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. |