ​ | ​ | 1,162,720 | ​ | ​ | 1,113,055
0.200% notes due 2026 | ​ | CHF | 275,000 | ​ | $ | 298,404 | ​ | Dec 15, 2026 | ​ | ​ | 310,974 | ​ | ​ | 302,987
1.700% notes due 2027 | ​ | CHF | 150,000 | ​ | $ | 162,465 | ​ | Mar 30, 2027 | ​ | ​ | 169,622 | ​ | ​ | 165,265
3.700% notes due 2027 (2) | ​ | $ | 1,000,000 | ​ | $ | 1,000,000 | ​ | Aug 15, 2027 | ​ | ​ | 1,000,000 | ​ | ​ | 1,000,000
5.550% notes due 2028 (2) | ​ | $ | 900,000 | ​ | $ | 900,000 | ​ | Jan 15, 2028 | ​ | ​ | 900,000 | ​ | ​ | 900,000
1.125% notes due 2028 | ​ | € | 500,000 | ​ | $ | 548,550 | ​ | Apr 09, 2028 | ​ | ​ | 540,800 | ​ | ​ | 517,700
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 | ​ | ​ | 305,319 | ​ | ​ | 297,478
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 | ​ | ​ | 452,130 | ​ | ​ | 438,060
1.875% notes due 2029 (2) | ​ | $ | 1,150,000 | ​ | $ | 1,150,000 | ​ | Nov 15, 2029 | ​ | ​ | 1,150,000 | ​ | ​ | 1,150,000
1.500% notes due 2030 | ​ | € | 750,000 | ​ | $ | 831,900 | ​ | Mar 15, 2030 | ​ | ​ | 811,200 | ​ | ​ | 776,550
3.750% notes due 2030 | ​ | £ | 550,000 | ​ | $ | 719,825 | ​ | Oct 17, 2030 | ​ | ​ | 710,490 | ​ | ​ | 688,380
1.250% notes due 2031 | ​ | € | 500,000 | ​ | $ | 560,950 | ​ | Feb 01, 2031 | ​ | ​ | 540,800 | ​ | ​ | 517,700
0.625% notes due 2031 | ​ | € | 1,000,000 | ​ | $ | 1,220,700 | ​ | Jul 15, 2031 | ​ | ​ | 1,081,600 | ​ | ​ | 1,035,400
1.000% notes due 2032 | ​ | € | 750,000 | ​ | $ | 874,500 | ​ | Jan 15, 2032 | ​ | ​ | 811,200 | ​ | ​ | 776,550
1.375% notes due 2032 | ​ | € | 750,000 | ​ | $ | 849,375 | ​ | Jul 18, 2032 | ​ | ​ | 811,200 | ​ | ​ | 776,550
3.875% notes due 2033 | ​ | € | 850,000 | ​ | $ | 941,375 | ​ | Sep 13, 2033 | ​ | ​ | 919,360 | ​ | ​ | 880,090
3.875% notes due 2035 | ​ | € | 850,000 | ​ | ​ | 876,180 | ​ | Mar 15, 2035 | ​ | ​ | 919,360 | ​ | ​ | —
​ | ​ | $ | 14,849,815 | ​ | $ | 14,059,415
Unamortized discounts, net of premiums | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (33,220) | ​ | ​ | (27,476)
Deferred financing costs, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (72,532) | ​ | ​ | (69,087)
Total unsecured senior notes, net of discount and deferred financing costs | ​ | $ | 14,744,063 | ​ | $ | 13,962,852
(1) | Paid at maturity on January 17, 2025.
(2) | Subject to cross-currency swaps.
​ Issuance of Unsecured Senior Notes ​ On January 14, 2025, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2035. Net proceeds from the offering were approximately €838 million (approximately $864 million based on the exchange rate on January 14, 2025) after deducting managers’ discounts and estimated offering expenses. ​ 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, 2025, we were in compliance with each of these financial covenants.

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