| 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): | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Weighted- | | | | | Weighted- | | | | | | average | | Amount | | average | | Amount | | | interest rate | | Outstanding | | interest rate | | Outstanding | Global Revolving Credit Facilities | | 1.70 | % | | $ | 726,207 | | 2.63 | % | | $ | 918,540 | Unsecured term loans | | 3.08 | % | | | 428,325 | | 2.73 | % | | | 440,475 | Unsecured senior notes | | 2.60 | % | | | 16,019,337 | | 2.60 | % | | | 16,321,227 | Secured and other debt(1)(2) | | 7.49 | % | | | 1,593,735 | | 9.02 | % | | | 876,528 | Total | | 2.99 | % | | $ | 18,767,604 | | 2.90 | % | | $ | 18,556,770 |
| (1) | In March 2026, we voluntarily paid down Teraco debt of $53 million. The paydown resulted in a loss on debt extinguishment and modifications of approximately $4.1 million. |
| (2) | As part of the June 2026 Acquisition, we assumed a construction loan in the amount of $726 million. The current maturity date for the loan is December 24, 2027, and is subject to two 12-month extension options exercisable by us. |
The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt, along with cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars): | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Amount | | | | | Amount | | | | Denomination of Draw | | Outstanding | | % of Total | | Outstanding | | % of Total | U.S. dollar ($) | | $ | 3,430,016 | | 18.3 | % | | $ | 2,922,170 | | 15.8 | % | British pound sterling (£) | | | 1,193,580 | | 6.4 | % | | | 1,212,750 | | 6.5 | % | Euro (€) | | | 11,804,765 | | 62.9 | % | | | 12,199,575 | | 65.7 | % | Other | | | 2,339,243 | | 12.4 | % | | | 2,222,275 | | 12.0 | % | Total | | $ | 18,767,604 | | | | | $ | 18,556,770 | | | |
The table below summarizes debt maturities and principal payments as of June 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | Global Revolving | | Unsecured | | Unsecured | | Secured and | | | | | | Credit Facilities (1)(2) | | Term Loans(3) | | Senior Notes | | Other Debt | | Total Debt | 2026 | | $ | — | | $ | 428,325 | | $ | 340,176 | | $ | 56,668 | | $ | 825,169 | 2027 | | | — | | | — | | | 1,185,550 | | | 979,147 | | | 2,164,697 | 2028 | | | — | | | — | | | 2,121,100 | | | 408,815 | | | 2,529,915 | 2029 | | | 726,207 | | | — | | | 2,848,161 | | | 26,706 | | | 3,601,074 | 2030 | | | — | | | — | | | 1,586,060 | | | 81,225 | | | 1,667,285 | Thereafter | | | — | | | — | | | 7,938,290 | | | 41,174 | | | 7,979,464 | Subtotal | | $ | 726,207 | | $ | 428,325 | | $ | 16,019,337 | | $ | 1,593,735 | | $ | 18,767,604 | Unamortized net discounts | | | — | | | — | | | (41,661) | | | — | | | (41,661) | Unamortized deferred financing costs | | | (16,451) | | | (644) | | | (70,882) | | | (2,617) | | | (90,594) | Total | | $ | 709,756 | | $ | 427,681 | | $ | 15,906,794 | | $ | 1,591,118 | | $ | 18,635,349 |
| (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 a maturity extension option of one year, 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. In July 2026, we exercised the one-year maturity extension option; the current maturity date is August 11, 2027. |
Global Revolving Credit Facilities We have a Global Revolving Credit Facility under which we may draw up to $4.2 billion equivalent on a revolving basis (subject to currency fluctuations). The Global Revolving Credit Facility can be drawn in Australian dollars, British pound 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 June 30, 2026, approximately $82.0 million of letters of credit were issued. 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 $262 million based on the exchange rate on June 30, 2026). 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 June 30, 2026, 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 | | June 30, 2026 | | December 31, 2025 | 0.200% notes due 2026 | | CHF | 275,000 | | $ | 298,404 | | Dec 15, 2026 | | | 340,176 | | | 346,918 | 1.700% notes due 2027 | | CHF | 150,000 | | $ | 162,465 | | Mar 30, 2027 | | | 185,550 | | | 189,228 | 3.700% notes due 2027(1) | | $ | 1,000,000 | | $ | 1,000,000 | | Aug 15, 2027 | | | 1,000,000 | | | 1,000,000 | 5.550% notes due 2028(1) | | $ | 900,000 | | $ | 900,000 | | Jan 15, 2028 | | | 900,000 | | | 900,000 | 1.125% notes due 2028 | | € | 500,000 | | $ | 548,550 | | Apr 09, 2028 | | | 571,100 | | | 587,300 | 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 | | | 333,991 | | | 340,611 | 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 | | | 464,170 | | | 471,625 | 1.875% Exchangeable Notes due 2029(1) | | $ | 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 | | | 856,650 | | | 880,950 | 3.750% notes due 2030 | | £ | 550,000 | | $ | 719,825 | | Oct 17, 2030 | | | 729,410 | | | 741,125 | 1.250% notes due 2031 | | € | 500,000 | | $ | 560,950 | | Feb 01, 2031 | | | 571,100 | | | 587,300 | 0.625% notes due 2031 | | € | 1,000,000 | | $ | 1,220,700 | | Jul 15, 2031 | | | 1,142,200 | | | 1,174,600 | 1.000% notes due 2032 | | € | 750,000 | | $ | 874,500 | | Jan 15, 2032 | | | 856,650 | | | 880,950 | 1.375% notes due 2032 | | € | 750,000 | | $ | 849,375 | | Jul 18, 2032 | | | 856,650 | | | 880,950 | 3.750% notes due 2033 | | € | 600,000 | | $ | 691,680 | | Jan 15, 2033 | | | 685,320 | | | 704,760 | 3.875% notes due 2033 | | € | 850,000 | | $ | 941,375 | | Sep 13, 2033 | | | 970,870 | | | 998,410 | 3.875% notes due 2034 | | € | 850,000 | | $ | - | | Jul 15, 2034 | | | 970,870 | | | 998,410 | 3.875% notes due 2035 | | € | 850,000 | | $ | 876,180 | | Mar 15, 2035 | | | 970,870 | | | 998,410 | 4.250% notes due 2037 | | € | 800,000 | | $ | 922,240 | | Nov 20, 2037 | | | 913,760 | | | 939,680 | | | $ | 16,019,337 | | $ | 16,321,227 | Unamortized discounts, net of premiums | | | | | | | | (41,661) | | | (46,316) | Deferred financing costs, net | | | | | | | | (70,882) | | | (80,470) | Total unsecured senior notes, net of discount and deferred financing costs | | $ | 15,906,794 | | $ | 16,194,441 |
| (1) | Subject to cross-currency swaps. |
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 June 30, 2026, we were in compliance with each of these financial covenants.
|